When tucked between lip and gum, a small white pouch of Zyn is meant to offer the consumer a nice nicotine hit. Its maker is getting a elevate, too. Shares in Philip Morris Worldwide (PMI), the world’s largest publicly traded tobacco firm, are at file highs. Traders’ enthusiasm, which has surged since a bumper earnings report in early February, has little to do with gross sales of Marlboro or PMI’s different cigarettes. It’s fuelled by the agency’s booming “smoke-free” merchandise (broadly, something however burning tobacco)—and mainly by Zyn.