Philip Morris International shares rose 3.33% to $194.30 after the company cut its 2026 adjusted earnings forecast for the third time this year, a reduction driven entirely by a smaller expected currency benefit rather than weaker underlying operations. The company lowered its reported adjusted diluted EPS guidance to between $8.26 and $8.41 from $8.31 to $8.46, while its currency-neutral forecast remained unchanged at $8.11 to $8.26. An unexpectedly strong cigarette business helped Philip Morris beat revenue and adjusted earnings estimates, with volumes increasing 1.1% to 156.9 billion units, substantially above the 151.17 billion consensus cited by Bernstein. The company also improved its full-year cigarette-volume outlook to a decline of 2% to 3%, compared with its previous forecast of around 3%. International smoke-free revenue grew 11.8% organically, supported by IQOS and VEEV, while U.S. ZYN shipments recovered sequentially, rising 1.8% to 2.9 billion pouches after a first-quarter decline of more than 23%.
Philip Morris International IncStrong cigarette volumes and improved volume outlook, plus smoke-free revenue growth and ZYN recovery, indicate robust product demand.