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北京时间·🕒 发布 21:53:49时区推断·⟳ 抓取 21:55:34·⚡ 决策 07-22 22:02:29 +6m55s·97.0 天前
Philip Morris第三次下调全年EPS指引，Zyn美国增长受竞争挤压
Philip Morris将全年调整后EPS预期降至8.26至8.41美元，低于6月最高8.46美元和4月8.51美元的指引。
📄 原文Financial Times↗ 原文
Philip Morris International cuts guidance as rivals squeeze Zyn
Philip Morris International has cut its full-year profit forecast for the third time this year, blaming adverse currenc…
不做 Philip Morris International（PM.US）
负面明确但EPS指引下修幅度相对有限，且PM为大市值防御股、Zyn仍有FDA许可与新品抵消，不开空。
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研究档案
🔎 新鲜度:最早出现 2026-07-22 · 扩散 medium · price-in 风险 medium ↗
关键理由
- Philip Morris将全年调整后EPS预期降至8.26至8.41美元，低于6月最高8.46美元和4月8.51美元的指引。
- 二季度收入112亿美元，同比增长10.4%，但关键无烟业务增长较上季度放缓，Zyn在美国受到BAT Velo Plus等竞争挤压。
- 下调主要归因于汇率和中东战争导致运输、能源及投入成本上升，负面方向明确但幅度相对温和。
主要风险
- PM为大型消费防御股，EPS指引从最高8.46美元降至8.41美元上限的幅度有限，短线市值弹性可能不足。
- Zyn在6月获得FDA较低危害营销许可且推出Zyn Ultra，竞争压力存在部分抵消项。
原文全文
展开原文 · 2,152 字
Philip Morris International cuts guidance as rivals squeeze Zyn
Philip Morris International has cut its full-year profit forecast for the third time this year, blaming adverse currency movements as new competition eroded the US dominance of its Zyn nicotine pouches.
The tobacco group on Wednesday said it expected adjusted earnings per share of $8.26-$8.41 this year, down from guidance for up to $8.46 in June and $8.51 in April.
Revenues for the three months to the end of June rose 10.4 per cent year on year to $11.2bn. Cigarette volumes defied analyst expectations of a decline, rising 1.1 per cent, while growth in the important “smoke-free” segment slowed from the previous quarter.
PMI attributed the latest guidance cut to adverse currency conditions. It also said the war in the Middle East had increased “transport, energy and other input costs”.
Big Tobacco companies such as PMI and British American Tobacco have been pushing new categories, such as nicotine pouches and vapes, as they contend with a long-term decline in smoking.
Zyn, which PMI picked up in its $16bn acquisition of Swedish Match in 2022, has in recent years dominated the fast-growing nicotine pouch category in the US but is under rising pressure from rivals, including BAT’s Velo Plus.
PMI blamed an “uneven competitive landscape” for the slowdown in Zyn’s US growth. The company in April said slow approvals from the US Food and Drug Administration meant it lacked access to some of the category’s “most dynamic strength and flavour segments”, but that it hoped to resolve some of this with the higher-strength Zyn Ultra launched in June.
The company’s push for growth beyond smoking got another boost in June, when the FDA said it would allow the company to market some Zyn nicotine pouches as less harmful alternatives to cigarettes.
Tobacco companies argue that their ability to market and sell products such as vapes and nicotine pouches is crucial to help smokers transition to safer products. But the World Health Organization has warned that these products are increasingly recruiting new and younger tobacco users, rather than simply helping smokers to quit.
Philip Morris International has cut its full-year profit forecast for the third time this year, blaming adverse currency movements as new competition eroded the US dominance of its Zyn nicotine pouches.
The tobacco group on Wednesday said it expected adjusted earnings per share of $8.26-$8.41 this year, down from guidance for up to $8.46 in June and $8.51 in April.
Revenues for the three months to the end of June rose 10.4 per cent year on year to $11.2bn. Cigarette volumes defied analyst expectations of a decline, rising 1.1 per cent, while growth in the important “smoke-free” segment slowed from the previous quarter.
PMI attributed the latest guidance cut to adverse currency conditions. It also said the war in the Middle East had increased “transport, energy and other input costs”.
Big Tobacco companies such as PMI and British American Tobacco have been pushing new categories, such as nicotine pouches and vapes, as they contend with a long-term decline in smoking.
Zyn, which PMI picked up in its $16bn acquisition of Swedish Match in 2022, has in recent years dominated the fast-growing nicotine pouch category in the US but is under rising pressure from rivals, including BAT’s Velo Plus.
PMI blamed an “uneven competitive landscape” for the slowdown in Zyn’s US growth. The company in April said slow approvals from the US Food and Drug Administration meant it lacked access to some of the category’s “most dynamic strength and flavour segments”, but that it hoped to resolve some of this with the higher-strength Zyn Ultra launched in June.
The company’s push for growth beyond smoking got another boost in June, when the FDA said it would allow the company to market some Zyn nicotine pouches as less harmful alternatives to cigarettes.
Tobacco companies argue that their ability to market and sell products such as vapes and nicotine pouches is crucial to help smokers transition to safer products. But the World Health Organization has warned that these products are increasingly recruiting new and younger tobacco users, rather than simply helping smokers to quit.
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