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

AIR Invests $20 Million in Greentank, Deepening Capital Ties Across the Vape Supply Chain
AIR Invests $20 Million in Greentank, Deepening Capital Ties Across the Vape Supply Chain
Nasdaq-listed AIR Global has invested $20 million in preferred shares of Canadian vaporization technology company Greentank, deepening a partnership established in 2023. AIR gains a board nomination right, access to new technologies, enhanced commercial terms and long-term supply assurances, while retaining an option to increase its stake. Greentank’s Quantum Chip platform powers Crown Switch and forms part of AIR’s planned U.S. PMTA dossier, linking capital investment more closely with product technology, regulatory evidence and supply-chain control.
Special Report
Jul.29
Data|China’s January-May Vape Exports: U.S. Shipments Fall 13.8% as Japan Posts Fastest Growth
Data|China’s January-May Vape Exports: U.S. Shipments Fall 13.8% as Japan Posts Fastest Growth
According to China Customs export data analyzed by 2Firsts, the United States remained China’s largest destination for vape-related exports during January-May 2026 despite a 13.82% year-on-year decline in export value. Meanwhile, exports to Japan, Russia, Indonesia and the United Arab Emirates recorded strong growth, highlighting continued diversification across China’s export markets.
Special Report
Jun.29
PMI Expands IQOS and VEEV Presence at Frankfurt Airport Through Travel Retail Pop-Ups
PMI Expands IQOS and VEEV Presence at Frankfurt Airport Through Travel Retail Pop-Ups
According to The Moodie Davitt Report, PMI Global Travel Retail and Frankfurt Airport Retail have launched new IQOS and VEEV retail spaces at Frankfurt Airport. The installations, located inside and outside duty-free areas, showcase IQOS heated tobacco products and VEEV e-vapor products through product education, consumer interaction and brand experiences. Frankfurt Airport Retail, operated by Fraport Group and Gebr. Heinemann, manages key retail activities at Frankfurt Airport. The initiative follows PMI’s broader strategy of expanding smoke-free products through global travel retail channels. PMI has previously introduced VEEV products across multiple European airports while continuing to expand IQOS and VEEV availability in international markets.
Jul.17
Haypp Report Shows Nicotine Pouches Gaining Ground as a Vape Alternative in the UK
Haypp Report Shows Nicotine Pouches Gaining Ground as a Vape Alternative in the UK
According to Haypp’s 2026 UK Nicotine Report, nicotine pouches are increasingly replacing both cigarettes and vaping. The UK market grew sharply, with Haypp and Northerner reporting a 60% year‑on‑year sales increase in 2025. Notably, 40% of users adopted pouches to quit vaping, nearly matching the 43% who used them to stop smoking. This indicates pouches are expanding beyond traditional smoking cessation and gaining traction among adults seeking non‑inhalable nicotine alternatives.
Jul.01
Product | PMI Introduces VEEV inPrime, Bringing an Induction Vaporization Platform to the Next Generation of the VEEV Portfolio
Product | PMI Introduces VEEV inPrime, Bringing an Induction Vaporization Platform to the Next Generation of the VEEV Portfolio
Philip Morris International (PMI) has introduced VEEV inPrime, the next-generation closed-system vape platform featuring the new AdvanceVape Induction System™. Alongside the new induction platform, PMI has redesigned the pods, e-liquid formulations and user interaction experience. According to PMI and official IQOS websites, VEEV inPrime began a phased European rollout between May and June 2026, with products now available in Greece, Estonia, the United Kingdom and Italy.
Jul.14
Reemtsma says German illegal e-cigarette seizures reached 70% of 2025 total, pouches 179%
Reemtsma says German illegal e-cigarette seizures reached 70% of 2025 total, pouches 179%
Reemtsma said its first-half 2026 black-market tracker for tobacco and nicotine products showed a continued rise in officially reported seizures in Germany, with illegal e-cigarette seizures reaching 70% of the full-year 2025 level and snus and nicotine pouch seizures reaching 179% of last year’s total.
Jul.08