PMI is the largest tobacco manufacturer outside of China, with products available in over 180 markets. In addition, the company is the largest player in heated tobacco, with sales in 52 markets by the end of 2019. PMI’s reduced-risk portfolio includes cartridges as well, but the product is only available in a limited number of markets. The company’s capital allocation ratio has rapidly shifted toward the company’s reduced-risk products. Significant investments were made in building up heated tobacco manufacturing capacity while R&D expenditure supports the development of three new reduced-risk product platforms in cartridges, heated tobacco, and nicotine salts.