Philip Morris up after raising annual profit forecast

Shares of cigarette maker Philip Morris International PM.N up 4.8% at $172 before the bell

Company raises annual profit forecast thanks to performance of the flagship heated tobacco product IQOS and newer products like nicotine pouch brand ZYN

Expects 2025 adjusted annual profit in the range of $7.36 to $7.49 per share, compared with its prior forecast of $7.04 to$7.17

PM's smoke-free business saw a 14.4% increase in shipment volumes and 15% rise in net revenue

Company also beat Q1 revenue and adjusted profit estimates

Up to last close, stock had risen 36.3% so far this year