How does Philip Morris' revenue mix compare between combustible and smoke-free products in 2024?

In 2024, Philip Morris' revenue mix showed a significant shift towards smoke-free products compared to combustible products, reflecting the company's strategic transition to reduce harm from smoking.

1. **Combustible Products**:
- **Revenue Contribution**: Combustible products accounted for the remaining majority of revenues, though the specific percentage is not detailed.
- **Performance**: There was a positive performance in combustible products, supported by favorable pricing and volume/mix.
2. **Smoke-Free Products**:
- **Revenue Contribution**: Smoke-free products contributed 38.1% to the total net revenues in the second quarter and 39% in the first quarter.
- **Performance**: Smoke-free products showed strong growth, with net revenues increasing by 13.6% in the second quarter and 21.1% in the first quarter. Gross profit also saw significant increases, up by 15.6% in the second quarter and 22.2% in the first quarter.
- **Market Share and User Base**: The smoke-free business accounted for 36.5 million estimated adult users. Notably, IQOS, a heat-not-burn device, had 30.8 million estimated users at the end of the second quarter, with approximately 22.1 million having fully switched and stopped smoking.

Overall, Philip Morris' revenue mix in 2024 clearly indicates a robust growth in the smoke-free segment, driven by successful products like IQOS and ZYN, which aligns with the company's goal of becoming substantially smokeless by 2030.