VEEV Volumes Double: Will Philip Morris' E-Vapor Bet Pay Off?

Key Takeaways Philip Morris International ((PM) saw its e-vapor brand VEEV more than double shipment volumes year over year in the second quarter of 2025, a striking development in the multi-category smoke-free strategy. With nearly 1.5 billion equivalent units shipped in the first half of 2025, VEEV is increasingly emerging as a viable growth engine alongside the more mature IQOS and ZYN brands. Shares of Philip Morris have lost 10% in the past month compared with the industry's decline of 2.9%. VEEV shipm ...