Philip Morris Transformation Accelerates With IQOS and ZYN Growth

Key Takeaways Philip Morris' smoke-free shipments rose 11.8%, driving 15.2% revenue growth in Q2 2025.IQOS, ZYN and VEEV fueled smoke-free growth, lifting gross profit by 23.3% year over year.Cigarette shipments fell 1.5% to 155.2B units, but still delivered $6B in quarterly revenues.Philip Morris International Inc.’s (PM) second-quarter 2025 results spotlight the central question for its long-term transformation: Can smoke-free momentum truly outweigh persistent declines in cigarettes? Smoke-free products, ...