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Vaping companies have long made the case that their products can help blunt the toll of smoking among adults, which is blamed for 480,000 US deaths annually due to cancer, lung disease and heart disease

Parliament told a different story: after dipping through 2020, it recovered strongly, with both volume (34,737 million to 44,000 million between 2020 and 2022) and share (5.5% to 7.1%) climbing enough that Parliament had nearly closed the gap with, and by 2022 modestly exceeded, Philip Morris in market share a notable shift given Parliament started the period well behind

Financial Overview 10.1.4

University of Kentucky (2019)