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Note that FDA approved nicotine replacement therapy (NRT) is expressly excluded from the definition of nicotine products. In addition, as with any tobacco policy, it is important to consider the impacts on disparities in tobacco use and tobacco-related health harms as well as what the impact of a policy would be in different communities

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EBITDA margins are flat at around 43% during this period, indicating that IQOS is extremely profitable. PM management explains very clearly during their earnings calls that they expect their NGPs to be more profitable than traditional cigarettes

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