Philip Morris (PM) rises as FDA guidance eases nicotine product enforcement risk

Philip Morris International shares rose 5.6% in afternoon trading on May 14, 2026, after new FDA guidance signaled a less aggressive enforcement stance for certain nicotine products with pending, accepted premarket tobacco applications. The guidance may reduce regulatory risk for Philip Morris as it seeks approvals for smoke-free products, including IQOS. The move followed the company’s first-quarter 2026 results, which topped expectations and showed continued growth in its smoke-free segment. Smoke-free products accounted for 43% of total net revenue, according to the company. Philip Morris shares were up 12.5% year to date at $180.39, near their 52-week high of $189.80 reached in February 2026.