On July 22, Philip Morris rose 3.17% in pre-market trading, trading at approximately $192.5/share, with turnover of $569,600. The movement occurred on the company's Q2 earnings release date, with market consensus expecting EPS of $2.04.

On the news front, the U.S. FDA earlier this month officially issued Modified Risk Tobacco Product orders for 20 ZYN nicotine pouch variants under Philip Morris, authorizing the company to market claims that using ZYN instead of cigarettes puts users at lower risk of mouth cancer, heart disease, lung cancer, stroke, emphysema, and chronic bronchitis. ZYN had previously become the first nicotine pouch authorized for sale in the U.S. in January. The dual catalyst of earnings expectations and this significant regulatory milestone appears to be supporting pre-market sentiment. For context, Philip Morris reported Q1 adjusted EPS of $1.96, beating estimates of $1.83 by 7.1%, and guided full-year adjusted EPS of $8.36-$8.51. The company also launched Zyn Ultra in the U.S. in June, which Morgan Stanley identified as a potential stock catalyst.

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