Philip Morris International (PM) has provided its fiscal year 2025 adjusted earnings per share (EPS) guidance, projecting a range of $7.04 to $7.17, with market expectations centered around $7.13. The company has seen substantial growth in non-combustible product consumers, reportedly increasing threefold over the past three years. Notably, nearly half of new vapor users were former non-smokers last year, highlighting the effectiveness of PM's iQOS product in transitioning smokers away from combustible tobacco. PM's iQOS remains the leading option for this demographic, with ZYN ranked as the fourth nicotine brand in the U.S. The company has also demonstrated impressive gross profit margins, achieving approximately 2.5 times and 8 times the gross profit on iQOS and ZYN, respectively, compared to traditional combustible products. Furthermore, PM's exposure to the U.S. market has more than doubled in recent years, with continued growth anticipated from ZYN and the U.S. launch of iQOS, which is expected to enhance the share of revenues from the U.S. market.