Financial Performance - Philip Morris reported a beat on both top and bottom lines in Q3 [1] - The company raised the low end of its EPS guidance, indicating strong demand for smoke-free products [1] - The company experienced nice and strong margin improvement [3] - A significant portion (70-80%) of the company's growth is attributed to smoke-free products [9] - Philip Morris increased its dividend by almost 9% [10] Market Dynamics & Strategy - The smokefree category is performing strongly across the board [3] - IQOS has a history of 42 quarters of uninterrupted growth in both financial terms and volume [4] - Zyn has captured almost 60% of the category growth after supply constraints were resolved [6] - Over 70% of participants in promotional schemes were adult smokers and vape users [5] - Philip Morris aims to bring the newest technology of smoke-free products to US adult smokers, awaiting FDA authorization [12]