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Japan Tobacco Earnings Call Transcript: Q2 2025 Strong first-half results with double-digit AOP and revenue growth, driven by organic momentum and the Vector acquisition

But the legendary status comes with an increased bit of scrutiny

Given the long time horizon on FDA approval (which PM already has for iQos), the companies have a long road ahead to develop a product that can effectively compete against iQos (the clear market share leader in Japan), Cowen said of the Altria/Japan Tobacco partnership