Tobacco company Philip Morris International (PMI) said in reporting its second-quarter earnings on Tuesday that smoke-free products accounted for 41% of total net revenues—an increased of 2.9 percentage points from the same period last year.
For the quarter, the company reported revenue was $10.1 billion.
“Our business delivered very strong results in the second quarter, with record net revenues and exceptional growth in operating income and adjusted diluted EPS,” CEO Jacek Olczak said.
PMI’s shipment volume of its nicotine pouch business increased by 23.8%.
In the United States, Zyn reaccelerated its offtake growth to approximately 36% in June and 26% in second quarter overall as measured by Nielsen, PMI said. PMI bought Zyn maker Swedish Match North America in 2022.
“These results reflect excellent momentum in our multicategory smoke-free business, with a reacceleration of Iqos adjusted in-market sales growth and Zyn U.S. offtake growth, coupled with combustibles resilience,” Olczak said. “Given our strong year-to-date performance, we are raising our full-year guidance.”
The tobacco company, which sells cigarettes such as Marlboro, said its shipment volumes in its cigarettes business decreased 1.5%.
PMI’s global corporate headquarters is in Stamford, Connecticut.
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