Philip Morris Cuts 2026 Profit Forecast After $500 Million Canada Writedown

1 articles · Updated · Bloomberg · Jun 2

Philip Morris lowered its 2026 adjusted EPS outlook to $8.31-$8.46, down from a prior range that reached $8.51.
A $500 million writedown on its investment in a Canadian affiliate drove the cut, with adverse currency moves also weighing on expected earnings.
The revision came from the Marlboro seller outside the US in a statement issued Tuesday, signaling a hit from both asset valuation and foreign-exchange pressure.

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With smoke-free sales booming, why is Philip Morris suddenly slashing its annual profit forecast?

Amidst a profit cut and slowing growth, is the $16 billion bet on a smoke-free future already failing?