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“A tobacco industry has been a fairly linear and predictable industry. You know what's going to happen every year. You know from time to time you are going to have a tax increase, you are going to have regulatory restriction, but, as it applies to everybody, I think we are doing very well. But now it's much more technology-driven. Competitors other than our traditional competitors can come in, whether legitimate or fly-by-night ones, and you have to anticipate all those things. The whole organization has to gear up to this new reality and these new competitive rules around it.”

“I think over time the fiscal environment on cigarettes will become different, and the regulatory environment has to differentiate the products. If that is at the expense of cigarettes, so be it - it's not a problem for me. But we need some logical forum where we don't talk ideology but rather we talk about what can really accelerate the conversion. If you do display bans everywhere in the world on cigarettes but you can display IQOS, that's a differentiating measure for me. Then I'm more than willing to accept these measures because they are really conducive to make people switch.”