July 22, 2026 01:09 PM GMT Philip Morris International Inc | North America Quick Comment: 2Q Beat and Reiterated Guidance AlphaSignals Earnings Reaction Unchanged Meaningful upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Muted Negative Stock Reaction: We expect a muted negative reaction to PM's solid 2Q topline/EPS beat and reiterated FY26 FX-N guidance in the context of buy-side expectat ...