June 2 (Reuters) - Philip Morris PM.N cut its annual profit forecast on Tuesday, with CEO Jacek Olczak citing margin pressure due to higher energy costs from the Iran conflict and currency swings, at a time when consumers rein in spending.

Olczak, speaking at the Deutsche Bank global consumer conference, said recent U.S. FDA moves to relax enforcement on unauthorized vaping and nicotine pouches was a "net positive," and reduces regulatory uncertainty for Zyn and should support category growth.

Shares of the tobacco giant were down about 1% before the bell.

• Philip Morris now expects 2026 adjusted earnings per share of $8.31 to $8.46, a growth of 10.2% to 12.2% from 2025 levels, and lower than a prior forecast range of $8.36 to $8.51. Analysts were expecting a profit of $8.41 per share.

• CEO Olczak said the company could offset some impacts from higher costs, but warned that price increases are "not always fully absorbed" in a more competitive market.

• Company said the newly released Zyn Ultra will be priced at a lower cost per pouch than its flagship range, in a move aimed at reducing its steep price premium and improving competitiveness.

• In April, the company lowered its 2026 adjusted profit forecast amid regulatory uncertainty over its Zyn nicotine pouches and rising competition in tobacco products.

• Philip Morris has been expanding across smoke-free products including heated tobacco device IQOS, vapes and oral nicotine pouches.

• It said recent price increases in Japan, driven by excise tax changes, have weighed on category growth but so far have not materially hurt its market share.