Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Philip Morris International / Equity Bottom-Up

<ul><li>Philip Morris International reported solid financial results for the second quarter of 2026, underpinned by robust growth in both its smoke-free and combustible product lines.</li><li>The company achieved an 8% organic increase in net revenue and an 11% rise in operating income, contributing to a 14% currency-neutral increase in adjusted diluted earnings per share (EPS) to $2.20.</li><li>This strong performance extended from the first quarter despite a challenging comparison period.</li></ul>

Philip Morris International reported solid financial results for the second quarter of 2026, underpinned by robust growth in both its smoke-free and combustible product lines.The company achieved an 8% organic increase in net revenue and an 11% rise in operating income, contributing to a 14% currency-neutral increase in adjusted diluted earnings per share (EPS) to $2.20.This strong performance extended from the first quarter despite a challenging comparison period.

Philip Morris’ 72% VEEV Surge — Can Smoke-Free Growth Enter A New Phase?

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Research Reinvented

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  <li>
<a href="https://smartkarma.com/entities/philip-morris-international">Philip Morris International</a> (PMI) is aggressively executing a strategic pivot from traditional combustible cigarettes to a portfolio of smoke-free products (SFPs), led by the IQOS heated tobacco platform and ZYN nicotine pouches.</li>
  <li>The legacy combustible business, anchored by the globally recognized Marlboro brand, remains a significant source of revenue and cash flow, funding the company's transformation and shareholder returns.</li>
  <li>While the transition presents a substantial long-term growth opportunity, the company must navigate a complex and fragmented global regulatory landscape, intense competition, and the inherent risks of cannibalizing its profitable legacy business.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Philip Morris International (PMI) is aggressively executing a strategic pivot from traditional combustible cigarettes to a portfolio of smoke-free products (SFPs), led by the IQOS heated tobacco platform and ZYN nicotine pouches.
  The legacy combustible business, anchored by the globally recognized Marlboro brand, remains a significant source of revenue and cash flow, funding the company's transformation and shareholder returns.
  While the transition presents a substantial long-term growth opportunity, the company must navigate a complex and fragmented global regulatory landscape, intense competition, and the inherent risks of cannibalizing its profitable legacy business.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Philip Morris International (PM US) - Aug 2026

<ul><li>Philip Morris International is no longer just a traditional tobacco company built around cigarettes and dividends.</li><li>It is becoming one of the more unusual stories in consumer staples: a legacy “sin stock” trying to reposition itself as a defensive growth company through smoke-free products, pricing power, margin expansion, and regulatory execution.</li><li>Analysts expect smoke-free products to generate about $19.1 billion of Philip Morris’ estimated $43.4 billion in 2026 sales, putting nearly half of the company’s revenue base on a very different trajectory from the old cigarette model.</li></ul>

Philip Morris International is no longer just a traditional tobacco company built around cigarettes and dividends.It is becoming one of the more unusual stories in consumer staples: a legacy “sin stock” trying to reposition itself as a defensive growth company through smoke-free products, pricing power, margin expansion, and regulatory execution.Analysts expect smoke-free products to generate about $19.1 billion of Philip Morris’ estimated $43.4 billion in 2026 sales, putting nearly half of the company’s revenue base on a very different trajectory from the old cigarette model.

Philip Morris Has A ZYN Problem—And A Massive Growth Opportunity!

<ul><li>Philip Morris International reported its first quarter results for 2026, highlighting both progress and challenges across its portfolio.</li><li>The company achieved reported net revenues exceeding $10 billion, reflecting 9% growth year-over-year and 2.7% on an organic basis.</li><li>Adjusted operating income grew by 10%, supported by strong pricing and volume growth in its international smoke-free products, while diluted earnings per share increased 16% to $1.96, partly aided by a favorable currency impact.</li></ul>

Philip Morris International reported its first quarter results for 2026, highlighting both progress and challenges across its portfolio.The company achieved reported net revenues exceeding $10 billion, reflecting 9% growth year-over-year and 2.7% on an organic basis.Adjusted operating income grew by 10%, supported by strong pricing and volume growth in its international smoke-free products, while diluted earnings per share increased 16% to $1.96, partly aided by a favorable currency impact.

Philip Morris International: A 70% Margin In Smoke Free Signals Profit Shift!

<ul><li>Philip Morris International Inc. reported financial results for 2025 that reflect continued structural shifts in the tobacco industry, with sustained growth in smoke-free products alongside a stable combustible tobacco business.</li><li>The company's smoke-free portfolio grew volumes by 12.8%, led primarily by IQOS heat-not-burn products, which increased shipments and in-market sales by approximately 11%, including strong double-digit growth in key markets such as Italy and Taiwan.</li><li>Other smoke-free categories including nicotine pouches under the ZYN brand and the e-vapor segment with VEEV also showed significant volume growth, with ZYN shipments rising 36% and VEEV more than doubling internationally.</li></ul>

Philip Morris International Inc. reported financial results for 2025 that reflect continued structural shifts in the tobacco industry, with sustained growth in smoke-free products alongside a stable combustible tobacco business.The company's smoke-free portfolio grew volumes by 12.8%, led primarily by IQOS heat-not-burn products, which increased shipments and in-market sales by approximately 11%, including strong double-digit growth in key markets such as Italy and Taiwan.Other smoke-free categories including nicotine pouches under the ZYN brand and the e-vapor segment with VEEV also showed significant volume growth, with ZYN shipments rising 36% and VEEV more than doubling internationally.

Philip Morris: IQOS ILUMA U.S. Launch Could Be A Game-Changer—But How Big Is The Opportunity?

United States

Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America.  The Company's portfolio comprises both international and local brands.

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Philip Morris International (PM US)

Philip Morris’ 72% VEEV Surge — Can Smoke-Free Growth Enter A New Phase?

Philip Morris International reported solid financial results for the second quarter of 2026, underpinned by robust growth in both its smoke-free...

Baptista Research

Primer: Philip Morris International (PM US) - Aug 2026

Philip Morris International (PMI) is aggressively executing a strategic pivot from traditional combustible cigarettes to a portfolio of...

αSK Primers

Philip Morris Has A ZYN Problem—And A Massive Growth Opportunity!

Philip Morris International is no longer just a traditional tobacco company built around cigarettes and dividends. It is becoming one of the more...

Baptista Research

Philip Morris International: A 70% Margin In Smoke Free Signals Profit Shift!

Philip Morris International reported its first quarter results for 2026, highlighting both progress and challenges across its portfolio. The...

Baptista Research

Philip Morris: IQOS ILUMA U.S. Launch Could Be A Game-Changer—But How Big Is The Opportunity?

Philip Morris International Inc. reported financial results for 2025 that reflect continued structural shifts in the tobacco industry, with...

Baptista Research

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