“We continue to target adjusted gross margin expansion for both smoke-free products and combustibles, and adjusted OI margin expansion for total PMI, all in both organic and dollar terms.”

In context

“, in the range of 570 million cans to 580 million cans, reflecting the progress made on capacity expansion as well as continued strong demand. Our outlook also factors in a robust combustibles performance, driven by a resilient total category as previously outlined. Given the combination of stronger volumes with accelerated pricing and continued smoke-free mix, we are increasing our forecast organic net revenue growth to around +9.5%. This includes strong double-digit organic growth in smoke-free net revenue and should result in close to $15 billion in total for the year. With the impact of this improved top-line performance, coupled with IQOS and ZYN operating leverage and further cost efficiencies, we now also raise our forecast adjusted organic OI growth to +14% to +14.5% for the year. We continue to target adjusted gross margin expansion for both smoke-free products and combustibles, and adjusted OI margin expansion for total PMI, all in both organic and dollar terms. Accordingly, we are raising our forecast for currency-neutral adjusted diluted EPS growth to +14% to +15%, which also factors in lower-than-anticipated net financing costs, including higher interest income. This translates into a range of $6.45 to $6.51, including an unfavorable currency impact of $0.40 for the year at prevailing rates. The $0.06 increase in expected currency headwind largely reflects the same factors as Q3. On a U.S. dollar basis, this forecast represents very robust growth of approximately +7% to +8%. As reflected in this forecast we expect another robust delivery in Q4, despite a more challenging top-line comparison on the mix of shipments between categories. We also target another quarter of adjusted gross and operating margin expansion, including a planned increase i”