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Tobacco Industry: Manufacturing

Three key trends force tobacco companies to continuously re-assess and optimize their manufacturing footprint: (1) Cost savings: Transferring labor intensive operations to lower-cost countries within

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The US FDA: PMTA

Recent Developments April 2024: Shenzhen Yibo Technology FDA issued marketing denial orders (MDOs) to Yibo Tech for 65 disposable e-cigarettes marketed as “MNGO Disposable Stick”.

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Disposable E-cigarettes

A chronology of recent developments… The Philippines: April 2024 The Philippines Government is considering to ban disposable vapes due to unregulated sales, tax evasion and health

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Scandinavian Tobacco

Background Scandinavian Tobacco Group (STG) is the world’s 11th largest publicly traded tobacco company by revenue. STG became a pure-play cigar & pipe tobacco manufacturer, following

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Nicotine Pouches

US FDA takes action against retailers for underage sales of ZYN: April 2024 US FDA announced the issuance of 119 warning letters to, and the filing

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Illicit Trade – RRPs: The US

Latest status: State Directory Bills – The Legislature passed the Directory Bills in Florida, Virginia and Kentucky. The Bills are now awaiting state governors’ signatures

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Regulation: The US

April 2024: Vermont Vermont Governor vetoed the Bill S.18 that would ban flavored tobacco products and e-liquids. The Bill had passed the Senate and the

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Tobacco Research

Study Links E-Cigarette Use with Higher Risk of Heart Failure According to the findings of a large study presented at the American College of Cardiology’s

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Beyond Nicotine

In addition to transformation to Reduced-Risk Products (Next Generation Products, Smokefree products), major tobacco companies are increasingly exploring growth opportunities in adjacent business areas that

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Regulation: Heated Tobacco

Slovenia: March 2024 The National Assembly unanimously voted in favor of government-sponsored changes to tobacco legislation banning flavorings in e-cigarettes and heated tobacco products in

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KT&G: Business Update

March 2024: “Victory for Everyone” Despite the opposition from the top shareholder, the Industrial Bank of Korea (IBK), Singapore-based activist fund, Flashlight Capital Partners (FCP)

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Illicit Trade: Cigarettes

March 2024 South Africa: A new study, from the University of Cape Town, reveals that illicit (cigarette) trade incidence in South Africa was 58% in 2022 –

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Regulation: Cannabis

March 2024: Germany Germany’s lower house of parliament (“Bundestag”) voted (407 in favor, 226 against, 4 absentees) to legalize cannabis for limited recreational use in

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Regulation: Nicotine Pouches

Canada: March 2024 Ministry of Health (MoH) issued a statement on the growing popularity and recreational use of nicotine pouches (marketed as nicotine replacement therapies)

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Taxation: E-cigarettes

E-cigarette is invented two decades ago in China and became available in Europe and the US as early as 2006/2007. Following years of turbulent growth,

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Heated Tobacco Products

PMI: IQOS ILUMA i (March 2024) Marking the 10-Year anniversary of IQOS (first launched in Nagoya, Japan in Nov 2014), Philip Morris International (PMI) launches IQOS ILUMA i-series

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Regulation: E-cigarettes

Poland & Scotland: Feburary 2024 A Health Ministry official disclosed the plans to ban disposable e-cigarettes in Poland alongside the efforts to implement the EU

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IQOS: USA launch

For exclusive coverage on every aspect of the IQOS USA launch, visit our “IQOS US” section. Feburary 2024 Old Friends x New Foes: As the IQOS US

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E-cigarettes

PMI Progress Update: Feburary 2024 For so long, PMI downplayed the role of e-vapor in its smoke-free portfolio with undivided focus, firstly, on heated tobacco

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The US: Tobacco Market

Tobacco Market Size: Feburary 2024 At the CAGNY conference, Altria stated that there were 52Mn nicotine (tobacco) users in the US in 2023 (i.e. 1Mn

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PMI: FX Headwinds

CAGNY Conference: Feburary 2024 In an attempt to re-assure the market of its ability to deliver growth in reported basis (before endless FX adjustments), PMI

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Regulation: The EU

EU TPD Revision: Feburary 2024 “Political decisions” about the future of novel tobacco and nicotine products in the EU will be made by the next

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Regulation: Cigarettes

WHO FCTC: Feburary 2024 After being postponed from November 2023 (because of unrest in the host country), the tenth session of the Conference of the

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Japan Tobacco: FY23 Results

Tobacco Segment: 87% weight in revenue, 97% weight in adj. operating profit in FY23 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and

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PMI: FY23 Results

Key Business Metrics: Q4 2023 Revenue: up +8.3% to $9Bn (vs. $9Bn expected) Adjusted diluted EPS: up +12.2% to $1.36 (vs. $1.45 expected) Total volume:

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BAT: FY23 Results

Top-line – Revenue: £27.28Bn (vs. £27.9Bn expected) – Reported Revenue: down -1.3%, largely due to the sale of Russian business as well as the impact

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KT&G: FY23 Results

Q4 2023 & FY23 Results Revenue: ₩1.45Tn in Q4 (+3.2% year-on-year), ₩5.87Tn in FY23 (+0.4%) EBITDA: ₩260.3Bn in Q4 (-0.6%), ₩1.41Tn in FY23 (-5.6%) EBITDA

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Patents Wars

Patent Wars, archetypal to the technology and software sphere, is a legal fight between corporations or individuals to secure patents for litigation, whether offensively or

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Altria: FY23 Results

Top-line & Bottom-line Results Q4 2023 Revenue: $5.02Bn (exp. $5.07Bn; -1.2% vs. Q4 2022) Q4 2023 EPS: $1.18 (exp. $1.17; unchanged vs. Q4 2022) FY23

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BAT – FY23 Results: Preview

Release date: Feburary 8, 2023 (before the opening bell) BAT already released an Interim Business Update (IBU) on December 6, 2023. Recall: Our “BAT: Interim Business Update”

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PMI – Q4 2023 Results: Preview

Release date: Feburary 8, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $9.0Bn, EPS: $1.45 Latest FY23 Guidance PMI last updated its FY23 guidance at the

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ITC: Q3 2024 Results

Key Business Metrics Gross Revenue is up +2.1%. Gross Revenue (ex-Agri Business) is up +3.9%. Profit (before exceptional items & tax) is up +0.8%. Profit

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Tobacco: ESG

January 2024 Slovakia is pioneering a new way to recycle cigarette butts by transforming filters into asphalt for roads. The Slovakian capital, Bratislava’s waste management

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Tobacco: Lawsuits

December 2023 Philip Morris International (PMI) wins the investor’s appeal to the Sept 2021 court decision that freed PMI of all securities fraud claims. PMI

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JUUL

December 2023: PMTA submission Juul Labs submits a Pre-market Tobacco Product Application (PMTA) to FDA for menthol-flavored pods (18 mg/mL nicotine concentration) to be used

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ITC: 2023 Investor Day

Transformation of the Business Portfolio ITC continues the pursuit of diversifying its business and reducing its reliance on tobacco: revenue and profit from non-tobacco businesses

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The US FDA: MRTP

November 2023: US FDA announced the filling of MRTP renewal applications submitted by PMI/Swedish Match (for the 8 General Snus smokeless tobacco products, including 4

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Egypt: Tobacco Market

Egypt is home to 18Mn smokers and is the world’s 7th largest cigarette market by volume (~94Bn sticks a year). Only Philip Morris International (PMI) and

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China: E-cigarette Market

Although invented and mostly produced in China (more than 90% of the global supply), e-cigarettes have never been popular in China until 2018/19. A combination

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Imperial Brands: FY23 Results

Top-line & Bottom-line results Adjusted: at constant currencies, excluding Russia – Volume: -7.1% (-10.4%, including the Russia exit; weakness in US mass market cigars and

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KT&G: Q3 2023 Results

Q3 2023 Results Despite reporting its highest-ever quarterly revenue (₩1.69Tn; +4% year-on-year) in Q3 2023, KT&G’s operating profit increased only marginally (+0.4% to ₩406.7Bn) due

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Japan Tobacco: Q3 2023 Results

Top-line & Bottom-line Results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue: +4.7% driven by positive price/mix variance and volume

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Altria: Q3 2023 Results

Top-line & Bottom-line Results Revenue: $5.28Bn (exp. $5.43Bn; down -2.5% vs. Q3 2022) EPS: $1.28 (exp. $1.29; unchanged vs. Q3 2022) Narrows the FY23 guidance:

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Pakistan: Tobacco Market

Pakistan is the world’s fifth-most populous country with a 240Mn population. With an average age of 21 years and 2% annual population growth, Pakistan is

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PMI: Q3 2023 Results

Key Business Metrics Revenue: up +9.3% to $9.14Bn (vs. $9.2Bn expected). Surpassed the $9Bn threshold for the first-time Adjusted diluted EPS: up +20.3% to $1.67

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ITC: Q2 2024 Results

Key Business Metrics Gross revenue is up +3.4%. Gross revenue (excluding wheat & rice exports) is up +8.9%. Wheat & Rice exports: Geopolitical tensions &

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PMI – Q3 2023 Results: Preview

Release date: October 19, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $9.2Bn EPS: $1.61 (up +16% on adjusted, ex-currency basis) PMI last updated its Q3

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The BAT – ITC Saga

ITC is the tobacco market leader in India, world’s most populous country, and is the fourth largest publicly-traded tobacco company in the world by market

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Cannabis Research

Cannabis potency Potency Monitoring Program, a project led by the US National Institute on Drug Abuse, reports that the average amount of tetrahydrocannabinol (THC: the

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Lexaria Bioscience

October 2023: New patents granted Lexaria is granted two new patents in Canada, associated to: – delivering lipophilic (fat-based) active drugs and active molecules suspended

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Imperial: Trading Update

(October 5, 2023) Imperial Brands confirms that it is on track to deliver FY23 guidance and announces further £1.1Bn share buyback (~8% of share capital).

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PMI: Board Appointment

Philip Morris International (PMI) appointed Victoria Harker, an experienced US public-company CFO, to its Board of Directors (effective January 1, 2024). This appointment is important & meaningful. In

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Russia: Tobacco Market

Philip Morris International (PMI), British American Tobacco (BAT) and Japan Tobacco (JT) are among the largest foreign companies operating in Russia. Actually, a recent study

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PMI: Not All Roses

Sell-side analysts believe that Philip Morris International (PMI)’s healthy business fundamentals and encouraging growth outlook aren’t yet reflected in the share price. The average analyst

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Largest Tobacco Companies: Revenue

Methodology Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Tobacco/nicotine distributors & retailers are excluded. Publicly traded affiliates of PMI and BAT (i.e.

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Largest Tobacco Companies: Market Cap

Methodology Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Tobacco/nicotine distributors & retailers are excluded. Publicly traded affiliates of PMI and BAT (i.e.

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Altria: Q2 2023 Results

Top-line & Bottom-line Results Revenue: $5.44Bn (exp. $5.43Bn; up +1.2% vs. Q2 2022) EPS: $1.31 (exp. $1.30; up 4% vs. Q2 2022) Reaffirms the FY23

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BAT: H1 2023 Results

Top-line – Revenue: £13.44Bn (vs. £13.3Bn expected) – Revenue up +2.8% (New Categories up +27.9%) – Revenue from New Categories: 12.3% of total Bottom-line –

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PMI: Q2 2023 Results

Key Business Metrics Revenue: up +10.5% to $8.97Bn (expected $8.7Bn) Adjusted diluted EPS: up +16.9% to $1.60 (expected $1.48) Total volume: up +3.3% to 188.4Bn

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BAT: Trading Update

Key Highlights – On track to meet FY23 guidance – Disappointing US combustibles performance: but, the volume share has grown sequentially since the start of

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Altria: Business Update

NJOY Acquisition & FY23 Guidance Update Altria completed the acquisition of NJOY and updated FY23 EPS guidance in connection with this acquisition (i.e. as a

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Imperial Brands: H1 2023 Results

Top-line & Bottom-line results Adjusted: at constant currencies, excluding Russia – Volume: -6.8% (including the Russia exit, -12.7%) – Robust combustible pricing: +9.3% (partially offset

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BAT: Business Update

New CEO The Board announces that – the current CEO is stepping down from the Board of Directors with immediate effect – the current CFO

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Japan Tobacco: Q1 2023 Results

Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue +6.3% (positive pricing contributions) Operating profit +4.6% (lower

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Altria: Q1 2023 Results

Top-line & Bottom-line results Revenue: down -1.2% to $4.76Bn in Q1 2023 (expected $4.9Bn) Adjusted diluted EPS: up +5.4% to $1.18 in Q1 2023 (expected

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PMI: Q1 2023 Results

Bottom-line results & Volume progression Revenue: up +3.2% to $8.02Bn in Q1 2023 (expected $8.11Bn) Adjusted diluted EPS: down -4.4% to $1.38 in Q1 2023

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Ispire Technology: IPO

Ispire first downsized its proposed IPO by 50% to $21Mn (3Mn shares x $7/share) in late-March. It further reduced its offering by 0.3Mn shares and

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Altria: Investor Day

2023-2028: 5-year Guidance – Mid-single digit annual EPS growth (in line with the 5% EPS growth posted in 2022, but significantly lower than the 8.8%

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Altria: Business Update

NJOY acquisition – confirmed Altria acquires NJOY for ~$2.75Bn in cash. The Transaction terms also include additional $500Mn in cash payments that are contingent on

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Vector Group: Q4 & FY22 Results

Great progress in transitioning Montego brand strategy from volume-based to income-based, resulting in profitability turnaround (recall: Montego is Vector’s largest brand since Q2 2022 and

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Japan Tobacco: FY22 Results

Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Core revenue: up +4.8% (RRP revenue: up +4.4%) Operating

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BAT: H2 & FY22 Results

Top-line & Bottom-line results Adjusted, at constant currencies Net revenue up +2.3% (New Category net revenue up +37%) Operating profit up +4.3%; operating margin +90

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