Overview

* Philip Morris ( PM ) Q3 adjusted EPS grew 17.3% to $2.24, beating analyst expectations

* Company's smoke-free business accounted for 41% of total net revenues, up 2.9pp yr/yr

* Philip Morris ( PM ) raises full-year adjusted diluted EPS guidance, reflecting confidence in growth

Outlook

* Philip Morris ( PM ) raises 2025 full-year adjusted EPS guidance to $7.46-$7.56

* Company expects 2025 smoke-free product volume growth of 12% to 14%

* Philip Morris ( PM ) forecasts 2025 organic net revenue growth of 6% to 8%

Result Drivers

* SMOKE-FREE BUSINESS - PMI's smoke-free segment accounted for 41% of total net revenues, with shipment volumes up 16.6% and net revenues growing 17.7%

* IQOS GROWTH - IQOS strengthened its position in Japan and Europe, driving growth in the heat-not-burn category

* ZYN EXPANSION - ZYN nicotine pouches in the U.S. grew by 37% to 205 million cans, supported by commercial activities

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $2.24 $2.09

Adjusted (13

EPS Analysts

)

Q3 EPS $2.23

Q3 $1.47

Dividend

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the tobacco peer group is "buy"

* Wall Street's median 12-month price target for Philip Morris International Inc ( PM ) is $187.00, about 15.5% above its October 20 closing price of $158.06

* The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 23 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)