PM · 10-Q · 2026Q3 · Full report

KT&G Smoke-Free Partnership

Philip Morris International Inc. · 2026-10-23 · Importance 32 · Surprise 24 · In source text

PMI’s collaboration with KT&G, announced January 30, 2023, provides exclusive worldwide commercialization rights for KT&G smoke-free devices and consumables, excluding South Korea. The agreement runs for 15 years, through January 29, 2038, with performance reviews and volume-based commitments confirmed for successive three-year periods. The arrangement gives PMI access to KT&G smoke-free brands and product innovation, including products intended for low- and middle-income markets. A July 30, 2024 memorandum of understanding also set out the parties’ intent to collaborate on U.S. regulatory submissions for selected KT&G heat-not-burn products, with a PMTA submission planned after initial launches outside the United States.

Key facts

• PMI and KT&G agreed in November 2025 to a revised volume commitment for their smoke-free collaboration covering 2026–2028. source
• PMI and KT&G's July 30, 2024 memorandum of understanding establishes their intent to collaborate on U.S. regulatory submissions for selected new KT&G heat-not-burn products; they plan to work on a PMTA submission for FDA review after the platform products launch outside the U.S. source
• PMI's KT&G collaboration runs for fifteen years, through January 29, 2038, and covers exclusive worldwide commercialization of KT&G smoke-free devices and consumables, excluding South Korea. source
• PMI's agreement with KT&G gives it continued exclusive access to KT&G smoke-free brands and product innovation, including offerings for low- and middle-income markets. source

Impact estimates