Philip Morris unveils new versions of iQOS cigarettes to boost sales

With the iQOS 3, like older models, users must put the device back into the box to charge after each time they use it. The new iQOS 3 Multi can be used 10 times before needing to be recharged. It's a bulkier than the traditional iQOS device, but executives say consumers also requested this change.

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Calantzopoulos said introducing the iQOS 3 Multi eliminates competitors' advantage. Some brands, including British American Tobacco's Glo and Lil's KT's, advertise themselves as superior to iQOS because they can be used multiple times without a load, he said.

In Japan, PMI will introduce HEETS, a hot line of heatsticks for iQOS devices in an attempt to woo consumers who may have felt switching cigarettes to iQOS was too pricey. Currently, only Marlboro-branded heatsticks are available in Japan. The addition of HEETS makes the first market a premium and a value brand.

PMI was originally planned to introduce HEETS in the first quarter of next year.

Japan has been such a successful market for PMI that it is becoming somewhat of a proxy for the company's prospects in pivoting towards smoke-free products and new revenue streams. When PMI in April said growth in Japan had "plateaued," the company's stock plummeted 16 percent to its worst day since spinning off from Altria in 2008.

PMI shares are up nearly 5 percent over the last week after showing progress in most markets.

Executives said they were expected to become more of a smoker. They hope the new products will appeal to the existing iQOS users and new ones.

In the third quarter, iQOS captured 15.5 percent of the entire tobacco market in Japan, up from 11.9 percent in the year before but down slightly from 15.8 percent in the first quarter of this year. In Korea, iQOS represents 7.4 percent in the third quarter, up from 2.5 percent in the first quarter of this year.

Calantzopoulos said investors can expect the company to be affected by the end of the first quarter next year.

PMI is awaiting a decision from the Food and Drug Administration in the United States of America in the United States.