Philip Morris International Inc. and Altria Group, Inc. Establish Strategic Framework to Commercialize Reduced-Risk Products and E-Cigarettes
NEW YORK--(BUSINESS WIRE)--Dec. 20, 2013--
Philip Morris International Inc. (“PMI”) (NYSE / Euronext Paris:PM)
announces today its establishment of a strategic framework with Altria
Group, Inc. (“Altria”) to commercialize reduced-risk products and
e-cigarettes. Under the terms of a set of licensing, supply and
cooperation agreements, Altria will make available its e-cigarette
products exclusively to PMI for commercialization outside the United
States and PMI will make available two of its candidate reduced-risk
tobacco products exclusively to Altria for commercialization in the
United States. In the United States it is envisaged that PMI’s products
would be regulated as Modified Risk Tobacco Products and any
commercialization would be subject to U.S. Food and Drug Administration
The agreements also provide for cooperation on the scientific assessment
and regulatory engagement and authorization related to these products
with the FDA, and for a similar framework for e-cigarettes with the
relevant regulatory authorities in international markets. In addition,
the agreements provide for the sharing of improvements to the existing
generation of products.
“PMI firmly believes that reduced-risk tobacco products, as well as
e-cigarettes, represent an important step toward achieving the public
health goal of harm reduction, a potential paradigm shift for the
industry and a significant growth opportunity for the company. Further
to our plans for international test market introduction of our candidate
reduced-risk products as of the second-half of 2014, this agreement
establishes a roadmap for commercialization in the U.S., subject to FDA
authorization. At the same time, it provides us with a platform to
accelerate our entry into international e-cigarette markets while we
continue to develop future versions,” said André Calantzopoulos, PMI’s
Chief Executive Officer.
Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the leading international
tobacco company, with seven of the world’s top 15 international brands,
including Marlboro, the number one cigarette brand worldwide.
PMI’s products are sold in more than 180 markets. In 2012, the company
held an estimated 16.3% share of the total international cigarette
market outside of the U.S., or 28.8% excluding the People’s Republic of
China and the U.S. For more information, see www.pmi.com.
Source: Philip Morris International Inc.
Investor Relations: New York: +1 917-663-2233 Lausanne: +41
(0)58 242 4666 or Media: Lausanne: +41 (0)58 242 4500
Receive Email Alerts
ABOUT OUR MOBILE APP
Our Investor Relations mobile application provides simple, comprehensive and up-to-date access to PMI’s disclosed investor relations materials as well as to live and archived audio webcast playback of earnings calls and investor presentations.