Philip Morris International sells Marlboro and other cigarette brands everywhere except the United States, a split created when it separated from Altria in 2008. The defining strategy is its own disruption: IQOS heated tobacco devices and ZYN nicotine pouches now contribute a large and rising share of revenue, products the company positions as off-ramps from smoking. Declining cigarette volumes are offset by pricing power that few consumer categories can match. A substantial dividend remains central to the shareholder case.