ZYN and IQOS Scale Up: Is Philip Morris Leading the Industry Reset?

Key Takeaways PM's smoke-free products made up 44% of Q1 gross profit, led by IQOS and ZYN shipments. ZYN shipments soared 53% in Q1, with PM raising 2025 shipment guidance to 800-840 million cans. PM's smoke-free gross margin topped 70%, far exceeding combustibles, with products in 95 markets.Philip Morris International Inc. (PM) is accelerating its shift from traditional tobacco to reduced-risk products, with strong momentum in its flagship offerings — IQOS and ZYN. In the first quarter of 2025, smoke-f ...