Philip Morris Slumps After Zyn Shipments Miss Estimates
Philip Morris was boosted this year by the FDA’s decision to approve all Zyn pouches currently marketed in the US.
Photographer: Shelby Knowles/BloombergPhilip Morris International Inc.’s shares fell after shipments of its Zyn nicotine pouches accelerated by less than analysts had expected.
Zyn shipments reached 191.3 million cans in the Americas in the second quarter, below expectations. Net revenue also missed estimates, while the company also lowered its outlook for total product shipments, dragged down by cigarettes.