“We do not anticipate any commercial volumes in 2024.”

In context

“ost of good sold improvements. Europe is at the forefront, as closed pods continue to take share from disposables and we lead the category with our flagship VEEV ONE closed-pod system in several markets, including Italy, Romania and the Czech Republic. We are seeing good repeat-purchase and regular usage within a competitive environment, as we continue to build distribution and brand awareness. Outside Europe, we are investing behind VEEV for future profitability in a number of focus markets. We are underway with the first stage of our IQOS 3 consumer pilots in the U.S., with the launch of our “Be the first” campaign in Austin, Texas. As explained previously, the focus is on adult consumer engagement, building awareness through category and brand education in legal-age smoker communities. We do not anticipate any commercial volumes in 2024. The learnings from these pilots in Austin and other cities will be used to fine-tune our approach in anticipation of the at-scale launch of IQOS ILUMA, where we continue to assume an FDA authorization in H2, 2025. Finally, a brief comment on our Wellness & Healthcare business. As we disclosed in September, we have entered into an agreement to sell Vectura Group and expect the transaction to close by the end of the year. Our ownership of Vectura was important to develop the required skill and scientific expertise to advance our inhaled therapeutics pipeline. Significant progress has been made on this front, however given that Vectura’s scientific engagement and commercial CDMO relationships were being impacted by unwarranted opposition to PMI’s ownership, we believe the overall future of V”