Philip Morris International (NYSE:PM) is evaluating the sale of its US cigar business, a move aligning with its major transition towards smoke-free offerings, which may have driven its shares up 20% over the last quarter.

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Philip Morris International Inc. is exploring a potential sale of its cigar business in the US, people familiar with the matter said, as the tobacco maker continues its shift toward smoke-free products.

Philip Morris is considering selling its U.S. cigar business for over $1 billion as it shifts toward smoke-free products. The company aims for smoke-free sales to reach two-thirds of its revenue by 2030.

Philip Morris International Inc. (NYSE: PM) is reportedly exploring the sale of its cigar business for over $1 billion, according to Bloomberg. The move aligns with the tobacco giants strategy to transition