Imperial Brands has sales in both high-risk and reduced-risk products. It is one of the largest international companies, operating in 160 markets around the world. The company’s 2019 net sales of GBP8 billion were generated primarily by high-risk products, particularly cigarettes. Although sales of reduced-risk products increased by 49% on a yearly basis, they still accounted for GBP285 million in 2019, or only around 3% of the company’s totals. Imperial’s reduced-risk portfolio is centered on cartridges in the US, Japan, and Europe, heated tobacco in Japan, and snus and non-tobacco nicotine pouches in Europe. The company’s capital allocation has started to shift toward reduced-risk products, especially in R&D. It has also completed a series of reduced-risk-focused M&A investments.