Philip Morris hits record high after raising annual profit forecast

Shares of cigarette maker Philip Morris International PM.N up as much as 4.6% at a record high of $171.63

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

We think shares were largely discounting a strong release, judging by the stock's recent standout performance. PM has benefited from the "flight to safety" trade so far in 2025 - Garrett Nelson, analyst with CFRA Research

Including session moves, stock up 39.4% so far this year