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EBITDA margins are flat at around 43% during this period, indicating that IQOS is extremely profitable. PM management explains very clearly during their earnings calls that they expect their NGPs to be more profitable than traditional cigarettes

This significant expansion is primarily fueled by global regulatory shifts, such as the EU TPD and FDA menthol bans, which are strategically redirecting consumer demand towards innovative flavor accessories

During the period covered by the documents, the EU required only high-ranking Commission officials to report meetings with companies or special-interest groups

and he's wearing his hospital gown