Philip Morris International Inc. is boosting investments in cigarette alternatives to expand sales to more countries next year, aiming to lead the tobacco industry’s push into reduced-risk products that may eventually replace traditional smokes.
The Marlboro maker has “increasing confidence” that it will reach the upper end of its forecast for that business to add $700 million to $1.2 billion to earnings by 2020, Chief Executive Officer Andre Calantzopoulos said at an investor presentation in Lausanne, Switzerland, on Thursday. It plans to spend an additional $100 million this year on so-called next-generation products, taking the total to $1.2 billion.
