NEW YORK, Jan 15, 2026, 15:42 EST — Regular session.
- PM shares gained roughly 0.8% during afternoon trading
- PMI reports over $20 billion invested in U.S.-related assets since 2022
- Attention shifts to the FDA panel on Jan. 22 reviewing ZYN’s “modified risk” claims, followed by a results webcast on Feb. 6
Philip Morris International Inc shares climbed Thursday after the company revealed it has poured over $20 billion into U.S.-related investments since 2022, with more spending on the horizon. The stock added $1.40, or roughly 0.8%, reaching $172.48 in afternoon trading. 1
The update arrives as investors seek signs that the tobacco giant’s growth is tilting toward “smoke-free” offerings — nicotine pouches and heated tobacco — over conventional cigarettes. In the U.S., regulators still hold the keys, making timing just as crucial as capturing market share.
Philip Morris revealed that about $19 billion of its U.S.-related investments occurred in 2022, including the Swedish Match deal, with over $1 billion more planned through Sept. 30, 2025. The company highlighted projects in Colorado, Kentucky, and North Carolina, claiming they could create upwards of 1,000 direct jobs and 1,500 indirect jobs. The annual economic impact is projected to top $800 million. “We’re investing in the country’s future, starting with accelerating the shift to a smoke-free America,” said Stacey Kennedy, CEO of PMI U.S., as the firm awaits FDA approval for its updated IQOS ILUMA device. 2
Heated-tobacco devices heat tobacco rather than burning it. Philip Morris sells these along with nicotine pouches, pitching them as alternatives for adult smokers. Regulators, however, determine the limits of those claims.
Other tobacco stocks also moved up. Altria added around 0.3%, while British American Tobacco climbed about 0.9%.
Next week, the FDA’s Tobacco Products Scientific Advisory Committee will weigh in on Swedish Match USA’s bid to classify 20 ZYN nicotine pouch products as “modified risk” tobacco items, with a hearing set for Jan. 22. These nicotine pouches, placed between the gum and lip, were cleared for sale via the PMTA process back in January 2025. Public comments on the advisory meeting close just before midnight ET on Jan. 21. 3
PMTA is the FDA’s green light to market a tobacco product. The MRTP order, a different approval, permits claims of reduced risk or exposure in advertising — wording that can boost uptake but also invites closer regulatory scrutiny.
That said, the process works both ways. If the agency holds up ILUMA or the ZYN modified-risk application faces pushback, Philip Morris might face slower volume growth in the U.S. and higher costs with weaker returns.
Philip Morris will webcast its Q4 and full-year results on Feb. 6. Investors are keen to catch any updates on ILUMA’s rollout and the scale of planned U.S. capacity investments ahead of the FDA meeting on Jan. 22. 4
