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Six Bravo's avatar

Such in-depth quality. It's a pleasure to read.

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Tian Wen's avatar

Thank you Devin! As always your article is clear and enjoyable to read.

I need to give credit where credit is due: PMI managed to create a brand from scratch (IQOS). They could have piggybacked on Marlboro. Now IQOS doesn’t have any association to cigarettes, and PMI will be able to use the brand in the US.

Their M&A has been excellent, especially compared to Altria. They managed to buy Swedish Match for a very small premium, and as you point out ZYN’s growth in the US continues to be impressive. Plus they’ll presumably be able to use SM’s sales force and distribution network for IQOS. Their wellness M&A so far hasn’t panned out, but it’s a drop in the bucket compared to SM. So kudos to them!

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