Philip Morris revenue jumps 10.4% to $11.2 billion

• Philip Morris reported second-quarter net revenue of $11.2 billion, up 10.4%, while adjusted EPS increased 15.2% to $2.20.
• Philip Morris shares were down 2.3% at $188.04 in premarket trading following the results.
• Smoke-free products generated about 42% of revenue, while the company maintained its underlying full-year earnings outlook.

Philip Morris International (NYSE:PM) reported second-quarter revenue of $11.2 billion, up 10.4%, as smoke-free and combustible sales increased.

Adjusted EPS rose 15.2% to $2.20, while reported EPS fell 7.7% to $1.80 after an RBH investment impairment.

Philip Morris recorded a $511 million non-cash RBH impairment and forecast full-year adjusted EPS of $8.26–$8.41.

Following the announcement, Philip Morris International's share price was down 2.3% at $188.04 in premarket trading.

Meanwhile, smoke-free products generated about 42% of revenue, with IQOS shipments up 7.6% and VEEV shipments up 55.1%.

Philip Morris said ZYN reached 60 markets and plans additional US variants while preparing for a future IQOS ILUMA launch.