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Neither of those experiences reflects what IQOS actually is they just reflect a mismatch between the smoker and the flavour

Below is the upside case: US doesnt ban menthol Share gains drive NGP revenues at 20% CAGR, to 13b GBP in 2030 55% incremental margins in NGP, creating 36% terminal operating margin (still a little lower than the company average) Flat 51% margins in combustibles with no menthol ban Stock trades at near market-ish multiple of 15x on substantial NGP transition The above are very much possible

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One major trial found 9.1% sustained abstinence at 12 months with quit line counseling - not amazing on its own, but a meaningful improvement over going it alone

There are reports of individuals posing as police officers and driving cars resembling police vehicles committing assault