EarningsPM enjoyed 2Q volume, organic net sales, and op income % of +1.2%, +7% and 15%, respectively, on an FX neutral basis.
Growth PotentialPM has the highest long-term growth profile among mega-cap CPG peers, but is trading at a ~27% discount to theoretical fair value.
Product PerformanceInternational IQOS in-market sales growth re-accelerated from 9.4% in 1Q to 11.4% in 2Q behind improved growth in Europe, continued solid growth in Japan, and robust growth in other global markets.