In 2021, Philip Morris International acquired three pharmaceutical companies for more than $2 billion as part of a plan to pivot away from cigarette sales. The deals inserted the Marlboro maker into the market for inhalers and other treatments for respiratory diseases that are linked to cigarette smoking. We talked with WSJ’s Jennifer Maloney about how the company’s plan hasn’t gone so smoothly.

Further Listening:

- The ‘Existential Threat’ Facing Big Tobacco 

- The Fight Over a Menthol Cigarette Ban 

Further Reading:

- Marlboro Maker Hits Reset on $2 Billion Bet on Medicine 

- Philip Morris Raises Offer for Swedish Match and Buys U.S. Rights for IQOS 

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