Relevant News and Research 18C.1 the Heated Tobacco Product Market

Relevant news and research 18C.1 The heated tobacco product market

Last updated July 2021

Research:

Watts, C, Burton, S, & Freeman, B. (2020). Creating a market for IQOS: analysis of Philip Morris' strategy to introduce heated tobacco products to the Australian consumer market. Tob Control. Retrieved from https://www.ncbi.nlm.nih.gov/pubmed/33191270

Hardesty, JJ, Li, KA, Cohen, JE, Kennedy, RD, Breland, AB, Rudy, AK, & Eissenberg, T. (2020). A Deceptive Marketing Strategy: An Early Warning of Industry Behavior After the Premarket Tobacco Application Deadline? Nicotine Tob Res. Retrieved from https://www.ncbi.nlm.nih.gov/pubmed/32671385

Bitzer, ZT, Goel, R, Trushin, N, Muscat, J, & Richie, JP. (2020). Free Radical Production and Characterization of Heat-Not-Burn Cigarettes in Comparison to Conventional and Electronic Cigarettes. Chem Res Toxicol. Available from: https://www.ncbi.nlm.nih.gov/pubmed/32432464

Seidenberg, A, & Freeman, B. (2020). IQOS is not an acronym: a call to researchers and journals. Tob Control. Available from: https://www.ncbi.nlm.nih.gov/pubmed/32300026

Report Linker. The global heat not burn tobacco market is expected to grow at a CAGR of over 22% during the period 2019-2025 Cision. Retrieved from The global heat not burn tobacco market is expected to grow at a CAGR of over 22% during the period 2019-2025.March 4, 2020. Available from: https://www.reportlinker.com/p05868644/?utm_source=PRN

Churchill, V, Weaver, SR, Spears, CA, Huang, J, Massey, ZB, Fairman, RT et al. (2020). IQOS debut in the USA: Philip Morris International's heated tobacco device introduced in Atlanta, Georgia. Tobacco Control. Available from: https://www.ncbi.nlm.nih.gov/pubmed/32024772

Glantz, SA. Heated tobacco products: the example of IQOS. Tob Control, 2018. 27(Suppl 1), s1-s6. Available from: https://tobaccocontrol.bmj.com/content/tobaccocontrol/27/Suppl_1/s1.full.pdf

Rosen, LJ, & Kislev, S. IQOS campaign in Israel. Tob Control, 2018. 27(Suppl 1), s78-s81. Available from: https://tobaccocontrol.bmj.com/content/tobaccocontrol/27/Suppl_1/s78.full.pdf

Kreitzberg, DS, Murthy, D, Loukas, A, & Pasch, KE. Heat not burn tobacco promotion on instagram. Addict Behav, Sept 2018. Available from: https://www.ncbi.nlm.nih.gov/pubmed/30241774

Lee, J, & Lee, S. Korean-made heated tobacco product, 'lil'. Tob Control, Sept 2018. Available from: https://www.ncbi.nlm.nih.gov/pubmed/30166426

Elias, Jesse, Ling, Pamela M. Invisible smoke: third-party endorsement and the resurrection of heat- not-burn tobacco products. Tobacco Control, June 2018. Available from: http://tobaccocontrol.bmj.com/content/tobaccocontrol/early/2018/06/06/tobaccocontrol-2018- 054433.full.pdf

Mathers, Annalise, Schwartz, Robert, O’Connor, Shawn, Fung, Michael, Diemert, Lori. Marketing IQOS in a dark market. Tobacco Control, May 2018. Available from: http://tobaccocontrol.bmj.com/content/tobaccocontrol/early/2018/05/02/tobaccocontrol-2017- 054216.full.pdf

Hair, Elizabeth C, Bennett, Morgane, Sheen, Emily, Cantrell, Jennifer, Briggs, Jodie, Fenn, Zoe, Willett, Jeffrey G, Vallone, Donna. Examining perceptions about IQOS heated tobacco product: consumer studies in Japan and Switzerland. Tobacco Control, 2018. Available from: http://tobaccocontrol.bmj.com/content/tobaccocontrol/early/2018/05/15/tobaccocontrol-2018- 054322.full.pdf

Jenssen, BP, Walley, SC, McGrath-Morrow, SA. Heat-not-Burn Tobacco Products: Tobacco Industry Claims No Substitute for Science. Pediatrics. 2018 Jan;141(1). Available from: https://www.ncbi.nlm.nih.gov/pubmed/29233936

Hawkes, N. Big tobacco's new year's resolution to quit smoking. BMJ. 2018 Jan 5;360:k79. Available from: https://www.ncbi.nlm.nih.gov/pubmed/29305417

Hirschhorn, N. Another perspective on the Foundation for a Smoke-Free World. Lancet. 2018 Jan 6;391(10115):25. Available from: https://www.ncbi.nlm.nih.gov/pubmed/29323647

Caputi, TL, Leas, E, Dredze, M, Cohen, JE, Ayers, JW. They're heating up: Internet search query trends reveal significant public interest in heat-not-burn tobacco products. PLoS One. 2017 Oct 11;12(10):e0185735. Available from: https://www.ncbi.nlm.nih.gov/pubmed/29020019 News reports:

Ralph, A. Philip Morris stubs out its own heated tobacco stores. The Times, 2021. July 27, 2021. Retrieved from https://www.thetimes.co.uk/article/philip-morris-stubs-out-its-own-heated- tobacco-stores-mcj25ms8k

BAT suffers series of court defeats to PMI. Ekathimerini.com, 2021. March 19, 2021. Retrieved from https://www.ekathimerini.com/economy/1157433/bat-suffers-series-of-court-defeats-to-pmi/

Decker, S., Gretler, C., & Kary, T. Philip Morris faces import ban in Reynolds patent fight. The Edge Markets, 2021. May 16, 2021. Retrieved from https://www.theedgemarkets.com/article/philip- morris-faces-import-ban-reynolds-patent-fight

Baldwin, A. PMI sees BAT e-cig patents invalidated at English High Court. World Intellectual Property Review, 2021. March 3, 2021. Retrieved from https://www.worldipreview.com/news/pmi-sees-bat- e-cig-patents-invalidated-at-english-high-court-21130

Julien, J. Smoke-free products are the future. Trinidad & Tobago Guardian, 2020. October 15, 2020. Retrieved from https://www.guardian.co.tt/news/smokefree-products-are-the-future- 6.2.1234650.577b6fbad4

IQOS in the U.S. Examining the launch of the country’s newest electronic tobacco product. (2020). Retrieved from https://truthinitiative.org/sites/default/files/media/files/2020/09/Truth_IQOS%20in%20the%2 0US%20Report_v4.pdf

Dela Cruz, D. Heated tobacco stores offer alternative to cigarettes. The Manila Times, 2020. Sept 7, 2020. Retrieved from https://www.manilatimes.net/2020/09/07/news/top-stories/heated-tobacco- stores-offer-alternative-to-cigarettes/765609/

Baker, G. Tobacco harm reduction. PMI Science, 2020. August 6, 2020. Retrieved from https://www.pmiscience.com/whats-new/tobacco-harm-reduction-heated-tobacco-FAQ

Philip Morris International. Philip Morris International Inc. Begins Commercialization of KT&G Products Outside of South Korea to Accelerate the Achievement of a Smoke-Free Future. PMI, 2020. August 17, 2020. Retrieved from https://www.pmi.com/media-center/press-releases/press- details/?newsId=22731

R.J. Reynolds Vapor Company. VELO Nicotine Lozenges Honored As One Of CSNews' Best New Products 2020. Cision PR Newswire, 2020. August 19, 2020. Retrieved from https://www.prnewswire.com/news-releases/velo-nicotine-lozenges-honored-as-one-of-csnews- best-new-products-2020-301114880.html

Caruana. US: Philip Morris and Altria Face ITC Investigations. Vaping Post, 2020. July 10, 2020. Retrieved from https://www.vapingpost.com/2020/07/10/us-philip-morris-and-altria-face-itc- investigations/

Goldman, M. Philip Morris Posts Earnings Beat and Reinstates Guidance. The Street, 2020. July 21, 2020. Retrieved from https://www.thestreet.com/investing/philip-morris-pm-stock-second-quarter- earnings-guidance

No authors listed. IQOS Adopts Different Routes in Heat-Not-Burn Technologies. Market Watch, 2020. July 15, 2020. Retrieved from https://www.marketwatch.com/press-release/iqos-adopts- different-routes-in-heat-not-burn-technologies-2020-07-15?mod=mw_more_headlines&tesla=y

Cavale, S. BAT files patent suits against Philip Morris' IQOS products. Reuters, 2020. Apr 10, 2020. Retrieved from https://www.reuters.com/article/us-britishamericantobacco-lawsuit-philip/bat-files- patent-suits-against-philip-morris-iqos-products-idUSKCN21R2MJ

Maloney, J. Tobacco Giant Sues Rivals Over Patents for Cigarette Alternatives. The Wall Street Journal, 2020. Apr 17, 2020. Retrieved from https://www.wsj.com/articles/tobacco-giant-sues-rivals- over-patents-for-cigarette-alternatives-11586467175

He-rim, J. Rivals join hands for global heated tobacco market. The Korea Herald, 2020. Jan 29, 2020. Retrieved from http://www.koreaherald.com/view.php?ud=20200129000725

LaVito, A. Altria launches IQOS tobacco device in US, and the timing couldn’t be better. CNBC, 2019. Oct 4, 2019. Available from: https://www.cnbc.com/2019/10/04/altria-launches-iqos-tobacco- device-in-us-and-the-timing-couldnt-be-better.html

No authors listed. British American Tobacco expands its New Category portfolio with the launch of three innovative new tobacco heating products. British American Tobacco, 2019. Sept 4, 2019. Available from: https://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOBFPCWP

Oliviero, H. Marlboro cigarette giant to test ‘heat not burn’ tobacco in Atlanta. AJC Atlanta News Now, 2019. Aug 20, 2019. Available from: https://www.ajc.com/news/marlboro- cigarette-giant-test-heat-not-burn-tobacco-atlanta/lRvGo8IFuZXEKm5BZxXEjI/

Saunders, J. UPDATE Altria chooses Atlanta to test market new FDA-approved tobacco product. Atlanta Business Chronicle, 2019. May 3, 2019. Available from: https://www.bizjournals.com/atlanta/news/2019/05/01/altria-chooses-atlanta-to-test-market-new- fda.html

Dludla, N. Philip Morris launches first Africa store to spark alternative cigarettes demand. Reuters, 2019. July 26, 2019. Available from: https://www.reuters.com/article/us-philip-morris-safrica- ecigarettes/philip-morris-launches-first-africa-store-to-spark-alternative-cigarettes-demand- idUSKCN1UK33U

Ghayour, P. Heated Tobacco launches In Manchester. Business Manchester, 2019. July 5, 2019. Available from: https://businessmanchester.co.uk/2019/07/05/heated-tobacco-launches-in- manchester/

Hamdan, L. iQOS to launch in stores across GCC in July. Arabian Business, 2019. July 6, 2019. Available from: https://www.arabianbusiness.com/retail/423271-iqos-to-launch-in-stores-across- gcc-in-july

No authors listed. Marlboro maker bets $100m more on alternative cigarettes Financial Times, 2019. July 18, 2019. Available from: https://ash.us14.list- manage.com/track/click?u=3d5578d8735672472bede942b&id=f664ddb5ad&e=0741a2b768

Baker, H. Marlboro cigarette owner opens stores at Cabot and Cribbs Causeway - and is planning more in Bristol. Bristol Live, 2019. June 26, 2019. Available from: https://www.bristolpost.co.uk/whats-on/shopping/philip-morris-marlboro-heated-tobacco-3021475

No authors listed. Market Share of HNB E-cigarettes Soars over 2 Years. Korea Bizwire, 2019. May 24, 2019. Available from: http://koreabizwire.com/market-share-of-hnb-e-cigarettes-soars-over-2- years/137868

Caplinger, D. What Philip Morris International's IQOS Recovery Means for Its Future. The Motley Fool, 2019. Apr 29, 2019. Available from: https://www.fool.com/investing/2019/04/29/what-philip- morris-internationals-iqos-recovery-me.aspx

Cahiles-Magkilat, B. PMI seeks different category for heat-not-burn cigar products. Manila Bulletin, 2019. Feb 17, 2019. Available from: https://business.mb.com.ph/2019/02/17/pmi-seeks-different- category-for-heat-not-burn-cigar-products/

Guzman, Z. Why the vaping craze is an opportunity for Philip Morris. Yahoo Finance, 2019. Jan 3, 2019. Available from: https://finance.yahoo.com/news/why-vaping-craze-opportunity-philip- 184136094.html

Uranaka, T. Japan Tobacco ratchets up smokeless war with new products. Reuters, 2019. Jan 17, 2019. Available from: https://www.reuters.com/article/us-japan-tobacco-products/japan-tobacco- ratchets-up-smokeless-war-with-new-products-idUSKCN1PB090

British American Tobacco. (2018). Innovative choices responsible growth: 2018 harm reduction focus report. Available from: http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DO964UGU/$file/Harm_Reduc tion_Focus_Report_2018.pdf

LaVito, A. Philip Morris shares jump as new tobacco products gain momentum overseas ahead of US regulatory decision. CNBC , 2018. Oct 18, 2018. Available from: https://www.cnbc.com/2018/10/18/philip-morris-international-q3-earnings-2018-iqos.html

Morley, K. Tobacco sales reps using 'illegal' tactics to sell their products in pubs. The Telegraph, 2018. Oct 16, 2018. Available from: https://www.telegraph.co.uk/news/2018/10/15/tobacco-sales- reps-push-free-drinks-sell-wares/

Thomas, M. BAT to Miss Vaping Goal as Big Tobacco Faces More Uncertain Era. Bloomberg, 2018. Oct 16, 2018. Available from: https://www.bloomberg.com/news/articles/2018-10-16/bat-warns- that-smoking-alternatives-will-miss-goal-this-year

Uranaka, T, & Ando, R. Philip Morris aims to revive Japan sales with cheaper heat-not-burn tobacco. Reuters, 2018. Oct 23, 2018. Available from: https://uk.reuters.com/article/uk-ecuador-assange- exclusive/ecuador-no-longer-to-intervene-with-uk-for-wikileaks-assange-foreign-minister- idUKKCN1MY02N

No authors listed. BAT Invests 45 Million Euro in Plant in Croatia. Europe Easy Branches, 2018. Sept 7, 2018. Available from https://europe.easybranches.com/croatia/564287

Caplinger, Dan. This Is Philip Morris' Answer to Skeptical Investors. MSN, 2018. Aug 5, 2018. Available from: https://www.msn.com/en-us/money/topstocks/this-is-philip-morris-answer-to- skeptical-investors/ar-BBLAers

No authors listed. Global Heat-Not-Burn Tobacco Products Market 2018-2022 to Post a CAGR of 24% Over the Next Five Years| Technavio. Business Wire, 2018. Aug 13, 2018. Available from: https://www.businesswire.com/news/home/20180813005318/en/Global-Heat-Not-Burn-Tobacco- Products-Market-2018-2022-Post

No authors listed. Heat-Not-Burn Tobacco Products: Global Markets to 2022 featuring Key Players Japan Tobacco, PAX Labs, Philip Morris Intl, and Vapor Tobacco Manufacturing - ResearchAndMarkets.com. Business Wire, 2018. Aug 20, 2018.Available from: https://www.businesswire.com/news/home/20180820005508/en/Heat-Not-Burn-Tobacco- Products-Global-Markets-2022-featuring

Tobin, Lucy. Philip Morris suing BAT in vaping bust-up. Evening Standard, 2018. Aug 3, 2018. Available from: https://www.pressreader.com/uk/evening-standard-west-end-final- extra/20180803/282729112712352

Duk-joo, Lee and Eun-joo, Lee. BAT launches new edition of glo heating device in S. Korea. Pulse, 2018. July 23, 2018. Available from: http://pulsenews.co.kr/view.php?sc=30800028&year=2018&no=462799

Duprey, Rich. Are E-Cigs Fizzling Out for Philip Morris International? Yahoo Finance, 2018. July 22, 2018. Available from: https://uk.finance.yahoo.com/news/e-cigs-fizzling-philip-morris- 130300879.html

Geller, Martinne. BAT pulls ahead in U.S. vaping battle, shares jump. Reuters 2018. July 26, 2018. Available from: https://uk.reuters.com/article/uk-brit-am-tobacco-results/bat-pulls-ahead-in-u-s- vaping-battle-shares-jump-idUKKBN1KG0JW

Moreley, Katie. Government orders Phillip Morris to stop advertising "healthier" tobacco products or face legal action. The Telegraph UK, 2018. July 18, 2018. Available from: https://www.telegraph.co.uk/news/2018/07/18/government-orders-phillip-morris-stop-advertising- healthier/

No authors listed. Can Philip Morris Provide Some Positive iQOS News In The Second Quarter? Forbes, 2018. July 17, 2018. Available from: https://www.forbes.com/sites/greatspeculations/2018/07/17/can-philip-morris-provide-some- positive-iqos-news-in-the-second-quarter/#5262930c2780

Duprey, Rich. Maybe Philip Morris's iQOS E-Cig Won't Be a Big Hit After All. Yahoo Finance, 2018. June 22, 2018. Available from: https://finance.yahoo.com/news/maybe-philip-morris-apos-iqos- 133000173.html?guccounter=1

Glantz, Stanton A. Michael Russell, the father of tobacco harm reduction, had ties with BAT. UCSF Center for Tobacco Control Research and Education, 2018. June 11, 2018. Available from: https://tobacco.ucsf.edu/michael-russell-father-tobacco-harm-reduction-had-ties-bat

No authors listed. BAT to Invest 800 Million Euros in Romanian Factory. Emerging Europe, 2018. June 15, 2018. Available from: https://emerging-europe.com/in-brief/bat-to-invest-800-million-euros-in- romanian-factory/

Uranaka, Taiga. Japan Tobacco to launch new smokeless product this year. Reuters 2018. Feb 8, 2018. Available from: https://www.reuters.com/article/japan-tobacco-results/japan-tobacco-to- launch-new-smokeless-product-this-year-idUSL4N1PO1FO

Birr, Steve. Alternative Smoking Technologies Are Driving ‘Sustained Double-Digit’ Declines In Cigarette Sales. Daily Vaper, 2018. May 24, 2018. Available from: http://dailyvaper.com/2018/05/18/alternative-smoking-technologies-cigarette-sales-decline/

Du, Lisa, Takahashi, Maiko. Japan Tobacco’s Push Abroad Offsets Weaker Domestic Demand. The Fix, 2018. May 4, 2018. Available from: https://www.bloomberg.com/news/articles/2018-05-01/japan- tobacco-s-push-abroad-offsets-weak-cigarette-sales-at-home

Hair, Elizabeth C, Bennett, Morgane, Sheen, Emily, Cantrell, Jennifer, Briggs, Jodie, Fenn, Zoe, Willett, Jeffrey G, Vallone, Donna. Examining perceptions about IQOS heated tobacco product: consumer studies in Japan and Switzerland. Tobacco Control, May 2018. Available from: http://tobaccocontrol.bmj.com/content/tobaccocontrol/early/2018/05/15/tobaccocontrol-2018- 054322.full.pdf

LASSETER, TOM, WILSON, DUFF, WILSON, THOMAS and BANSAL, PARITOSH. Philip Morris device knows a lot about your smoking habit. Reuters Investigates 2018. May 17, 2018. Available from: https://www.reuters.com/investigates/special-report/tobacco-iqos-device/

LaVito, Angelica. Philip Morris tries to prove it can pivot past cigarettes — before its rivals do. CNBC, 2018. May 14, 2018. Available from: https://www.cnbc.com/2018/05/09/iqos-is-part-of-philip- morris-internationals-future-beyond-cigarettes.html

Seung-hyun, Song. Philip Morris sells 2m IQOS e-cigarettes in 1 year. The Investor, 2018. May 24, 2018. Available from: http://www.theinvestor.co.kr/view.php?ud=20180523000748

Du, Lisa, Takahashi, Maiko. Japan Tobacco’s Push Abroad Offsets Weaker Domestic Demand. The Fix 2018. May 24, 2018. Available from: https://www.bloomberg.com/news/articles/2018-05-01/japan- tobacco-s-push-abroad-offsets-weak-cigarette-sales-at-home

Lasseter, Tom,Wilson, Duff, Wilson, Thomas, Bansal, Paritosh. Philip Morris device knows a lot about your smoking habit. Reuters Investigates 2018. May 17, 2018. Available from: https://www.reuters.com/investigates/special-report/tobacco-iqos-device/

Selby, Alan. Could 'safer' new smoking device that heats up tobacco instead of burning it replace traditional cigarettes? Mirror, 2018. Available from: http://www.mirror.co.uk/news/world- news/could-safer-new-smoking-device-11809515

Mathers, Annalise, Schwartz, Robert, O’Connor, Shawn, Fung, Michael and Diemert, Lori. Marketing IQOS in a dark market. Tobacco Control, Apr 2018. Available from: http://tobaccocontrol.bmj.com/content/tobaccocontrol/early/2018/05/02/tobaccocontrol-2017- 054216.full.pdf

No authors listed. Philip Morris (PM) Q1 Earnings: Can RRPs Pare Cigarette Woe? Yahoo Finance (UK), 2018. Apr 19, 2018. Available from: https://uk.finance.yahoo.com/news/philip-morris-pm-q1- earnings-150003630.html

Chaudhuri, Saabira. Philip Morris Shares Suffer Biggest Daily Fall in a Decade on Declining Cigarette Volume. The Wall Street Journal, 2018. Apr 24, 2018. Available from: https://www.wsj.com/articles/philip-morris-stock-sees-worst-day-in-a-decade-on-declining- cigarette-volume-1524159359

British American Tobacco. British American Tobacco continues its commitment to transform tobacco with glo launch in Italy. Apr 16, 2018. Available from: http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAXKCNL

No authors listed. Armenia first country in the region to launch IQOS. PanArmenian, 2018. Mar 9, 2018. Available from: http://www.panarmenian.net/eng/news/252618/Armenia_first_country_in_the_region_to_launch_ IQOS

No authors listed. Altria could grow earnings at double-digit pace through 2020: Barron's. Reuters 2018. Mar 13, 2018. Available from: https://www.reuters.com/article/us-usa-altria-barron-s/altria- could-grow-earnings-at-double-digit-pace-through-2020-barrons-idUSKCN1GN0XU

Geller, Martinne. BAT progress on sales and cigarette alternatives hits shares. Reuters 2018. Mar 2, 2018. Available from: https://www.reuters.com/article/us-brit-am-tobacco-results/bat-progress-on- sales-and-cigarette-alternatives-hits-shares-idUSKCN1G60NH

No authors listed. BAT CEO comments on next-gen products. Reuters 2018. March 2, 2018. Available from: https://www.reuters.com/finance/stocks/BTI.N/key-developments/article/3771428

No authors listed. Tobacco Imports to South Korea Rising Due to Heat-Not-Burn Cigarettes. Vaping Daily, 2018. Feb 27, 2018. Available from: https://vapingdaily.com/vape-news/iqos-in-south-korea/

No authors listed. More Impressive News Regarding iQOS In Philip Morris' Fourth Quarter. NASDAQ, 2018. Feb 19, 2018. Available from: https://www.nasdaq.com/article/more-impressive-news- regarding-iqos-in-philip-morris-fourth-quarter-cm919448

Caruana, Diane. IQOS will probably not be as popular in the US as in Japan. Vaping Post, 2018. Jan 19, 2018. Available from: https://www.vapingpost.com/2018/02/07/iqos-will-probably-not-be-as- popular-in-the-us-as-in-japan/

No authors listed. iQOS Expected To Be A Key Growth Driver For Philip Morris. Trefis, 2018. Feb 19, 2018. Available from: https://www.trefis.com/stock/pm/articles/431573/iqos-expected-to-be-a-key- growth-driver-for-philip-morris/2018-02-05

No authors listed. WHO condemns misleading use of its name in marketing of heated tobacco products. World Health Organization, Feb 2018. Available from: http://www.who.int/tobacco/communications/statements/name-marketing-tobacco/en/

Chu, Marian. Competition intensifies in Korea’s e-cigarettes market. Korea Biomedical Review, 2018. Feb 19, 2018. Available from: http://www.koreabiomed.com/news/articleView.html?idxno=2558

Clarke, Toni. Philip Morris sees six million U.S. smokers switching to iQOS device if cleared. Reuters, 2018. Jan 25, 2018. Available from: https://uk.reuters.com/article/us-health-tobacco-pmi/philip- morris-sees-six-million-u-s-smokers-switching-to-iqos-device-if-cleared-idUKKBN1FD2Z1

Birr, Steve. Popularity Of A Smoking Alternative Is Causing Cigarette Sales To Tank. Daily Vaper, 2018. Jan 23, 2018. Available from: http://dailyvaper.com/2018/01/19/popularity-of-a-smoking- alternative-is-causing-cigarette-sales-to-tank/

James, Sam B. Tobacco Manufacturers' Association: how the 'most challenging industry' is trying to turn a reputational corner. PR Week, 2018. Available from: https://www.prweek.com/article/1454010/tobacco-manufacturers-association-most-challenging- industry-trying-turn-reputational-corner

Alrlidge, John. Big tobacco looks east to sell a new kind of smoking. The Sunday Times, 2018. Jan 14, 2018. Available from: https://www.thetimes.co.uk/article/big-tobacco-looks-east-to-sell-a-new- kind-of-smoking-ttxfsp9vr

Posirca, Ovidiu. BAT’s Ploiesti plant could be candidate for new Glo production. Business Review, 2018. Jan 17, 2018. Available from: http://www.business-review.eu/news/bats-ploiesti-plant-could- be-candidate-for-new-glo-production-156083

No authors listed. SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Philip Morris International Inc. (PM). PR Newswire, 2017. Dec 31, 2017. Available from: https://www.prnewswire.com/news-releases/shareholder-alert-bronstein-gewirtz--grossman- llc-announces-investigation-of-philip-morris-international-inc-pm-300574331.html

Azer, V, Grey, A. BATS and the 1 Billion Consumer Opportunity. Published 2017.

Yonhap. KT&G launches sales of new tobacco-heating device. Korea Herald, 2017. Nov 20, 2017. Available from: http://www.koreaherald.com/view.php?ud=20171120000981

Caplinger, Dan. What Philip Morris International's Latest iQOS Update Means for Investors. NASDAQ, 2017. Nov 14, 2017. Available from: http://www.nasdaq.com/article/what-philip-morris- internationals-latest-iqos-update-means-for-investors-cm877475

Chaudhuri, Saabira. Philip Morris’s Big Smokeless Bet. The Wall Street Journal, 2017. Oct 29, 2017. Available from: https://www.wsj.com/articles/philip-morriss-big-smokeless-bet-1509329400

Uranaka, Taiga. Vaping rivals, quitters cloud Japan Tobacco's cigarette sales. Reuters, 2017. Nov 1, 2017. Available from: https://uk.reuters.com/article/us-japan-tobacco-results/vaping-rivals-quitters- cloud-japan-tobaccos-cigarette-sales-idUKKBN1D149T

Geller, Martinne. Tobacco giant Imperial steps up vaping efforts but profits come in below expectations. Independent, 2017. Nov 8, 2017. Available from: http://www.independent.co.uk/news/business/news/tobacco-giant-imperial-steps-up-vaping- efforts-but-profits-fall-below-expectations-a8041736.html

Craver, Richard. BAT expands heat-not-burn cigarette reach into Russia. Winston-Salem Journal, 2017. Oct 23, 2017. Available from: http://www.journalnow.com/business/bat-expands-heat-not- burn-cigarette-reach-into-russia/article_fa56b682-2bba-50fa-9d45-09ad7c3bcdf2.html

Hasenfuss, Mark. BAT aims to ignite profit with new-style smoking gadgets. BusinessLive, 2017. Oct 25, 2017. Available from: https://www.businesslive.co.za/bd/companies/2017-10-25-bat-expects- break-even-for-next-generation-products-next-year/

Hyo-sik, Lee. Philip Morris, BAT to hike prices of heat-not-burn e-cigarettes. Korea Times , 2017. Oct 25, 2017. Available from: http://www.koreatimes.co.kr/www/tech/2017/10/694_238245.html

Mammoser, Gigen. Will U.S. Consumers Warm Up to ‘Heat-Not-Burn’ Tobacco. Health Line, 2017. Oct 19, 2017. Available from: https://www.healthline.com/health-news/will-consumers-warm-up- to-heat-not-burn-tobacco#1

Sturgis, India. Could 'smokeless' cigarettes kill off vaping? The Telegraph, 2017. Oct 30, 2017. Available from: http://www.telegraph.co.uk/health-fitness/body/could-smokeless-cigarettes-kill- vaping/

Wells, Liz. BAT expects revenue from vapour products to double in 2018. Talking Retail, 2017. Oct 26, 2017. Available from: https://www.talkingretail.com/news/industry-news/bat-expects-revenue- vapour-products-double-2018-26-10-2017/

Wells, Liz. National roll-out plan for Heets. Talking Retail, 2017. Oct 27, 2017. Available from: https://www.talkingretail.com/news/industry-news/national-roll-plan-heets-27-10-2017/

No authors listed. What are “heat-not-burn” cigarettes? Truth Initiative (American Legacy Foundation), 2017. Sept 12, 2017. Available from: https://truthinitiative.org/news/what-are-heat- not-burn-cigarettes

No authors listed. Philip Morris wants to extinguish the cigarette. Turn on the IQOS. The Slovak Spectator, Aug 2017. Available from: https://spectator.sme.sk/c/20634457/philip-morris-wants-to- extinguish-the-cigarette-turn-on-the-iqos.html

White, Josh. BAT restructures to focus on 'next generation' tobacco products. Digital Look, 2017. Aug 31, 2017. Available from: https://www.digitallook.com/news/news-and-announcements/bat- restructures-to-focus-on-next-generation-tobacco-products--2836411.html

Bob, Yonah Jeremy. Philip Morris’s hybrid cigarette gamble in Israel. The Jerusalem Post, 2017. Jul 15, 2017. Available from: http://www.jpost.com/Opinion/The-IQOS-gamble-499784

Boue, S and Belcastro, V. Harness the power of the crowd to address computational and biological challenges. PMI Science, Jul 2017. Available from: https://www.pmiscience.com/library/harness- power-crowd-address-computational-and-biological-challenges-1

Nordlund, M. The role of glycerol during aerosol formation in an electrically heated tobacco product. PMI Science, Jul 2017. Available from: https://www.pmiscience.com/library/role-glycerol-during- aerosol-formation-electrically-heated-tobacco-product

No authors listed. C-store Tobacco Environment Remains Largely Stable. Convenience Store News, 2017. Apr 27, 2017. Available from: http://www.csnews.com/product-categories/tobacco/c-store- tobacco-environment-remains-largely-stable

No authors listed. Inspiring products driving change, Harm reduction focus report 2016. British American Tobacco, 2016. Available from: http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DO964UGU/%24file/Harm_Re duction_Focus_Report_2016_v2.pdf