Profiting from Pain: How Philip Morris Became the “Best Performing Stock of the Last Hundred Years”
Every puff, every patch, every pouch—Philip Morris International has turned addiction into a business model so effective, it’s now being hailed as the “best performing stock of the last hundred years.” That’s not hyperbole. That’s according to financial analyst Jim Cramer, who recently acknowledged the company’s staggering long-term returns while grappling with the moral cost of its success.
But behind the stock ticker is a darker reality: this empire was built on disease, death, and the exploitation of youth.
The Numbers Don’t Lie—But Neither Does the Toll
Philip Morris International (PM), the global tobacco giant behind the brands Marlboro and IQOS, among others, has delivered unmatched returns to investors over the past century. Its stock has weathered wars, recessions, and regulatory crackdowns—emerging stronger each time.
PM shares have surged over 50% year-to-date in 2025 alone.
The company continues to dominate global markets, especially in regions with weaker tobacco controls.
Its “smoke-free” product line, including heated tobacco and nicotine pouches, is now a major growth engine.
But while shareholders celebrate, public health experts warn: this success comes at a devastating human cost.
Addiction as a Business Model
Philip Morris has long mastered the art of repackaging harm as innovation. As cigarette sales decline in the U.S., the company has pivoted to “reduced-risk” products—like IQOS and Zyn—that still deliver nicotine, still hook users, and still generate billions.
These products are:
Marketed in sleek, tech-forward designs that appeal to young consumers
Flavored and discreet, making them easier to use and harder to detect
Lightly regulated, especially in emerging markets
The result? A new generation of users who may never light a cigarette, but are still addicted to nicotine.
The Cost to Our Youth
Despite age restrictions, flavored nicotine products remain alarmingly accessible to teens. Studies show that youth who start with pouches or heated tobacco are more likely to transition to other forms of nicotine and struggle with long-term dependence.
Philip Morris’s global reach means:
Millions of young people are exposed to its products daily
Developing countries are targeted with aggressive marketing
Public health systems bear the burden of tobacco-related disease
As Jim Cramer put it, the company is “half killing people, half trying to save people”—a house divided, but still wildly profitable.
Where Do We Go From Here?
If we measure success only in dollars, Philip Morris is a titan. But if we measure it in lives lost, futures stolen, and youth addicted, the picture changes.
We must redefine what we reward.
Stronger global regulations on nicotine marketing and access
Transparent labeling and health warnings on all products
Investment in prevention and cessation, especially for youth
Accountability for companies profiting from addiction
Philip Morris may be Wall Street’s golden child, but it’s time we ask: at what cost?
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