BAT is one of the leading tobacco manufacturers with sales in over 180 markets around the world. While cigarette volume sales declined by 9.4% between 2017 and 2019, the company continues to earn 88.9% of its revenues from high-risk product sales. BAT offers the widest range of reduced-risk products in the industry, with brands in each product category recognized in the index scope. Most of the company’s reduced-risk products, including cartridges and heated tobacco, have registered double-digit growth, albeit starting from a relatively lower base. BAT increasingly directs R&D and capital expenditures to developing reduced-risk products but nonetheless closed the biggest high-risk product motivated M&A deal in 2017, acquiring the remaining shares in Reynolds for GBP41.8 billion.