PM · 10-Q · 2026Q3 · Full report

International Smoke-Free Demand

Philip Morris International Inc. · 2026-10-23 · Importance 57 · Surprise 64

Outside Europe and Japan, adjusted IQOS market sales grew 12.7%, with offtake share gains in Riyadh, Kuala Lumpur, Mexico City, Jakarta and Taipei. International oral smoke-free volume increased 0.5% in the quarter as modern oral grew 20.6% to 0.5 billion pouches, more than offsetting declines in legacy Nordic snus. VEEV quarterly shipments grew 61.6%, with gains in Romania, Greece, France and Spain. Year to date, International Smoke-Free shipment volume rose 7.4% to 133.3 billion equivalent units, including IQOS growth of 6.7% to 124.5 billion units and VEEV shipment growth of 68.1%; total oral smoke-free volume decreased 4.0% as modern oral growth of 18.1% to 1.5 billion pouches was more than offset by snus declines.

Key facts

• VEEV quarterly shipments grew 61.6%. source
• VEEV shipments increased 68.1% for the nine months year-to-date. source
• PMI says a significant proportion of its EU smoke-free products was affected by the heated-tobacco characterizing-flavor ban, while it does not expect a meaningful long-term change in the category's structural growth. source
• Excluding Japan and Poland, Philip Morris International Inc.'s IQOS adjusted IMS grew 10% in the third quarter, continuing double-digit growth and reflecting geographic diversification. source
• Philip Morris International Inc.'s International Smoke-Free net revenues for the nine months ended September 30, 2026 increased 12.3%, or 9.9% excluding currency and acquisitions/divestitures, reflecting higher HTU and e-vapor volumes and higher HTU pricing. source
• Philip Morris International Inc.'s International Smoke-Free shipment volume in the third quarter increased 2.7% to 44.5 billion equivalent units, with broad-based growth notably in Taiwan, Global Travel Retail, Greece, Germany and Bulgaria. source
• In the heat-not-burn category, Philip Morris International Inc.'s IQOS shipment volume grew 1.5% to 41.5 billion units, while HTU adjusted IMS grew 7.1%. source
• In Europe, Philip Morris International Inc.'s IQOS HTU adjusted IMS growth strengthened to an estimated 6.0%, despite ongoing Ukraine disruptions and the continued impact of Poland's characterizing-flavor ban. source