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In summary, here are all the key assumptions in our model: -2% decline in traditional tobacco ex-menthol 50% drop in US menthol brand sales in 2026 driven by US ban 25% growth in smoke-free products near term, stepping down to 12% by 2030 40% incremental margins in smoke-free products 51% operating margins in combustibles, falling to 44% over time due to menthol ban and 60% decremental margins 11x terminal PE ratio in 2030 justified by the 35% revenue share of non-combustibles and 2% profit growth in that year

Archived from the original (PDF) on February 7, 2009

That much is obvious

The list of complications caused by smoking is extensive, including impacting one's blood vessels and cardiovascular health

How to Spot the Signs Vaping any substance can be hard to detect