Philip Morris International Inc. $(PMI)$ has reaffirmed its 2025 full-year forecast, projecting reported diluted earnings per share $(EPS)$ between $7.24 and $7.37, and adjusted diluted EPS between $7.43 and $7.56. This represents a growth of 13% to 15% in dollar terms, or 11.5% to 13.5% when excluding currency effects. The company's smoke-free products, which include heat-not-burn, nicotine pouches, and e-vapor products, have shown significant momentum, contributing to 41% of PMI's total net revenues in the first half of 2025. These products are available in 97 markets, with over 41 million legal-age consumers using them globally. PMI has been driving a strategic shift towards a smoke-free future, investing over $14 billion since 2008 to develop and commercialize these alternatives. Despite increasing competition in the smoke-free product sector, PMI remains on track to deliver its full-year guidance, marking the strongest adjusted diluted EPS growth since 2011, excluding the pandemic recovery period.