Philip Morris International Inc

**Robust Q3 Performance and Year-to-Date Growth:** Philip Morris International (PMI) reported a strong Q3, with organic revenue growth of +11.6%, driven by a +2.9% increase in shipment volumes, positive smoke-free category mix, and effective pricing strategies. Adjusted diluted earnings per share (EPS) rose +14.4% to $1.91, excluding unfavorable currency impacts, reflecting PMI's solid underlying momentum across its smoke-free products.

**Revised Full-Year Guidance:** Following a strong year-to-date performance, PMI raised its full-year forecasts: organic revenue growth increased to approximately +9.5%, organic operating income growth to +14% to +14.5%, and currency-neutral adjusted diluted EPS growth to +14% to +15%. The expected EPS now ranges from $6.45 to $6.51, with an anticipated currency headwind of $0.40 at prevailing rates.

**IQOS and ZYN Acceleration:** The company's smoke-free products, particularly IQOS and ZYN, showcased strong performance, with an HTU adjusted IMS growth of +14.8% for IQOS, despite seasonality in Q3. ZYN saw over 40% year-on-year volume growth in the U.S., although supply constraints persisted. PMI anticipates full restoration of supply within Q4, projecting enhanced market share recapture thereafter.