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Others suggest the roll-out of Merit is the most expensive new product introduction in the history of the cigarette industry
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Analysts at Stifel and Barclays praise the firms operational discipline and consistent earnings growth, noting that the company has delivered on the smoke-free promise more convincingly than any rival. PMIs share price has risen steadily as investors reward the company for higher margins in reduced-risk products, strong cash flow, and a clear strategic direction
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