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Over FY22-FY25, Godfrey Phillips has outpaced ITC with a 22% CAGR in revenue and EBIT, compared to ITC's 8% CAGR, according to Jefferies

Among that 16%, a plurality (46%) said their investments did worse than expected

Japan showcases the transformative power of heat-not-burn (HnBs) in accelerating smoking decline, with cigarette sales plummeting over 50% since their introduction despite a stable total nicotine market