Philip Morris Shares Jump as Zyn’s Booming Sales Bolster Profits
- IQOS heated tobacco sales also picked up in third quarter
- Big tobacco firms are moving toward cigarette alternatives
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Philip Morris International Inc. shares soared Tuesday after the company forecast higher-than-expected profit this year thanks to soaring demand for its Zyn nicotine pouches in the US.
PMI’s shares gained 10% on Tuesday, their biggest one-day gain since October 2008. The move pushed the stock price to a record and brought its rally for the year to 40%, comfortably ahead of the S&P 500’s 23% increase.