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In 2022, we invested more than 2-billion in new categories to drive long-term sustainable growth, while making excellent progress in reducing operating losses by 62%, Bowles said He said that while the companys reported results were affected by a number of one-off charges, it achieved a 150bps improvement in adjusted operating margin at current rates and another year of 100% operating cash conversion, demonstrating our ability to successfully navigate an increasingly challenging macroeconomic environment

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A Jefferies note on Philip Morris talks of "high hopes for Next Generation Products (NPGs)." NPGs include progress toward "a reduced harm alternative," but primarily they involve gimmicks

The taste experience comes from selected Virginia tobaccos, which add a natural sweetness to the blend

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7.2 What Are the Potential Future Trends in the Canadian Tobacco Industry