Philip Morris International (PM.N) on Thursday raised annual profit forecast, after topping quarterly profit expectations, boosted by higher cigarette prices, demand for its heated tobacco products, and rapid growth of its oral nicotine product ZYN.
A woman poses with a cigarette in front of Philip Morris International logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/Illustration/File Photoon Thursday raised annual profit forecast, after topping quarterly profit expectations, boosted by higher cigarette prices, demand for its heated tobacco products, and rapid growth of its oral nicotine product ZYN.
Costs of tobacco and labor have eased from pandemic-era highs for Philip Morris. The company said in July it expected headwinds from these expenses to ease further in the second half of the year. Its market-leading heated tobacco device IQOS has gained traction in countries such as Japan and Italy, while other options like ZYN have also proven popular in the key U.S. market.
Shipment volumes for ZYN nicotine pouches, which the Connecticut-based company sells in the U.S., rose 65.7% year-on-year in the third quarter, compared to a 53.1% jump in the previous quarter.
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