Philip Morris Stock Surges to Record High on July 22, Up 6.2% as Smokeless Products Drive Growth

Philip Morris International (PMI) stock hit a record high on July 22, with intraday gains of 6.2%, buoyed by strong demand for its smokeless product portfolio. The company reported Q2 smokeless product shipment growth of 7.5%, primarily driven by its IQOS heated tobacco device, while organic net revenue grew 7.6%, exceeding analyst expectations.

The stock closed Tuesday near session highs and has gained 17% year-to-date, despite PMI's downward revision to full-year profit guidance due to unfavorable currency headwinds.