Analyst Consensus ?
ConsensusBuy25 ratings
Bullish1768.0%
Neutral728.0%
Bearish14.0%
Philip Morris International Inc. · PM · FY2024 Q2 · Calendar Q3 2024
PM raises outlook as IQOS and ZYN drive smoke-free growth
PM's raised outlook and strong IQOS and ZYN momentum support the case for continued earnings growth, but the thesis depends on converting smoke-free demand into capacity-supported volume while pricing and productivity offset regulatory and currency headwinds.
Reported Before market openNYSEConsumer Defensive
$310.90B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.59
Consensus $1.57
EPS surprise
+1.3%
Reported versus consensus
Reported revenue
$9.41B
Consensus $9.19B
Revenue surprise
+2.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.2%
Event window
SPY move
-0.2%
Same window
Abnormal move
+2.3%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
+8.6%
Up to 20 sessions
PMSPY benchmark
Ask FN2 about PM FY2024 Q2
Transcript, numbers and history already loaded
Why did PM rise 2.2% after beating EPS estimates in FY2024 Q2?What changed in PM's guidance and outlook in FY2024 Q2?Give me the bull and bear case for PM after FY2024 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter extended the smoke-free growth narrative: management reported strong H1 results, raised full-year organic revenue and adjusted EPS expectations, and highlighted a larger capex plan for ZYN capacity. At the same time, the EU flavour ban and Taiwan delay created explicit volume headwinds.
Guidance delta
Management raised the full-year organic net revenue outlook to 7.5%-9% and adjusted diluted EPS growth outlook to 11%-13% on a currency-neutral basis. The prior analysis cited 7%-8.5% organic revenue growth and 10%-12% operating-income growth.
Key takeaways
- H1 organic net revenue increased 10.2% and operating income increased 17%, led by IQOS and ZYN.
- The smoke-free portfolio reached 90 markets, with management targeting 100 markets by 2025.
- Pricing and cost efficiencies are offsetting volume pressure from the EU flavour ban and Taiwan's regulatory delay.
Management priorities
- Expand ZYN production toward the 560-580 million-can 2024 target and 900 million cans in 2025.
- Broaden the smoke-free portfolio through DELIA, LEVIA, VEEV and ILUMA i launches.
- Invest $1.3-$1.4 billion of 2024 capex in ZYN capacity and other smoke-free initiatives while pursuing the cost-efficiency program.
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Try FN2 freeEarnings History
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Miss
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Analyst 52W Price Targets
$199.47Current
$99Low
$159.71Average
$225High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Oct 22, 2026 |
| Needham | Buy | Buy | Maintain | Oct 22, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 30, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 23, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 23, 2026 |
| Jefferies | Hold | Buy | Downgrade | Jan 20, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Nov 26, 2025 |
| B of A Securities | Buy | Buy | Maintain | Jun 4, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 1, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Sep 26, 2024 |
| Argus Research | Hold | Buy | Downgrade | Mar 5, 2024 |
| Societe Generale | Hold | Sell | Upgrade | Feb 13, 2024 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Feb 13, 2020 |
| Piper Sandler | Overweight | Overweight | Maintain | Jan 7, 2020 |
| Wells Fargo | Outperform | Outperform | Maintain | Oct 18, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Oct 1, 2019 |
| Credit Suisse | Underperform | Neutral | Downgrade | Dec 18, 2018 |
| Argus | Buy | Hold | Upgrade | Jul 25, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 20, 2018 |
| SBG Securities | Hold | Sell | Upgrade | Aug 11, 2017 |
| CLSA | Buy | Outperform | Maintain | Nov 14, 2016 |
| Exane BNP Paribas | Outperform | Neutral | Upgrade | Mar 8, 2016 |
| Nomura | Neutral | Reduce | Upgrade | Nov 30, 2015 |
| FirstEnergy Capital | Market Perform | Outperform | Downgrade | Feb 21, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $199.47. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $201 | $201.26 | +0.8% | Oct 22, 2026 |
| UBS | Faham Baig | $192 | $190.23 | -3.7% | Sep 23, 2026 |
| Barclays | Pallav Mittal | $225 | $200.17 | +12.8% | Jul 29, 2026 |
| BTIG | Analyst unavailable | $221 | $191.12 | +10.8% | Jul 24, 2026 |
| Stifel Nicolaus | Analyst unavailable | $205 | $194.3 | +2.8% | Jul 23, 2026 |
| Needham | Gerald Pascarelli | $215 | $194.3 | +7.8% | Jul 23, 2026 |
| Morgan Stanley | Analyst unavailable | $215 | $194.3 | +7.8% | Jul 23, 2026 |
| BTIG | Analyst unavailable | $216 | $188.04 | +8.3% | Jul 21, 2026 |
| UBS | Analyst unavailable | $182 | $180.7 | -8.8% | Jul 2, 2026 |
| Morgan Stanley | Analyst unavailable | $200 | $173.66 | +0.3% | Jun 3, 2026 |
| UBS | Analyst unavailable | $168 | $157.11 | -15.8% | Apr 17, 2026 |
| Morgan Stanley | Eric Serotta | $190 | $156.58 | -4.7% | Apr 17, 2026 |
| Stifel Nicolaus | Matthew Smith | $195 | $158.68 | -2.2% | Apr 10, 2026 |
| Barclays | Analyst unavailable | $205 | $183.4 | +2.8% | Feb 23, 2026 |
| UBS | Analyst unavailable | $181.5 | $180.24 | -9.0% | Feb 9, 2026 |
| Morgan Stanley | Eric Serotta | $205 | $182.81 | +2.8% | Feb 9, 2026 |
| Stifel Nicolaus | Analyst unavailable | $200 | $182.81 | +0.3% | Feb 9, 2026 |
| Jefferies | Edward Mundy | $180 | $173.62 | -9.8% | Jan 20, 2026 |
| Morgan Stanley | Eric Serotta | $175 | $152 | -12.3% | Oct 22, 2025 |
| Stifel Nicolaus | Analyst unavailable | $180 | $152 | -9.8% | Oct 22, 2025 |
| Stifel Nicolaus | Matthew Smith | $186 | $150.17 | -6.8% | Oct 21, 2025 |
| UBS | Faham Baig | $181 | $180.37 | -9.3% | Jul 14, 2025 |
| Barclays | Gaurav Jain | $155 | $131.57 | -22.3% | Oct 30, 2024 |
| Deutsche Bank | Damian McNeela | $142 | $131.41 | -28.8% | Oct 22, 2024 |
| Citigroup | Simon Hales | $132 | $118.91 | -33.8% | Oct 8, 2024 |
| Deutsche Bank | Damian McNeela | $135 | $121.4 | -32.3% | Oct 1, 2024 |
| Barclays | Gaurav Jain | $145 | $125.81 | -27.3% | Sep 9, 2024 |
| Bank of America Securities | Lisa Lewandowski | $139 | $125.71 | -30.3% | Sep 4, 2024 |
| Stifel Nicolaus | Matthew Smith | $138 | $125.71 | -30.8% | Sep 4, 2024 |
| Stifel Nicolaus | Matthew Smith | $115 | $110.24 | -42.3% | Jul 24, 2024 |
| Stifel Nicolaus | Matthew Smith | $120 | $109.56 | -39.8% | Jul 24, 2024 |
| Goldman Sachs | Bonnie Herzog | $118 | $94.06 | -40.8% | Apr 23, 2024 |
| Morgan Stanley | Pamela Kaufman | $113 | $90.27 | -43.3% | Oct 3, 2023 |
| Argus Research | David Coleman | $110 | $98.77 | -44.9% | Jul 20, 2023 |
| Morgan Stanley | Pamela Kaufman | $118 | $97.36 | -40.8% | Jun 29, 2023 |
| Jefferies | Stephanie Wissink | $150 | $95.08 | -24.8% | May 4, 2023 |
| Stifel Nicolaus | Matthew Smith | $114 | $98.16 | -42.8% | Apr 24, 2023 |
| Jefferies | Analyst unavailable | $99 | $90.6 | -50.4% | Jul 19, 2022 |
| Deutsche Bank | Brian Mullan | $109 | $98.16 | -45.4% | May 6, 2022 |
| Bank of America Securities | Lisa Lewandowski | $117 | $102.69 | -41.3% | Apr 24, 2022 |
| Morgan Stanley | Pamela Kaufman | $112 | $103.53 | -43.9% | Apr 22, 2022 |
| Stifel Nicolaus | Christopher Growe | $105 | $93.94 | -47.4% | Mar 30, 2022 |
| UBS | Nik Oliver | $110 | $111.61 | -44.9% | Feb 21, 2022 |
| Bernstein | Callum Elliott | $107 | $91.94 | -46.4% | Jun 1, 2021 |
Track every rating change on PM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPhilip Morris International Inc. functions as a prominent tobacco enterprise, actively working toward a smoke-free future. The company is strategically diversifying its long-term product range to incorporate items beyond traditional tobacco and nicotine. Its primary business involves both conventional cigarettes and an expanding array of smoke-free alternatives, such as innovative heat-not-burn devices, vapor products, and oral nicotine solutions. These offerings are distributed in markets worldwide, with the exception of the United States.…
Historical context
All PM earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PG The Procter & Gamble Company | FY2027 Q1 · Calendar Q4 2026 | +6.4% | +5.6% | P&G: Volume Growth Supports FY2027 Guidance Despite Cost Headwinds |
Latest beats and misses
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Missed on EPS
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- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the PM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-25T05:30:49.370132+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T05:30:49.367199+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.