Philip Morris International Inc. soared to a record after reporting better-than-expected profit driven by sales of Zyn nicotine pouches.

Zyn is manufactured by Swedish Match, which Philip Morris International acquired in a $16 billion deal in 2022. That year, Zyn shipped 238 million cans in the U.S. Philip Morris International forecasts that the total more than doubled in 2024. Zyn's growth comes as Philip Morris looks to transition more to smokeless products.

Philip Morris International Inc.’s stock touched a record high on Thursday after the company issued a profit outlook that topped Wall Street analyst expectations on strength in its smokeless-tobacco products. Philip Morris cited growth in Iqos, its inhalable smoke-free product, as well as Zyn nicotine pouches, which won FDA authorization in 2024.