PMI's Annual Profit Forecast Declines due to Lowered Heat Tobacco Shipments

PMI by 2FIRSTS.ai
Oct.20.2023
PMI's Annual Profit Forecast Declines due to Lowered Heat Tobacco Shipments
PMI's lower-than-expected shipments of heated tobacco products dampen profit forecasts and overshadow Q3 performance, according to French media Boursorama.

According to a report from Boursorama, a French media outlet, Philip Morris International (PMI) is expecting lower than anticipated shipments of its heated tobacco products this year. This has led to disappointment in the company's upward profit forecast for the year and its underperformance in the third quarter, which exceeded expectations.


Despite playing a significant role in the global tobacco industry, PMI is currently seeking alternatives to tobacco due to the increasing stringency of tobacco regulations and decreasing demands in certain markets. PMI's heated tobacco product, IQOS, has been the company's flagship product in its transition towards tobacco alternatives. Since 2008, PMI has announced investments of over $10 billion in heated tobacco products.


Philip Morris International (PMI) announced that due to delays in its product launch in the Taiwanese market and limited growth in the Russian and Ukrainian markets, as well as uncertainty surrounding the new regulations on heated tobacco products in Europe and its impact on inventory levels, its annual shipment volume of heated tobacco products will be lower than initially projected. This contradicts the optimistic outlook on heated tobacco products that was presented by the company during its investor day in September, shifting the focus away from profit growth.


PMI has announced that its adjusted earnings per share for the third quarter were $1.67. According to data provided by LSEG, analysts had an average expectation of earnings per share of $1.61. However, due to increased cigarette prices, demand for heated tobacco products, and the rapid growth of their nicotine pouch brand Zyn, the company has raised its full-year profit forecast and has exceeded expectations in the third quarter.


We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

PMI’s Smoke-Free Playbook: What Jacek Olczak Really Told Wall Street
PMI’s Smoke-Free Playbook: What Jacek Olczak Really Told Wall Street
At the Morgan Stanley Global Consumer & Retail Conference on December 2, 2025, PMI CEO Jacek Olczak delivered a clear message: the company’s smoke-free shift is now its central strategy. From ZYN’s surge in the U.S. to IQOS’s global momentum and a changing regulatory tone, his remarks sounded less like an earnings update and more like a declaration of PMI’s smoke-free future.
PMI
Dec.03
China Announces Crackdown on Illegal Nicotine Pouch Manufacturing Involving Counterfeit VELO, ZYN, and PABLO Products
China Announces Crackdown on Illegal Nicotine Pouch Manufacturing Involving Counterfeit VELO, ZYN, and PABLO Products
The case is valued at approximately 400,000 yuan, and two suspects have been taken into custody.Video footage released by authorities shows that the counterfeit products involved well-known market brands such as VELO, ZYN, and PABLO.
Dec.01
Wisconsin Fines Vape Retailers Nearly $13 Million for Selling Unapproved Products
Wisconsin Fines Vape Retailers Nearly $13 Million for Selling Unapproved Products
The state of Wisconsin has fined one retailer nearly USD 12.44 million and another USD 450,000 for violating the state’s new vape sales law, which took effect in September and restricts sales to an approved list of products.
Dec.11 by 2FIRSTS.ai
China Business Journal Reports: Multiple New E-Cigarette Policies Enter Public Consultation Phase in China, Covering Capacity Control and Credit Management
China Business Journal Reports: Multiple New E-Cigarette Policies Enter Public Consultation Phase in China, Covering Capacity Control and Credit Management
China Business Journal, citing a review of policy documents released by the State Tobacco Monopoly Administration in early 2026, said China’s latest e-cigarette rules target credit-based regulation, capacity controls and national standards revisions.Alan Zhao, co-founder of 2Firsts, said tighter oversight will speed consolidation, curb noncompliance and reduce destructive competition.
Jan.12 by 2FIRSTS.ai
Philippine BIR Will Destroys Nearly 450,000 Illicit Vape Products Over Unpaid Taxes
Philippine BIR Will Destroys Nearly 450,000 Illicit Vape Products Over Unpaid Taxes
The Philippine Bureau of Internal Revenue has led a nationwide destruction of illicit vape products, citing unpaid excise taxes and penalties amounting to 1.34 billion pesos(approximately US$22 million). Nearly 450,000 units are scheduled for destruction over three days across multiple revenue regions. The seized products violated excise tax laws due to non-payment of taxes, lack of internal revenue stamps, and non-registration of vape brands.
Dec.15 by 2FIRSTS.ai
Moldova adopts new sanitary rules for tobacco products, e-cigarettes and related goods
Moldova adopts new sanitary rules for tobacco products, e-cigarettes and related goods
Moldova is introducing new sanitary standards for tobacco products, e-cigarettes and related goods, with regulations adopted on January 14 aimed at protecting public health and tightening control over tobacco sales. The rules include measures to limit minors’ access to tobacco products, including via online shops, and establish procedures for notifications, reporting and market monitoring.
Jan.16 by 2FIRSTS.ai