Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
Faham Baig
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 19on tracked calls
- Challenge rate
- 21%4 of 19 questions
- Companies
- 2questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 19 of 19 questions from 2 companies
PMPhilip Morris International11 questions · 5 reporting periods · 2 of 11 challenging
Calendar 2026 Q2
Is it reasonable to assume that pricing is likely to be a greater part of the IQOS growth algorithm going forward?
Show response
Babeau said the current priority is volume given IQOS consumables' 2x revenue per stick, with brand-building (Kantar top 100) setting up future pricing power as the category matures.
Calendar 2025 Q4
as we approach the five-year mark since since the launch of ICOS ILUMA. We look forward to the next evolution, what technical or functional do you see could could further improve consumer can conve...
Show response
Olczak acknowledged the five-year ILUMA cycle is approaching but explicitly declined to discuss next-generation device characteristics for competitive reasons.
We've observed a notable absence of of ZYN promotions. Over the last two months, in in in The US. Can you can you clarify, is this is this a deliberate shift as you await the the the offer of Zen U...
Show response
Olczak framed ZYN's US strategy around three pillars: brand equity investment, portfolio completion (ZYN Ultra pending FDA), and premium price optimization, cautioning against reading too much into short-term promotional cadence.
the the currency guidance for the year was significantly better than the three estimates. Could you maybe share the key drivers
Show response
Emmanuel explained the 28 cent tailwind splits roughly two-thirds translation and one-third non-recurring transactional comparison from 2025 ruble/Swiss franc losses, with continued yen hedging providing modest benefit.
Calendar 2025 Q3
when do you expect this, process to potentially conclude? We or could you consider launching the product ahead of an approval It seems like some of your peers are
Show response
Emmanuel declined to speculate on FDA timing or pre-authorization launch, emphasizing PMI's priority is a level playing field and confirming they are 'monitoring the situation' and 'considering all options.'
historically, these competitive competitor launches have had a limited impact on on IQOS's performance Do you think it will be similar this time and that IQOS can maintain its high single digit gro...
Show response
Emmanuel acknowledged intensified competitive investment but highlighted IQOS's stable 75%+ category share over five-six years, calling Japan a continued growth market while welcoming industry investment in smoke-free.
Calendar 2025 Q2
the gross margin gap between combustibles and and smoke free narrowed
Show response
Emmanuel explained both categories around same level with minor mix shifts; H2 smoke-free margin progress expected to moderate as easy device comparison laps, while combustible margin improvement continues.
if you could please remind us your FX hedge rates for for the year, both euro, Japanese yen
Show response
Emmanuel declined to repeat FX hedge rates, noting this was shared after Q1 and is not something he intends to update quarterly.
Calendar 2025 Q1
I just wanted to get your views on the recent movements at the CTP and how that impacts the timing of ILUMA
Show response
Emmanuel acknowledged uncertainty around CTP changes, stated PMI has nothing new to report on ILUMA timing but continues to hope for an efficient FDA process.
The net interest cost guidance for the year would be helpful, please
Show response
Emmanuel declined to provide specific full-year net interest guidance, noting Q1 included some positive mark-to-market impact on hedging positions.
Are you in a position to potentially share what the MSA data highlights is the growth rate for ZYN
Show response
Emmanuel shared MSA data showing ZYN share recovered to ~66% in March with approximately 30% growth, cautioning on precision but confirming acceleration as supply improved.
MOAltria8 questions · 4 reporting periods · 2 of 8 challenging
Calendar 2026 Q2
Could you just help me understand what maybe drove the incremental step down in price/mix
Show response
Attributed the step down to Basic mix and offered the Marlboro retail price up about 7% year-over-year as a reference point.
Calendar 2026 Q1
given the stronger-than-expected quarter, why have you chosen not to raise or narrow the guidance for the full year?
Show response
Sal explained Q1 upside was driven by cross-category moderation and that it was prudent to reaffirm guidance one quarter in given macro uncertainty.
Calendar 2025 Q1
there have been significant tariffs implemented on products imported from China, which would include the disposable vapes
Show response
Billy noted it's early but expressed hope that additional border revenue would lead to more enforcement. Some early signs of crackdowns at borders.
The settlement payments in the quarter were down about 20% or $170 million. Anything that you would call out
Show response
Sal attributed lower settlements to legal fund expiration that began in Q4 2024. Benefit will continue through the first three quarters of 2025.
What is your view on synthetic vape products? And is this an area that Altria could increase activity
Show response
Billy acknowledged synthetic nicotine has moved up on radar as FDA applies enforcement discretion. Evaluating opportunities.
Calendar 2024 Q4
If you are able to successfully navigate that patent and are able to submit an SE application for that
Show response
Billy noted SE exemption process is more rapid than PMTA but couldn't give a specific timeline for the fourth patent resolution.
how do you see the growth of nicotine pouches in 2025 and particularly the competitive dynamics
Show response
Billy acknowledged competitive pressures from synthetic nicotine entrants but expressed confidence in on! and excitement for on! PLUS authorization.
your controllable costs in the final quarter was up around 13% which is a sharp movement
Show response
Sal attributed Q4 cost elevation to timing and declined to guide on controllable costs for 2025 specifically.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| PM Philip Morris International | 11 | 18%2 of 11 questions |
| MO Altria | 8 | 25%2 of 8 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 3 | 0%none of 3 questions | 1 |
| 2025 Q1 | 6 | 0%none of 6 questions | 2 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q4 | 3 | 33%1 of 3 questions | 1 |
| 2026 Q1 | 1 | 100%1 of 1 question | 1 |
| 2026 Q2 | 2 | 50%1 of 2 questions | 2 |
- 2024 Q43 questions · challenge rate 0% (none of 3 questions) · 1 company
- 2025 Q16 questions · challenge rate 0% (none of 6 questions) · 2 companies
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q32 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q43 questions · challenge rate 33% (1 of 3 questions) · 1 company
- 2026 Q11 question · challenge rate 100% (1 of 1 question) · 1 company
- 2026 Q22 questions · challenge rate 50% (1 of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Regulation Policy5
- Margin4
- Competitive Dynamics4
- Product Launch4
- Demand3
- Pricing2
- Geographic Expansion2
- Fx2
- Cost Pressure2
- Guidance Reliability1
Show all 14 topics
- Innovation & R&D1
- Trade Tariffs1
- Capital Allocation1
- Revenue Growth1