Flash | 22 Jul 2026 08:52:09 ET │ 12 pages Philip Morris International (PM.N) Q2 Beat but higher investment and FX limiting H2 upside. Stock may be soft. CITI'S TAKE Q2 26 results are MIXED. While reiteration of FY26E constant currency EPS guidance and a quality Q2 beat across the P&L are positives for the stock, PM's decision to accelerate investment behind its US SFP's businesses is likely to weigh on Q3/H2 delivery. As such, management are now guiding for Q3 EPS of $2.20-2.25, below consensus at $2.44. M ...