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The legacy combustible business still pulled its weight, with revenues up 6.7% thanks largely to pricing, which helped offset flattish volumes and supported a 10.1% increase in overall gross profit as PMI leaned on both strategic pricing and operating leverage

As shown in Table 57, new issuance is projected to total $17.73 billion in FY 2025, and then to fall to $15.20 billion in FY 2026 before increasing to a high of $17.97 billion in FY 2029

Budget brands offer a basic smoking experience at a lower cost compared to premium cigarettes from brands like Marlboro, Dunhill, and Davidoff

Likewise, the water in a hookah pot filters the smoke but does not retain the nicotine and other chemicals present in the smoke