Philip Morris International (PMI) is a leading global tobacco company known for its iconic brands such as Marlboro. The company has been making significant strides in transforming its business model towards reduced-risk products (RRPs) like IQOS, a heated tobacco product. PMI's commitment to a smoke-free future and substantial investments in research and development for RRPs highlight its strategic shift. However, the company operates in a highly regulated industry facing increasing scrutiny from health organizations and governments worldwide. PMI's ability to navigate regulatory challenges, address public health concerns, and successfully transition to a smoke-free future will be critical to its long-term sustainability.