New York, February 12, 2026, 18:02 EST — After-hours
- Philip Morris finished the day up roughly 1.4% at $188.95, after hitting an intraday high of $190.99.
- India isn’t budging on its ban on e-cigarettes and heated tobacco, shutting the door on IQOS.
- PMI’s top brass—CEO Jacek Olczak and CFO Emmanuel Babeau—are scheduled to speak at CAGNY on Feb. 18
Shares of Philip Morris International Inc (NYSE: PM) closed Thursday at $188.95, up 1.4%. Earlier in the session, the stock hit $190.99, marking a 12-month high, even as major indexes tumbled. The S&P 500 dropped 1.57%, and the Dow fell 1.34%. Altria, another tobacco name, added 1.65%, MarketWatch reported. 1
Investors are grappling with a fresh hurdle after India shot down any relaxation of its 2019 ban on e-cigarettes and heated tobacco products, a setback for Philip Morris’ IQOS device in the country. India’s health ministry stated it is “not considering revoking, amending or relaxing this ban”. CEO Jacek Olczak called that position “illogical”. Jefferies analyst Andrei Andon-Ionita described a potential IQOS launch as possibly the “next leg of the growth story.” 2
Now, attention turns to management’s upcoming remarks. Philip Morris has lined up a live webcast, putting CEO Olczak and CFO Emmanuel Babeau on stage at the Consumer Analyst Group of New York (CAGNY) conference next week—Feb. 18, 10:00 a.m. ET. The company plans to upload the presentation slides online. 3
The stock logged its third consecutive advance on Thursday, bucking a broader pullback in risk. About 5.5 million shares changed hands—similar to the recent pace, though just under its 50-day average volume.
Philip Morris has been banking on smoke-free products for growth, so the India decision carries weight. The company has been urging regulators to clear the way for IQOS in new territories. India, with its massive cigarette market, could have shifted the outlook for heated tobacco—a market with plenty of potential runway as established regions become tougher.
The story circles back to a familiar refrain: regulation still calls the shots. While the company continues to sell cigarettes in India, its main alternative products are still off-limits under the existing rules.
There’s an obvious risk here. Should major markets continue to ban heated tobacco, and if regulators clamp down further on nicotine, the company’s push into smoke-free could lose momentum. Investors who’ve bet heavily on the shift might start questioning the value of that trade.
Traders are eyeing whether Philip Morris can keep its grip on these highs through Friday’s session, especially with the broader market still unsettled. Shares notched a new 52-week closing high Thursday—hardly any cushion left if a negative headline hits.
All eyes turn to Wednesday’s CAGNY event next week. Investors want to catch any shift in the company’s stance on regulation or market access, and they’ll be listening for hints about what’s realistically possible in places where rules — India’s, for example — aren’t budging.
Philip Morris’ CEO and CFO are set for the CAGNY stage on Feb. 18, 10:00 a.m. ET. That’s the next clear catalyst.
