Philip Morris International Inc. (NYSE:PM) shares surged more than 10% intra-day today after the company raised its full-year earnings growth outlook following a stronger-than-expected third quarter, fueled by increased cigarette prices and robust sales from its ZYN nicotine pouch brand.

The tobacco giant saw its combustibles division achieve a 5.2% increase in net revenue for the quarter. This growth was driven by high single-digit pricing gains and steady demand within the industry.

ZYN, PMI’s popular nicotine pouch brand, experienced a surge in global shipments as supply chain issues eased and demand strengthened in the U.S. Shipments of ZYN cans jumped 41.4% year-over-year, reaching 149.1 million units.

PMI's IQOS heated tobacco division, a critical component of the company's strategy to diversify revenue, also saw a much-needed resurgence. After underperforming in recent quarters, IQOS showed "reacceleration" in adjusted in-market sales growth, giving investors renewed confidence in the product's long-term potential.

Total shipment volumes across all product categories increased by 2.9%, reaching 203 billion units. Adjusted diluted earnings per share climbed 14.4% to $1.91, outperforming analysts' expectations of $1.81.