“We look to file a combined PMTA MRTP in the first half of 2025.”

In context

“tion. I think one of your peers has recently launched a heated tobacco offering which you'll be very familiar with. Can you maybe remind us what your expectations are for the success of this category over, let's say, the next five years and how it could potentially impact the current cigarette trends? Please. Billy Gifford: Yes. If you recall all the way back to our Investor Day when we talked about the three, what we saw is the three growing categories, unless something draconian comes out of the FDA, we expected e-vapor to be the largest because it was already in place and entrenched. Next was going to be nicotine pouch and then heat [indiscernible]. It's something that we'll monitor. You recall that we have a joint venture with JT for the Ploom device, which we are still excited about. We look to file a combined PMTA MRTP in the first half of 2025. And so from that standpoint, we feel like it's something to monitor, but as far as the size of the categories, we feel like e-vapor will be the largest. Faham Baig: Thank you so much. Appreciate it. Billy Gifford: Thank you. Operator: Thank you. We will move next to Callum Elliott with Bernstein. Please go ahead. Callum Elliott: Hi. Good morning, guys. Thank you for the questions. Firstly, just a quick follow up maybe on the litigation with JUUL. So you mentioned the tweaked product that you've submitted the SE [ph] application for. You also mentioned how you've tweaked this product to get around three of the four patents in question in the ITC case. My question is, how confident are you, given that the revised product still sort of infringes on this one patent, that the revised product w”