Philip Morris International: Over $20 Billion Invested in the U.S. Since 2022; IQOS ILUMA to Launch Pending FDA Authorization

Key points

• Investment mix: Philip Morris International (PMI) says it has invested more than $20 billion in the United States since 2022, centered on its $16 billion acquisition of Swedish Match and more than $1 billion in follow-on spending on U.S. manufacturing and operations.

• Jobs and output: The company says infrastructure projects in three states will create about 2,500 jobs and generate roughly $800 million in annual economic output (company estimate).

• Regulatory footprint: PMI says its affiliates account for 80% of the U.S. FDA’s “modified risk tobacco product” (MRTP) authorizations, while its heated tobacco device IQOS ILUMA is still awaiting FDA authorization for entry into the U.S. market.

2Firsts | Jan 16, 2026

Philip Morris International (PMI) said in a statement released via Business Wire on Jan. 15, 2026 at 8:30 a.m. Eastern Standard Time that its U.S.-related investments have exceeded $20 billion since 2022, largely tied to acquisitions and additional spending on U.S. manufacturing capacity, commercial rights, infrastructure and jobs.

Swedish Match deal and follow-on spending

PMI said about $19 billion of the total was recorded in 2022, including its acquisition of Swedish Match, which it valued at $16 billion. The company said Swedish Match generates “most” of its revenue in the United States.

PMI said that since completing the Swedish Match acquisition, its U.S. subsidiary has invested more than $1 billion in U.S. manufacturing, operational capabilities and personnel costs as of Sept. 30, 2025.

According to 2Firsts’ analysis, Philip Morris International includes its acquisition of Swedish Match in its U.S.-related investments primarily because the business is heavily centered on the U.S. market. Although Swedish Match is headquartered in Sweden, most of its revenues are generated in the United States, driven largely by its ZYN nicotine pouch portfolio. The acquisition also provided PMI with established U.S.-based manufacturing, regulatory and commercial infrastructure, followed by further investments in U.S. operations and employment.

Three-state projects and economic impact

The company said infrastructure investments in Colorado, Kentucky and North Carolina are expected to create more than 1,000 direct jobs and 1,500 indirect jobs, and to generate more than $800 million in sustained annual economic impact, according to the company’s estimate.

IQOS ILUMA and FDA authorizations

On the regulatory and product front, PMI said it plans to introduce its heated tobacco product IQOS ILUMA in the United States after receiving authorization from the U.S. Food and Drug Administration (FDA).

PMI also said that as of Jan. 15, its affiliates hold 80% of FDA-granted MRTP authorizations and 41% of FDA-issued marketing granted orders under the premarket tobacco product application (PMTA) pathway, including for the ZYN nicotine pouch brand, according to the company.

Charitable donations

PMI’s U.S. business said it has donated more than $35 million to charities since 2022. It said donations in 2025 were close to $12 million, spanning 47 states and Washington, D.C., and nearly 600 nonprofit organizations.

Editor’s note

PMI’s disclosure highlights continued emphasis on expanding its U.S. footprint in next-generation tobacco products and reinforcing a narrative of local investment and regulatory execution. Further momentum in 2026 will depend on both regulatory developments and the pace of commercial rollout.

Cover image source: PMI U.S. (Facebook screenshot)