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Philip Morris International Inc. , the world’s largest publicly traded tobacco company, dropped the most in five months after price increases and new technologies failed to offset a decline in demand for cigarettes. The company, which sells Marlboro and other brands outside the U.S., posted first-quarter earnings of 98 cents a share, excluding some items. Analysts had projected $1.03 on average. The results signal that Philip Morris has a long road ahead in becoming a next-generation tobacco business. The New York-based company has invested more than $3 billion in so-called reduced-risk products to replace cigarettes, but the shift will take time to pay off. “We had expected a weak quar... Full story

21 April