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The researchers saw no significant shift in the number of white blood cells in lung fluid, nor did they observe any glaring differences in lung structure

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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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A 2014 study in New Jersey found that rates of both ever and past-month e-cigarette use were higher among students in schools located in an area with greater e-cigarette retail density