OTHERS
India: Smokeless Tobacco Market
October 2026: Bombay HC Upholds Ban on Duty-Free Nicotine Pouches, Rules Out Immunity from Domestic Laws In a ruling clarifying the reach of Indian regulatory oversight, the Bombay High Court dismissed two writ petitions filed by duty-free operators at Chhatrapati Shivaji Maharaj International Airport (Mumbai). The decision upholds a ban
PMI: Q3 2026 Preview
Date: October 20, 2026 (Tuesday), before the bell Consensus: $11.31 billion revenue (+4.3% year-on-year); $2.30 EPS (+2.7% year-on-year) PMI FY26 Guidance: For FY26, PMI targets net revenue growth of 5%-7% on an organic basis and adjusted diluted EPS growth of 10.7%-12.7%. For Q3 2026, the company expects EPS in the
Tobacco Lawsuits: USA
October 2026: US Judge Pauses Altria Lawsuit as FDA Reconsiders Tobacco Product Review Framework A US federal judge has temporarily paused a lawsuit brought by Altria-affiliated companies challenging the Food and Drug Administration’s (FDA) premarket review framework for tobacco products, following the agency’s announcement that it intends to evaluate potential
South Africa: Tobacco Market
October 2026: BAT to Exit South African Manufacturing as Illicit Cigarettes Take 75% Market Share British American Tobacco (BAT) is bringing down the curtain on over 50 years of cigarette manufacturing in South Africa, sticking to its plan announced in January to close its Heidelberg factory by the end of
Tobacco Industry Highlights: October 3 – October 9, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — US FDA – Tobacco: News A new U.S. Government Accountability Office (GAO) report calls on the FDA to overhaul its tracking systems to systematically monitor
ITC: News
October 2026: GQG Partners Sells 2.91% Stake in ITC as Stock Faces Sustained Downward Pressure US-based asset management firm GQG Partners, founded by investor Rajiv Jain, has sold a 2.91% equity stake in ITC Limited in a block deal valued at ₹9,395 crore (US$970 million). The divestment in ITC aligns
Tobacco Regulation: European Union
October 2026: Eight EU Nations Demand Comprehensive Ban on New Nicotine Products and Flavors A coalition of eight European Union member states has formally called on the European Commission to introduce sweeping restrictions on nicotine products, including a market ban on new releases, a broad prohibition on flavorings, and tighter
South Korea: Heated Tobacco Sticks
October 2026: Japan Tobacco Expands Ploom Lineup in South Korea with Launch of EVO Slate Japan Tobacco (JT) has expanded its heated tobacco portfolio with the release of EVO Slate, a new stick variant designed for its Ploom device line. Developed in response to strong market demand for intense menthol
Imperial Brands: FY26 Trading Update
Imperial Brands has confirmed in its pre-close trading update for FY26 (ended September 30, 2026) that it remains on track to deliver full-year guidance across all key operational and financial metrics. This performance continues to be supported by sustainable growth in traditional combustible tobacco, driven by robust pricing power, alongside
KT&G: News
October 2026: Emtech Files Regulatory Complaint Against KT&G Over Alleged Forced Patent Transfers and Retaliatory Trade Cuts South Korean e-cigarette device manufacturer Emtech has reported KT&G to the Fair Trade Commission, accusing the company of violating the Fair Trade Act and Subcontracting Act by cutting off business ties after Emtech
KT&G: 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 a certain geography (2) Geographical re-balancing: Fast-declining cigarette volume in the Western markets vs. Stable (even, increasing) cigarette volume in the emerging markets (especially, in
Tobacco Regulation: Europe
October 2026: Ireland Increases Excise Duty on Tobacco and E-Liquid Products The cost of smoking and vaping in Ireland is set to reach record highs following significant excise increases announced by the Minister for Finance during the presentation of Budget 2027 in Dáil Éireann. Under the new measures, the excise
BAT: CMD 2026 – Our View
Executive Summary & Investment Thesis British American Tobacco’s 2026 Capital Markets Day (CMD) marks a definitive shift from defensive stabilization to disciplined operational execution. Supported by robust free cash flow delivery (projected to exceed £50 billion through 2030), an open-innovation R&D model, and a premier global Modern Oral franchise in
UK: Vapes
October 2026: Vapers Continue to Outnumber Smokers in Great Britain as Smoking Rates Halve Since 2011 Adult cigarette smoking in the UK fell below 10% for the first time in 2025, reaching a record low of 9.8% (approximately 4.9 million people), down from 10.6% in 2024. The latest data from
BAT: CMD 2026 – Regions
Executive Summary During the 2026 Capital Markets Day, BAT executives presented a comprehensive overview of recent operational developments, category performance, and the strategic growth outlook across the group’s three regions: USA, AME, and APMEA. Reynolds American (USA) serves as BAT’s primary financial engine and transformation catalyst, anchoring long-term delivery within
BAT: CMD 2026 – Categories
Executive Summary British American Tobacco’s Horizon 2030 strategy centers on executing a multi-category portfolio transformation to achieve its corporate ambition of becoming a predominantly smokeless business by 2035, aiming to reach 50 million smokeless consumers by 2030. Combustibles remain the core cash-generating foundation, where BAT holds the #1 global position
USA: Tobacco Products
October 2026: Cigar Accessory Sales Surge to $350M as Tax-Driven Shifts Reshape U.S. Market U.S. convenience store sales for tobacco accessories expanded 14.3% year-over-year to $650 million, powered by robust consumer demand for cigar-related items. Overall category volume grew 8.5% to 270 million units, while the average price per unit
USA: Vapes
October 2026: U.S. E-Vapor Revenue Slips in Mainstream C-Stores as Sales Migrate to Alternative Channels Total U.S. convenience store revenue for vaping contracted 5.1% year-over-year to $6.22 billion. The downturn was driven by a 13.1% decline in unit volume down to 303 million units, which outweighed a 9.2% gain in
USA: Cigar Market
October 2026: Higher Retail Prices Keep U.S. Convenience Store Cigar Revenue Flat at $4.11 Billion Total U.S. convenience store cigar sales remained virtually unchanged year-over-year at $4.11 billion, edging up 0.2%. A 6.1% rise in average unit price – bringing the mean to $2.18 – successfully countered a 5.5% contraction
USA: Nicotine Pouches
October 2026: Surging Demand for Nicotine Pouches Lifts U.S. Smokeless Tobacco Category to $13.6 Billion Driven by strong consumer adoption of modern oral nicotine pouches, U.S. convenience store sales of smokeless tobacco expanded 11.6% year-over-year to $13.6 billion. Overall category performance was bolstered by an 8.2% gain in unit volume,
USA: Cigarette Market
October 2026: U.S. Cigarette Market Holds at $50.8 Billion as Price Increases Counter Volume Drops According to Circana data for the 52-week period ending August 9, 2026, total cigarette dollar sales in the U.S. convenience store channel remained flat year-over-year at $50.8 billion. A 5.0% contraction in unit sales volume
USA: Tobacco Regulation & Legislation
The regulatory landscape for tobacco in the United States is notably complex, involving multiple layers of authority that sometimes come into conflict. At the federal level, the U.S. Food and Drug Administration (FDA) regulates tobacco products, including e-cigarettes, heated tobacco and nicotine pouches, under the Family Smoking Prevention and Tobacco
US FDA – Tobacco: News
October 2026: GAO Urges FDA to Systematically Monitor Timeliness of Tobacco Product Application Reviews The U.S. Government Accountability Office (GAO) has issued a new report advising the Food and Drug Administration (FDA) to overhaul its tracking systems, citing critical data gaps that prevent the agency from evaluating whether it is
Tobacco Industry Highlights: September 26 – October 2, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Scandinavian Tobacco: News Scandinavian Tobacco Group (STG) has completed the DKK 1.3 billion ($190 million) sale of its BREAK and Moro fine-cut tobacco brands to
Scandinavian Tobacco: News
Background Scandinavian Tobacco Group (STG) became a pure-play cigar & pipe tobacco manufacturer, following the acquisition of its cigarette & snus business (“House of Prince”) by BAT in 2008. With operations mainly in Europe & the USA, STG owns well-known brands like Macanudo, La Gloria Cubana, Panter, Signature, La Paz, Café Crème, Cohiba, Partagas
Southeast Asia: Tobacco Market
Southeast Asia is one of the most populous geographical regions in the World with 675 million population. It is home to Indonesia, world’s largest cigarette market outside China. The Philippines, Malaysia, Vietnam and Thailand also rank within the Top-20 cigarette markets worldwide. Consequently, the Region is of great importance for
Regulation: Cannabis – USA
October 2026: DEA Judge Pauses Federal Cannabis Rescheduling Process Following GAO Findings A DEA Chief Administrative Law Judge has granted a stay in the administrative proceedings regarding the proposal to reclassify marijuana from Schedule I to Schedule III under the Controlled Substances Act. The pause follows a petition from groups
Patents Wars: International
Patent wars, long associated with the technology and software sectors, refer to legal battles between companies seeking to protect, challenge, or leverage intellectual property rights. The tobacco industry’s rapid transition toward reduced-risk products has triggered a similar wave of patent disputes in recent years, particularly since 2018, with no clear
British Cigarettes: “Fags”
October 2026: Imperial Brands Expands Paramount Range with Paramount Red Superkings Launch Imperial Brands has expanded its Paramount cigarette line in the UK with the release of Paramount Red Superkings. Featuring an American tobacco blend, the new full-strength offering is available through independent and wholesale outlets at a recommended retail
BAT: CMD 2026
At British American Tobacco’s (BAT) 2026 Capital Markets Day (CMD) in Winston-Salem, North Carolina, CEO Tadeu Marroco outlined the company’s long-term Horizon 2030 strategic blueprint. The presentation reaffirmed BAT’s commitment to transforming into a predominantly smokeless business by 2035 while demonstrating measurable execution against the five commitments established at its
South Korea: Cigarette Market
September 2026: South Korea Sees 30% Drop in Traditional Smoking as E-Cigarette Use Doubles Over a Decade As conventional cigarette smoking in South Korea drops by nearly 30% (from 23.9% to 17.0%) over the past decade, overall consumer habits are shifting rapidly toward e-cigarettes and heated tobacco. Between 2016 and
South Korea: Heated Tobacco Devices
September 2026: KT&G Launches Special-Edition ‘lil HYBRID 3.0 Misty Rose II’ Heated Tobacco Device KT&G announced the release of the “lil HYBRID 3.0 Misty Rose Edition II,” a limited-edition heated tobacco device featuring two new pink-toned colorways. The new line is priced at ₩88,000 ($66 USD) and comes in two
Tobacco Industry: Acquisitions
Since 1990s, the fall of the Iron Curtain in the East and the fast decline of cigarette market volumes in the West have triggered a series of acquisitions in the Tobacco Industry as the leading companies try to maintain the economies of scale and boost the top-/bottom-line growth. As a result,
Ispire Technology: News
September 2026: Ispire Technology Joint Venture Unveils IKE 2.0 to Drive Continuous Compliance Beyond the Point of Sale IKE Tech, a Joint Venture between Ispire Technology, Touch Point Worldwide (d/b/a Berify) and Chemular, has launched IKE 2.0 – a next-generation compliance infrastructure platform designed to maintain continuous accountability across the
ZYN Melts
ZYN Melts Guide: ZYN Dissolvable Nicotine Tablets vs. ZYN Pouches The smokeless nicotine landscape continues to undergo a evolution with Philip Morris International (PMI) officially introducing ZYN Melts – a brand-new dissolvable nicotine tablets. Debuting first in the United Kingdom, ZYN Melts offer adult nicotine consumers a discreet, low-dose, zero-waste
British American Tobacco: News
September 2026: BAT Announces Horizon 2030 Strategy and Reaffirms 2026 Targets Ahead of its 2026 Capital Markets Day in Winston-Salem, North Carolina – the historic base of its Reynolds American business for over 150 years – British American Tobacco (BAT) announced its long-term Horizon 2030 corporate strategy. The company underlined
Tobacco Regulation: United Kingdom
September 2026: BAT Lobbies Against Tougher Rules in UK Vape Crackdown British American Tobacco (BAT) is mounting a major lobbying campaign against proposed UK government regulations that would introduce plain packaging, device appearance restrictions, and point-of-sale display bans for e-cigarettes. Ahead of the government’s public consultation deadline on October 2,
UK: Nicotine Pouches
September 2026: STG Upgrades XQS Nicotine Pouch Range with Higher Strengths and New Flavours Scandinavian Tobacco Group (STG) has announced a significant update to its XQS nicotine pouch portfolio, introducing higher nicotine strengths, new flavour options, and a refined release strategy designed to capitalize on shifting consumer demand in the
USA: Tobacco Regulation – States
September 2026: California Signs Landmark Ban on Disposable Vapes to Combat Plastic and Electronic Waste California Governor has signed legislation prohibiting the sale, manufacture, and importation of single-use, battery-powered disposable vapes to address mounting environmental and safety hazards. Enacted under Assembly Bill 762, the law introduces a phased implementation timeline.
Tobacco Regulation: Australia
September 2026: TGA Classifies 6-Methylnicotine as a Schedule 9 Prohibited Substance to Close E-Cigarette Loophole Australia’s Therapeutic Goods Administration (TGA) has officially decided to list 6-methylnicotine as a Schedule 9 Prohibited Substance in the Poisons Standard, with an implementation date set for October 1, 2026. This regulatory action directly targets
Tobacco Industry Highlights: September 19 – September 25, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Generational Tobacco Ban Turkey, the fourth largest cigarette market in the world, is preparing a landmark anti-tobacco bill featuring a generational ban that will permanently
Generational Tobacco Ban
Generational Tobacco Ban, or Lifetime Tobacco Ban, refers to banning cigarette or tobacco sales to anyone born after a certain date (at any point in their lifetime regardless of how old they are) to make smoking “a thing of the past”. Technically speaking, it could also be defined as steadily
Japan Tobacco: 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 a certain geography (2) Geographical re-balancing: Fast-declining cigarette volume in the Western markets vs. Stable (even, increasing) cigarette volume in the emerging markets (especially, in
Tobacco Regulation: Canada
September 2026: Canada Rejects Calls to Ease Nicotine Pouch Rules Despite Industry Pressure Federal Health Minister Marjorie Michel has pushed back against growing industry lobbying, confirming that the government has no intentions of loosening strict regulations governing nicotine pouches. The announcement comes in response to mounting campaigns from convenience retailers
Global Vape Market
September 2026: China’s Vape Exports Ease to $979 Million in August 2026 as U.S. Demand Recedes China’s exports across vaping products reached $979 million in August 2026, marking a 3.3% year-over-year increase but declining 6.4% from the peak seen in July. According to China Customs data, the growth driver shifted
Germany: Cigarette Market
September 2026: Germany Moves Forward with Multi-Year Tobacco Tax Increases Amid Budget Needs and Health Debates The German Bundestag has begun its official parliamentary deliberations on a controversial legislative package proposed by the federal government to systematically raise taxes on tobacco products. The draft bill for amending the Tobacco Tax
Japan: Heated Tobacco Devices
September 2026: Philip Morris Japan Expands IQOS ILUMA i Lineup with New “Bold Ruby” Color Philip Morris Japan (PMJ) has officially expanded its flagship heat-not-burn tobacco device portfolio by introducing a vibrant new regular color option, “Bold Ruby,” for the IQOS ILUMA i series. The new colorway is available for
Turning Point Brands (TPB): News
September 2026: Turning Point Brands Appoints David E. Glazek as CEO as Graham Purdy Steps Down Turning Point Brands, Inc. (NYSE: TPB) has announced that its Board of Directors has appointed Executive Chairman David E. Glazek as Chief Executive Officer, effective October 1, 2026. Mr. Glazek succeeds Graham Purdy, who
Tobacco Industry Highlights: September 12 – September 18, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Philip Morris International: News Philip Morris International (PMI) raised its quarterly dividend by 8.8% to an annualized $6.40 per share, marking its 18th consecutive annual
Philip Morris International: News
September 2026: Philip Morris International Increases its Regular Quarterly Dividend by 8.8% Philip Morris International (PMI) has raised its regular quarterly dividend by 8.8% to an annualized rate of $6.40 per share. PMI has increased its annual dividend every year since becoming a public company in 2008, representing a total
Tobacco Regulation: South Korea
September 2026: Constitutional Court Unanimously Upholds Volume-Based Taxation on E-Cigarette Liquids South Korea’s Constitutional Court has delivered a unanimous ruling upholding the constitutionality of the current volume-based taxation system applied to e-cigarette liquids. In a joint decision addressing a constitutional petition filed by multiple e-cigarette liquid importers, sellers, and individual
France: Cigarette Market
September 2026: French Tobacco Market Faces Debate Over Minimum Tax Adjustments Amid Rising Parallel Sales As the French political landscape prepares for upcoming budgetary discussions alongside the presidential campaign, regulatory debates focus on potential adjustments to the minimum tax threshold applied to tobacco products. The discussion comes as the official
Cannabis: USA
September 2026: Minnesota Cannabis Sales Surpass $250 Million After One Year of Legal Retail Market The Minnesota Office of Cannabis Management (OCM) announced that combined statewide cannabis sales surpassed $250 million following the first full year of the legal market’s launch. According to data released by the agency, the total
Heated Tobacco: Products
September 2026: REJO Expands European Footprint with Heat-Not-Burn “Puff-Twice” Technology Heat-not-burn (HNB) brand REJO has announced its expansion across Europe, showcasing its proprietary “puff-twice” technology. The rollout introduces the brand’s newer device configurations and heating systems to key European markets, including Italy, Germany, Spain, and Austria. The company states that
India: Cigarette Market
September 2026: ITC Hikes Cigarette Prices Again to Offset Escalating Tax Burden ITC has implemented another round of price increases across select popular brands, including Classic Connect and Gold Flake Super Star. The higher maximum retail prices (MRP) reflect the industry’s continued efforts to absorb heavy taxation imposed earlier this
Japan: Nicotine pouches
September 2026: BAT Japan Expands Nationwide FamilyMart Sales for “VELO Peach Ice Medium” Nicotine Pouches British American Tobacco (BAT) has expanded the retail distribution of “VELO Peach Ice Medium” nicotine pouches, making the product available at FamilyMart convenience stores nationwide across Japan. The expansion follows strong consumer demand after the
Strategic Realignment of U.S. ZYN Franchise
How should we interpret the latest U.S. ZYN developments – specifically the transition of ZYN Dry cans from 15 to 20 pouches and the launch of ZYN Ultra – and what are the financial and competitive implications for Philip Morris International (PMI)? The short answer: The latest developments signal that
Tobacco Regulation: Russia
September 2026: Russia Rolls Out Mandatory Digital Tracking for Reusable Vapes and E-Cigarette Devices Russia has officially launched its mandatory digital tracking framework for reusable electronic nicotine delivery systems (ENDS) and vaping hardware. Formally established under Government Resolution No. 577 (adopted May 21, 2026), the measure transitions the market from
Turkey: Cigarette Market
September 2026: Turkey Targets 2040 Total Tobacco Ban in Sweeping Anti-Smoking Legislation Turkey has drawn up draft legislation outlining a phased strategy to achieve a complete, nationwide ban on the production, sale, import, and consumption of all tobacco and nicotine products by January 1, 2040. The ambitious measure targets one
Tobacco Regulation: Asia
September 2024: Hong Kong Implements Plain Cigarette Packaging and Anti-Illicit Duty Stamps The Hong Kong Special Administrative Region Government has gazetted new subsidiary legislation to introduce mandatory plain packaging for conventional smoking products and establish a statutory duty stamp system, marking a major step forward in its public health campaign.
Tobacco Industry Highlights: September 5 – September 11, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Altria: News Altria has broken ground on a $250 million, 270,000-square-foot expansion of its U.S. Smokeless Tobacco Company facility in Hopkinsville, Kentucky, creating over 200
Charlie’s Holdings: News
September 2026: Charlie’s Holdings Shifts Focus to Age-Gated Flavored Vapes Amid Improving US Regulatory Landscape Charlie’s Holdings announced a major strategic pivot toward launching America’s first age-gated, flavored disposable vapes, pointing to favorable federal court rulings and new FDA enforcement frameworks that are reshaping the U.S. nicotine market. In a
BAT: Omni 2026 Edition
Executive Summary: The Strategic Transformation to a Smokeless World British American Tobacco (BAT)’s 2026 Omni report provides its most comprehensive assessment yet of the company’s transition from a predominantly combustible tobacco business toward a multi-category smokeless portfolio. The investment case underpinning this transformation is Tobacco Harm Reduction (THR): while complete
Altria: News
September 2026: Altria Breaks Ground on $250 Million Manufacturing Expansion in Hopkinsville, Kentucky Altria Group has officially broken ground on a $250 million expansion of its U.S. Smokeless Tobacco Company (USSTC) facility in Hopkinsville, Kentucky. The 270,000-square-foot project represents a strategic effort to optimize Altria’s traditional smokeless tobacco manufacturing footprint,
Imperial Brands: 2026 Barclays Global Consumer Conference
Imperial Brands CEO Lukas Paravicini reaffirmed full-year guidance at the Barclays Global Consumer Staples Conference, projecting a fourth consecutive year of positive net revenue growth, single-to-high-single-digit EPS growth, and free cash flow exceeding £2.2 billion. Under Strategy 2030, management is balancing combustible value extraction across core markets with disciplined, ROI-focused
ZYN USA
September 2026: PMI U.S. Boosts ZYN Can Size to 20 Pouches in Major Portfolio Expansion Philip Morris International’s U.S. division is increasing the pouch count in its core ZYN lineup, transitioning its flagship 3 mg and 6 mg dry pouch cans from 15 to 20 pouches per unit. Scheduled for
Japan: Heated Tobacco Sticks
September 2026: Japan Tobacco Expands Ploom Lineup with EVO Cacao Mint Crystal and Mevius Tropical Option Japan Tobacco (JT) announced two additions to its Ploom heated tobacco stick portfolio: EVO Cacao Mint Crystal and Mevius Tropical Option. Both products are set for nationwide release on October 6, 2026. The EVO
PMI: 2026 Barclays Global Consumer Conference
At the Barclays Global Consumer Conference 2026, Philip Morris International CEO Jacek Olczak reaffirmed the execution strength of the company’s multi-year growth algorithm, pairing an FX-driven EPS guidance raise with solid operational tailwinds across smoke-free and combustible categories. Key operational highlights included margin-expanding price productivity stemming from Japan’s excise tax
China: Tobacco Market
September 2026: Beijing Taps Tobacco Monopoly for ¥260 Billion State Bank Capital Injection Beijing is mobilizing state-owned cigarette monopoly China National Tobacco Corporation alongside the Ministry of Finance to execute a combined ¥260 billion ($38.7 billion) capital injection into two of the nation’s largest state lenders. The move aims to
Japan: Heated Tobacco Market
September 2026: Philip Morris International Opens First Global IQOS Flagship Store in Ginza, Tokyo Philip Morris International (PMI) has officially opened its first global IQOS flagship store in Tokyo’s premier Ginza shopping district. The new “IQOS Flagship Ginza” opened its doors on September 4, 2026, marking a major milestone for
Patents Wars: USA
Patent wars, long associated with the technology and software sectors, refer to legal battles between companies seeking to protect, challenge, or leverage intellectual property rights. The tobacco industry’s rapid transition toward reduced-risk products has triggered a similar wave of patent disputes in recent years, particularly since 2018, with no clear
Tobacco Industry Highlights: August 29 – September 4, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — PMTA: Premarket Tobacco Product Application The FDA has authorized the marketing of JUUL Labs’ next-generation JUUL2 e-cigarette device, equipped with a user-authentication system, alongside tobacco-
Tobacco: Investor Lawsuits
September 2026: British American Tobacco Faces Third UK Investor Claim Over Historical North Korea Disclosures British American Tobacco (BAT) is facing a third UK shareholder lawsuit in the High Court of England and Wales over allegations that it failed to adequately disclose its historical North Korean operations and associated sanctions
22nd Century Group: News
August 2026: 22nd Century Group Advances Low-Nicotine Commercialization Amid Gross Margin Improvement and Retail Expansion 22nd Century Group is accelerating its commercial strategy as the company undergoes a strategic realignment of its revenue base, intentionally shifting away from low-margin contract manufacturing volume to prioritize its higher-margin proprietary brands, including VLN
Tobacco Industry: Leaf
Main Trend: Global tobacco leaf markets were tight between mid-2022 and 2024, with limited supply driving higher leaf prices. At the same time, rising agricultural input costs further increased procurement expenses, inflating tobacco companies’ cost of goods sold (COGS) and putting pressure on gross profit margins. Since 2025, improved crop
JUUL: Authorization of JUUL2 System
What are the key regulatory, market and strategic implications of the FDA’s marketing authorization of the JUUL2 e-cigarette system? The Short Answer: The FDA’s authorization of JUUL2 is a major regulatory and strategic positive for JUUL, validating its next-generation closed-system technology and demonstrating that sophisticated age-gating and product controls can
Soluble Nicotine Products
August 2026: Soluble Nicotine Products Emerge as the Next Billion-Dollar Oral Nicotine Opportunity A new category of nicotine products is emerging alongside the rapid expansion of nicotine pouches, with tobacco companies and specialist manufacturers developing nicotine lozenges, tablets, oral strips, gels, sticks and other products designed to dissolve in the
Synthetic Nicotine Derivatives
Synthetic Nicotine Derivatives Synthetic nicotine is a manufactured form of nicotine, produced in a laboratory, as opposed to being extracted from tobacco leaves. Synthetic nicotine (tobacco-free nicotine) is chemically identical to natural nicotine (tobacco-derived nicotine) but is made in a laboratory using synthetic processes. Several synthetic derivatives of nicotine are being
PMTA: Premarket Tobacco Product Application
August 2026: FDA Authorizes Marketing of Next-Generation JUUL2 E-Cigarette System The U.S. Food and Drug Administration (FDA) authorized the marketing of JUUL Labs Inc.’s next-generation e-cigarette system, the JUUL2, along with its tobacco- and menthol-flavored pods. The decision, delivered through the agency’s premarket tobacco product application (PMTA) pathway, approves three
Tobacco Industry Highlights: August 22 – August 28, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — USA: Tobacco Products U.S. adult nicotine use remained persistently elevated in 2025, with the market continuing to shift away from cigarettes toward vaping and nicotine
Illicit Trade – RRPs: International
August 2026: Illicit High-Nicotine Vapes Flood European Markets Amid Enforcement Gaps A parallel market for non-compliant e-cigarettes is rapidly expanding across Europe, granting consumers easy access to hyper-concentrated, massive-capacity disposable vapes. Recent investigations by public health advocacy groups reveal that illicit e-cigarettes vastly exceeding legal safety thresholds can be purchased
GSTHR: Status Report – 2026
Introduction We are sharing the Global State of Tobacco Harm Reduction (GSTHR) 2026 Situation Report with our subscribers as it contains a wealth of useful statistics and detailed market intelligence on global smoking prevalence, novel nicotine product adoption, market development and evolving regulatory frameworks across more than 120 countries. However,
Cannabis: Canada
August 2026: Canadian Legal Cannabis Retail Reaches Record CA$517.8 Million in June Canada’s legal adult-use cannabis sector has reached a landmark milestone. Newly released retail data from Statistics Canada reveals that legal dispensaries nationwide generated CA$517.8 million in monthly sales in June 2026. This represents the single highest monthly sales
Scandinavian Tobacco: Q2 2026 Results
Focus2030 Advances with Category Stabilization, Portfolio Rationalization, and Reaffirmed Guidance Scandinavian Tobacco Group (STG) published its financial results for the second quarter of 2026, demonstrating continued execution under its five-year strategic plan, Focus2030. Performance for the quarter was highlighted by top-line stabilization across core tobacco categories, solid organic growth in
Ukraine: Cigarette & Vape Market
August 2026: Over 93% of E-cigarettes in Ukraine Fail Legal Compliance, Study Reveals More than 93% of e-cigarettes on the Ukrainian market do not comply with legal requirements, with only 4% of products meeting all statutory regulations, according to a study conducted by Kantar Ukraine at the request of the
Philippines: Tobacco Market
August 2026: Value of Seized Illegal Cigarettes and Vapes Reaches ₱11.7 Billion in 2026 The estimated value of illegal tobacco and e-cigarette products confiscated by the Bureau of Customs in 2026 has quadrupled compared to total seizures in 2025, according to data shared by the agency’s Enforcement and Security Services.
USA: Cigarette Prices
How much is a pack of cigarettes in the USA? The price of a 20-cigarette pack varies significantly across U.S. states and localities due to differences in excise and sales taxes. The average price for a mainstream brand ranges from $7.95 in North Carolina to $14.85 in New York, with
VUSE (BAT) vs. VEEV (PMI): Deconstructing the E-Vapor Growth Divergence
Why Philip Morris International (PMI) is growing much faster than British American Tobacco (BAT) in the e-vapor category? Is VEEV a much better product than VUSE? The short answer: PMI’s dramatic VEEV growth trajectory (+72.0% YoY in H1 2026) compared to BAT’s modest growth (+4.2% YoY) is driven by aggressive greenfield
China Tobacco International: News
August 2026: China Tobacco International (HK) Reports H1 2026 Revenue Decline Amid Import Headwinds as Export Growth Sustains Earnings China Tobacco International (HK) Company Limited reported its interim financial results for the six months ended June 30, 2026, marking a period of top-line contraction offset by strategic export growth. Revenue
ESSE
August 2026: KT&G’s Esse Brand Surpasses ₩2 Trillion in Sales on Strong Overseas Demand Annual sales for KT&G’s ultra-slim cigarette brand, Esse, surpassed ₩2 trillion last year, driven primarily by expanding international markets. Overseas sales reached ₩1.11 trillion, exceeding domestic revenue for the first time and leading the company to
Haypp Group: News
August 2026: Haypp Group Secures SEK 400 Million Credit Facility with Danske Bank Haypp Group has entered into a SEK 400 million revolving credit facility agreement with Danske Bank through its wholly owned subsidiary, Snusbolaget Europa AB. The facility carries an initial tenor of two years. The agreement will primarily
Tobacco Industry Highlights: August 15 – August 21, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Tobacco Lawsuits: USA In two major decisions, the Fifth Circuit Court of Appeals ruled against key aspects of federal tobacco and vape regulations. First, the
AIR Global: H1 2026 Results
AIR H1 2026 Results: Resilient Core Growth Amid Geopolitical Disruption AIR Global (NASDAQ: AIIR), the global leader in Flavored Shisha Molasses (FSM) and an innovator in next-generation inhalation technologies, reported its financial and operational results for the six-month period ended June 30, 2026. These results represent AIR Global’s inaugural earnings
Smoore: Financial Results – 2026
August 2026: Heated Tobacco Hyper-Growth and European ODM Expansion Power Record Smoore H1 2026 Revenue Smoore delivered strong operational performance during H1 2026, setting a record-high interim revenue of RMB 7,209 million, representing a year-on-year (YoY) increase of 19.9%. Growth was predominantly driven by the Corporate Client-Oriented (ToB) segment (+24.7%
Japan: Tobacco Market
August 2026: JT to Release 80th-Anniversary Packaging for Peace Cigarettes Japan Tobacco (JT) announced it will release limited-edition packaging across four products in its Peace cigarette lineup to commemorate the brand’s 80th anniversary. The temporary packaging retains the layout of the standard line while featuring an enlarged version of the
Philippines: Nicotine Pouches
August 2026: JTI Philippines Expands Nicotine Pouch Portfolio with Launch of Two New Nordic Spirit Variants Japan Tobacco International (JTI) has announced an expansion of its smoke-free product offerings, introducing two new flavor options to its Nordic Spirit nicotine pouch lineup across the Philippine market. First introduced locally in 2023,
Tobacco Lawsuits: International
August 2026: JUUL Labs and Altria Appeal B.C. Court Decision Certifying Mass Class Action JUUL Labs and Altria Group have launched a formal appeal against a British Columbia court decision that certified a nationwide class-action lawsuit accusing the companies of deceptively marketing vaping products to Canadian consumers. The companies filed
Philippines: Vapes
August 2026: Lawmakers and Advocates Push Uniform Vape Excise Taxes to Recover Revenue Losses and Curb Illicit Trade Philippine lawmakers, health advocates, and industry representatives are calling for reforms to establish a unified, risk-based excise tax regime on vapor products as the national government seeks to recover foregone revenues, curb
RLX Technology: Results – 2026
August 14, 2026: RLX Q2 2026 Results RLX Technology reported a resilient second quarter for 2026, headlined by 14.8% YoY net revenue growth to RMB 1,010.5 million (US$ 148.9 million) and a strong gross margin expansion of +790 bps YoY to 35.4%. Growth was primarily propelled by international expansion (representing
Tobacco Industry Highlights: August 8 – August 14, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — USA: Tobacco Products Traditional cigarette smoking in the U.S. has fallen to historic, all-time lows, signaling a major generational shift in substance consumption patterns. In
International: Illegal Cigarettes
August 2026: Nearly 60% of Cigarette Packs in Ireland Avoided Domestic Tax, Research Reveals A major research study tracking discarded cigarette packaging across Ireland has revealed that nearly six in ten cigarette packs consumed in the country avoided Irish tax, pointing to widespread tax avoidance and illegal smuggling. The Empty
Haypp Group: Q2 2025 Results
Q2 2026: Record Net Sales & Peak Gross Margin During the second quarter of 2026, Haypp Group achieved its highest organic volume and sales growth since its 2021 initial public offering. Total net sales reached an all-time high post-IPO level of SEK 1,177 million (consensus: SEK 1.16 billion), marking a
USA: Illegal Vapes
August 2026: Unauthorized Products Dominate U.S. E-Cigarette Retail Sales According to a newly published study, as of December 2025, 69.4% of e-cigarette product sales (in US$ terms) in the U.S. convenience and grocery channels were estimated to be unauthorized (4,421 products in total). The study analyzed point-of-sale retail scanner data
Credit Ratings: KT&G
August 2026: S&P Global Ratings Re-affirms KT&G’s Credit Rating at “A-” with Outlook Stable S&P Global Ratings has reaffirmed its A- long-term issuer credit rating for KT&G Corporation with a Stable outlook. The rating reflects KT&G’s dominant position in the South Korean domestic tobacco market, reliable cash flow, and strong
Imperial Brands: News
August 2026: Imperial Brands to Cut Thousands of Jobs in Major US and European Restructuring Imperial Brands is preparing to eliminate thousands of jobs across its operations in the United States and Europe, marking one of the company’s largest workforce reductions in recent years as it maneuvers to protect operating
Credit Ratings: BAT
August 2026: S&P Global Assigns ‘BBB-‘ Rating to BAT’s Perpetual Subordinated Hybrid Instruments S&P Global Ratings has assigned a ‘BBB-‘ long-term issue rating to British American Tobacco PLC’s proposed multi-tranche perpetual subordinated fixed-to-reset rate hybrid securities. The rating covers the hybrid segment of BAT’s multi-part capital market offering, which also
USA: Tobacco & Vape Tax
August 2026: South Carolina Introduces First Statewide Vape Tax Starting October 1, 2026 South Carolina will introduce its first statewide excise tax on vaping products and electronic cigarettes beginning October 1, 2026, following the passage of House Bill 4303 (Act 234). The new law brings e-liquids and disposable vape devices
Tobacco Industry Highlights: August 1 – August 7, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Nicotine Pouches: International Markets Swedish manufacturer Another Snus Factory (ASF), jointly acquired by Altria Group and KT&G in 2025, has officially launched its flagship nicotine
KT&G: Q2 2026
Executive Summary KT&G Corporation delivered a profit-led Q2 2026 beat, characterized by double-digit operating profit expansion that outpaced top-line growth across all core operating divisions. Consolidated revenue grew 9.9% YoY to ₩1.7016 trillion (consensus: ₩1.67 trillion), while operating profit surged 18.5% YoY to ₩414.5 billion. Net income jumped 152.3% YoY
Turning Point Brands (TPB): Q2 2026 Results
Executive Summary Turning Point Brands (TPB) reported its financial results for the second quarter ended June 30, 2026, demonstrating continued top-line expansion fueled by hyper-growth in its Modern Oral segment (FRE and ALP). Total consolidated net sales increased 22.6% year-over-year to $142.96 million (consensus: $129.2 million). However, profitability contracted significantly
South Korea: Vapes
August 2026: S. Korea Faces Surge in ‘Nicotine-Free’ and Analogue Vapes Following Heavy Vape Tax South Korea’s vaping market is grappling with a rapidly growing loophole following a sweeping tax implementation that more than doubled retail prices for e-cigarettes. Consumers looking to bypass escalating costs are turning to products marketed
Nicotine Pouches: International Markets
August 2026: ASF Launches LOOP Nicotine Pouches in South Africa as Altria and KT&G Target Global Expansion Swedish manufacturer ASF (Another Snus Factory) has officially launched its flagship nicotine pouch brand, LOOP, in South Africa. The rollout marks a key milestone in expanding the brand’s footprint across the African continent,
Memo: BAT – HY26 Results
Results summary: BAT: H1 2026 Results H1 2026 Financial Results & Earnings Quality British American Tobacco’s H1 2026 results landed fully in line with our top-line and operational profit expectations outlined in our preview note (“BAT: HY26 Result – Preview“), with both revenue and adjusted profit from operations (APFO) tracking
Memo: JT Q2 2026 Results
Results summary: Japan Tobacco: Q2 2026 Results Executive Summary: The Premier Cash-Extraction Play in Traditional Tobacco Japan Tobacco (JT) delivered a blowout Q2 2026 performance that highlights a key structural divergence in the global tobacco landscape. While western peers struggle with accelerating volume contraction in hyper-mature markets, JT continues to
Tobacco Industry Highlights: July 25 – July 31, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — ITC: Q1 FY27 Results ITC Limited’s standalone net profit fell 27.1% YoY in Q1 FY27 as severe cigarette excise tax hike compressed operating margins. Rather
ITC: Q1 FY27 Results
Executive Summary: Earnings Compression Driven by Cigarette Tax Adjustments ITC Limited’s Q1 FY2026/27 (Q1 FY27) financial results for the quarter ended June 30, 2026, present a narrative of dual operational realities. The company faced sharp profitability compression in its core Cigarettes business due to severe statutory tax hikes enacted earlier
Memo: Altria Q2 2026 Results
Results summary: Altria: Q2 2026 Results Executive Summary Altria’s Q2 2026 results were broadly in line with our operational expectations at the top-line and operating income levels. However, a bottom-line miss ($1.48 vs. $1.50 consensus and our $1.52 estimate) combined with persistent structural concerns triggered a -9.3% post-earnings sell-off. As highlighted
Tobacco: ESG
July 2026: TerraCycle Launches Nationwide Nicotine Vape Device Recycling Service in the U.S. TerraCycle has launched a nationwide recycling service for used nicotine vape devices in the United States, providing what the company describes as the country’s first comprehensive collection and recycling solution for one of its fastest-growing electronic waste
AIR: Advanced Inhalation Rituals
July 2026: AIR Strengthens Partnership with Greentank Innovations Through $20 Million Equity Investment AIR Global has announced a US$20 million strategic equity investment in Canadian vaporization technology company Greentank Innovations, strengthening a partnership that began in 2023 and reinforcing its focus on next-generation inhalation technologies. The investment was made through
Altria: Q2 2026 Results
Ahead of the Q2 2026 Earnings release Date: July 30, 2026 (Thursday), Before Market Open Consensus Estimates: $5.35 billion Revenue (+1.1% yoy); $1.50 EPS (+4.2% yoy) Guidance: Altria’s FY26 guidance targets an EPS range of $5.56 to $5.72, representing 2.5% to 5.5% growth over 2025 Notes: Following four consecutive years of net revenue
Japan Tobacco: Q2 2026 Results
Ahead of the Q2 2026 Earnings release Date: July 30, 2026 (Thursday), After Market Close Consensus Estimates: ¥986.2 billion Revenue (+8.7% yoy); ¥97.6 EPS (+6.6% yoy) Guidance: JT’s FY26 guidance targets +6.6% revenue (+3.6% core tobacco revenue at constant FX), +7.9% adjusted operating profit (+8.9% at constant FX) and +14.2% basic EPS growth
BAT: H1 2026 Results
Ahead of H1 2026 Earnings Release Release date: July 30, 2026 (before the opening bell) Revenue: £12.19 billion (+1.0% reported, +3.0% at constant currency) Adj. Profit from Operations (APFO): £5.24 billion (+1.4% reported, +3.7% at constant currency) EPS: £1.585 (+1.9% reported, +4.6% at constant currency) Latest guidance: Lower end of
Godfrey Phillips: News
July 2026:Tax Hike Weighs on Godfrey Phillips as Q1 Profit Drops 44% Godfrey Phillips India Ltd, the manufacturer of Marlboro and Four Square in India, reported a 44.3% year-on-year decline in consolidated net profit for the first quarter of FY2026–27 (ended June 30), as the steep tax hike on tobacco
Philip Morris International: 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 a certain geography (2) Geographical re-balancing: Fast-declining cigarette volume in the Western markets vs. Stable (even, increasing) cigarette volume in the emerging markets (especially, in
Tobacco Industry Highlights: July 18 – July 24, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Southeast Asia: Tobacco Market Indonesia is preparing to enact a major regulatory overhaul of its tobacco market – including tar and nicotine caps, flavor bans,
ALP Nicotine Pouches
August 2026: ALP Launches “Frontier Collection” Nicotine Pouches ALP Supply Co. LLC has released a limited-edition product line called the “Frontier Collection,” available exclusively through the brand’s direct-to-consumer website. The collection introduces new 4 mg and 8 mg nicotine options – expanding the brand’s existing lineup across its 3 mg
Beyond Nicotine: Japan Tobacco
July 2026: JT Expands Processed Food Operations and Business Development Pipeline Japan Tobacco (JT) is expanding its non-tobacco capabilities, positioning its processed food segment as a complementary growth driver alongside its core tobacco and reduced-risk product operations. JT’s processed food segment operates primarily through its subsidiary TableMark, alongside Fuji Foods
Heated Tobacco: Markets
July 2026: JT Drives Heated Tobacco Growth with ¥800 Billion Investment Plan Japan Tobacco Inc. (JT) is sharpening its focus on the next-generation tobacco category, committing ¥800 billion ($5.2 billion) to its heated tobacco business over the three-year period through 2028. The substantial capital allocation reflects a strategic drive to
New ZYN Flavors: ZYN Black Cherry, ZYN Peach, ZYN Dragonberry
ZYN Expands U.S. Lineup with Three New Permanent Flavors: Black Cherry, Peach, and Dragonberry America’s leading nicotine pouch brand, ZYN, has officially expanded its U.S. lineup with the rollout of three new permanent flavors: Black Cherry, Peach, and Dragonberry. Available nationwide in brick-and-mortar retailers as well as online through major
Research: E-cigarettes
July 2026: Synthetic Cooling Agents in E-Cigarettes Actively Enhance Nicotine Reinforcement and Dopamine Signaling A recently published study is challenging a foundational assumption in the Electronic Nicotine Delivery Systems (ENDS) market. Researchers have discovered that synthetic cooling agents – most notably WS-3 and WS-23 – do far more than simply
Memo: PMI Q2 2026 Results
Results summary: Philip Morris International (PMI): Q2 2026 Results Philip Morris International (PMI) delivered a solid “double beat” in Q2 2026, consistent with the directional expectations outlined in our PMI: Q2 2026 Preview. However, both top-line and bottom-line outperformance exceeded consensus estimates by a wider margin than anticipated. The upside was
Philip Morris International (PMI): Q2 2026 Results
Ahead of the Q2 2026 Earnings release Date: July 22, 2026 (Wednesday), before the bell Consensus: $10.6 billion revenue (+4.5% year-on-year); $2.03 EPS (+6.3% year-on-year) PMI FY26 Guidance: Net revenue growth of 5%-7% and adjusted diluted EPS growth of 10.2%-12.2%. For Q2 2026, the company expects EPS in the range of $1.97-$2.02 (midpoint:
IQOS ILUMA
July 2026: PMI Unveils Limited-Edition IQOS ILUMA i REMIX Device Philip Morris International (PMI) has introduced the IQOS ILUMA i REMIX Limited Edition, a special global release of its latest heated tobacco device that combines the technology of the IQOS ILUMA i platform with a distinctive seasonal design. The limited-edition
BAT: HY26 Result – Preview
Earnings Preview: H1 2026 Results Metadata Details Release Date July 30, 2026 (Before LSE Market Open) Current Share Price £46.6 Implied Valuation 13.2x FY26 EPS Estimate Posture Positive (Guidance Reiteration Expected) FY26 Guidance vs. Consensus Matrix BAT’s medium-term growth algorithm targets performance at the lower end of its long-term financial
Global Tobacco Control
July 2026: Industry Watchdog Highlights Common Legislative Issues for Heated Tobacco Products The Campaign for Tobacco-Free Kids, a tobacco industry watchdog, has published a guidance document outlining common regulatory and legislative drafting issues related to heated tobacco products (HTPs). The resource is intended to help policymakers assess whether existing tobacco
Tobacco Industry Highlights: July 11 – July 17, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Germany: Cigarette Market To plug a growing budget deficit, Germany is launching a steep tobacco tax hike that will see retail cigarette prices climb to
Australia: Nicotine Pouches
July 2026: New Australia Regulations Ban Personal Importation of Nicotine Pouches The Australian Government has established new regulations to restrict access to nicotine pouches, citing concerns over public health and the growing appeal of these products to younger demographics. Under the new rules, which take effect on July 24, 2026,
Australia: Cigarette Market
July 2026: Australian Smoking and Vaping Rates Decline to Historic Lows, AIHW Survey Shows Smoking and vaping rates in Australia have either declined or stabilised, according to the 2025 National Drug Strategy Household Survey released by the Australian Institute of Health and Welfare (AIHW). The data indicates that daily smoking
Altria: Q2 2026 Preview
Release Date: July 30, 2026 (Before Market Open) Consensus Estimates: Net Revenue: $5.36 Billion (+1.3% YoY) | Adjusted EPS: $1.50 (+4.2% YoY) Our Projections: Net Revenue: $5.37 Billion (+1.5% YoY) | Adjusted EPS: $1.52 (+5.6% YoY) Executive Summary Following four consecutive years of top-line contraction (FY22-FY25), consensus expectations point to
Research: Nicotine Pouches
July 2026: Questions Raised Over ZYN Safety Review Following Former FDA Scientist’s Claims Questions have been raised over the safety review of Philip Morris International’s ZYN nicotine pouches after a former U.S. Food and Drug Administration (FDA) toxicologist alleged that the agency authorized the products without fully determining the composition
JUUL: News
July 2026: Delaware Judge Allows Second Lawsuit Challenging JUUL Rescue Deal to Proceed JUUL Labs will face a second shareholder lawsuit challenging the rescue financing that kept the e-cigarette company out of bankruptcy after a Delaware court ruled that key claims against investors and directors can proceed. In a brief
Tobacco Industry Highlights: July 4 – July 10, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Tobacco Regulation: United Kingdom The UK government and devolved administrations have launched a 12-week public consultation on stricter regulations for tobacco and vaping products to
Tobacco Regulation: Japan
July 2026: Japan Backs Off From Tighter Restrictions on Heated Tobacco Products Japan’s health ministry has decided to defer implementing stricter regulations on heated tobacco products (HTPs) for the time being. The decision comes as part of an ongoing review of the country’s secondhand smoke measures, originally enacted under the
PMI: FDA MRTP Authorization for ZYN Products
What will be the actual commercial and regulatory impact of the FDA’s recent Modified Risk Tobacco Product (MRTP) authorization on ZYN’s performance in the hyper-competitive U.S. nicotine pouch market? Executive Summary The FDA’s landmark MRTP authorization for 20 ZYN products is a historic strategic victory that erects a defensive regulatory
PMI: Q2 2026 Preview
Date: July 22, 2026 (Wednesday), before the bell Consensus: $10.6 billion revenue (+4.5% year-on-year); $2.03 EPS (+6.3% year-on-year) PMI FY26 Guidance: For FY26, PMI targets net revenue growth of 5%-7% on an organic basis and adjusted diluted EPS growth of 10.2%-12.2%. For Q2 2026, the company expects EPS in the
Tobacco Industry Highlights: June 27 – July 3, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — KT&G: News Capital Group has increased its equity stake in KT&G from 7.2% to 8.2%, acquiring an additional 1.04 million shares. The growing institutional interest
VEEV Vapes
June 2026: Philip Morris International (PMI) Expands Vaping Portfolio with European Roll-Out of VEEV ONE PLUS Philip Morris International (PMI) is officially extending its closed-pod vaping lineup with the release of the VEEV ONE PLUS. Designed as a direct evolution of their core VEEV portfolio, the new device targets a
ZYN Ultra vs. ZYN
ZYN vs. ZYN Ultra: The Ultimate Comparison Guide to Nicotine Pouches in the U.S. The U.S. smoke-free nicotine market is evolving rapidly, and Philip Morris International (PMI) continues to lead the space by catering to a wide range of adult nicotine preferences. While flagship ZYN remains the gold standard for
MRTP: Modified Risk Tobacco Product
June 2026: FDA Authorizes 20 ZYN Nicotine Pouches to Be Marketed with Specific Modified Risk Claim The U.S. Food and Drug Administration (FDA) has issued modified risk granted orders to Philip Morris International (PMI) for 20 ZYN nicotine pouch products. This decision allows these specific products – which have been
Tobacco Industry Highlights: June 20 – June 26, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — US FDA – Tobacco: News To crack down on illegal foreign vapes, the FDA has issued a proposed rule that closes a major loophole by
Smoking Cessation Products
June 2026: FDA Delays Approval of Achieve’s Cytisinicline Over Manufacturing Issues The U.S. Food and Drug Administration (FDA) has declined to approve Achieve Life Sciences’s smoking cessation drug cytisinicline, issuing a Complete Response Letter that cites unresolved issues at a third-party manufacturing facility and incomplete product labeling. Importantly, the agency
Velo Pouches: International Markets
June 2026: VELO Standardizes Nicotine Strength Spectrum to Simplify Product Selection Nicotine pouch brand VELO has outlined a standardized nicotine strength classification system designed to help adult consumers navigate its product lineup. By clarifying the distinction between raw nicotine content in milligrams and subjectively perceived nicotine strength, the brand aims
Tobacco Industry Highlights: June 13 – June 19, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — ZYN Ultra Philip Morris International (PMI) has officially introduced ZYN Ultra in the United States to combat recent market share erosion from rising competitors. Shifting
Haypp Group Commentary – June 2026
In our Haypp: Investor Presentations – May 2026 note, we outlined what we view as the key bull case & secular tailwinds and bear case & structural risks for Haypp Group. Following publication, we shared the report with the company and invited management to provide any comments or clarifications. Haypp
UK: Cigar Market
June 2026: The Structural Shift in the UK Cigar Market: The Rise of the Cigarillo Segment The UK cigar category accounts for more than £350 million in annual retail sales. Within this category, a significant structural realignment has occurred. First introduced six years ago, the cigarillo segment has expanded rapidly
UK: Cigarette Market
June 2026: Legislative Restructuring and Economic Bifurcation in the UK Tobacco Market The UK tobacco sector is entering a period of significant structural and regulatory transition. Valued at £12.6 billion over the past year, the cigarette category remains a highly profitable segment for the industry, even as it faces unprecedented
ZYN Ultra
ZYN Ultra: Higher Strength & Moist Slim Pouches Philip Morris International (PMI) has officially expanded its dominant ZYN nicotine pouch portfolio in the United States with the launch of ZYN Ultra. This new product variant marks a major structural shift for the brand, introducing an increased pouch count, an altered
Bangladesh: Tobacco Market
June 2026: Bangladesh Brings Nicotine Pouches and Heated Tobacco Products Into National Tax Framework Bangladesh has, for the first time, formally brought nicotine pouches and heated tobacco products (HTPs) into its national tax framework. Under the proposed fiscal year 2026-27 budget, Minister of Finance introduced new tariff classifications for nicotine
Tobacco Industry Highlights: June 6 – June 12, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Lifetime Tobacco Ban: USA New York lawmakers have introduced Assembly Bill A11509, which would permanently ban anyone born after December 31, 2007, from ever legally
Lifetime Tobacco Ban: USA
Generational Tobacco Ban, or Lifetime Tobacco Ban, refers to banning cigarette or tobacco sales to anyone born after a certain date (at any point in their lifetime regardless of how old they are) to make smoking “a thing of the past”. Technically speaking, it could also be defined as steadily
Tobacco Industry Highlights: May 30 – June 5, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — BAT: H1 2026 Trading Update British American Tobacco (BAT) has re-iterated its full-year guidance, expecting performance to land at the lower end of its medium-term
IQOS USA: Launch Tracker
In this article, we track the developments regarding the IQOS Launch in the USA. To stay up to date with every aspect of IQOS launch in the USA, make sure to visit our exclusive section: IQOS USA. The official US website of IQOS: www.iqos.com. June 2026: IQOS Launches America250 Limited
Imperial Brands: 2026 dbAccess
Imperial Brands CEO Lukas Paravicini and CFO Murray McGowan addressed investors at the 2026 dbAccess Global Consumer Conference. Marking Paravicini’s eighth month at the helm, leadership articulated a disciplined “performing and transforming” framework under its Strategy 2030 agenda. The structural pivot from lower-margin volume chasing to high-margin value optimization –
USA: Nicotine Pouch Tax
June 2026: New York enacts 75% wholesale tax on nicotine pouches The New York Governor signed a 75% wholesale tax on nicotine pouches into law. The measure differs from the state’s cigarette tax, which is set at $5.35 per pack. The state expects the tax to generate an additional $50
Memo: BAT HY26 Trading Update
Trading Update Summary: BAT: H1 2026 Trading Update Key Takeaways from the Webcast: BAT HY26 Trading Update Webcast: Key Takeaways Executive Summary BAT’s HY26 trading update came in broadly in-line with our baseline model. Management confidently re-iterated full-year guidance, anchored by upwardly revised growth momentum in New Categories (NC) –
PMI: 2026 dbAccess Global Consumer Conference
Philip Morris International (PMI) CEO Jacek Olczak addressed the dbAccess Global Consumer Conference, delivering a highly confident update on the company’s multi-category smoke-free transformation. While headline guidance was adjusted downwards exclusively to reflect recent foreign exchange volatility and a non-cash impairment (Canada), the underlying operational thesis remains entirely intact. Key
BAT HY26 Trading Update Webcast: Key Takeaways
Trading Update Summary: BAT: H1 2026 Trading Update British American Tobacco (BAT) hosted its H1 2026 pre-close conference call, featuring prepared remarks by CEO Tadeu Marroco followed by Q&A session. Management reiterated that the Group is firmly on track to achieve its full-year 2026 financial guidance, buoyed by multi-category momentum
BAT: H1 2026 Trading Update
Ahead of the H1 2026 Trading Update release Date: June 2, 2026 (Tuesday), before the bell FY26 Consensus: At constant currency, 3.4% Revenue, 4.3% Adjusted profit from operations and 5.9% adjusted diluted EPS growth. 16.2% New Category revenue growth. BAT FY26 Guidance: Lower end of the medium-term guidance ranges – defined as 3-5%
Tobacco Pulse Surveys: Q2 2026
Every Sunday, we run a poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: May 31, 2026 What will you scrutinize first &
KT&G: Portfolio Strategy
KT&G: Global Expansion and Portfolio Diversification Drive Structural Revenue Shifts KT&G’s operational model relies on two primary revenue pillars: the traditional combustible cigarette brand ‘ESSE’ and the Next Generation Product (NGP) heated tobacco platform ‘lil’. While ESSE establishes a mature, highly cash-generative foundation across domestic and international markets, the NGP
Tobacco Industry Highlights: May 23- May 29, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Generational Tobacco Ban Vietnam’s Ministry of Health has proposed a lifetime tobacco ban for anyone born on or after January 1, 2010, aiming to create
KT&G: Business Outlook
May 2026: Closing the Global Peer Discount via Operational Acceleration and Gold-Standard Capital Returns KT&G is undergoing a profound qualitative transformation, successfully transitioning from a historically undervalued domestic monopoly into a high-growth global consumer player. Driven by its three core growth engines – overseas tobacco, Next Generation Products (NGPs), and
The Evolving Economics and Demographics of American Cannabis
The Evolving Economics and Demographics of American Cannabis: A Market Analysis From a niche counterculture product to a multi-billion-dollar commercial engine, the American cannabis landscape has fundamentally shifted. Recent macroeconomic data, regional legal updates, and comprehensive public opinion data compiled by the Pew Research Center illuminate a market defined by
Canada: Cigarette Market
May 2026: Canada’s Tobacco and Vaping Act Review Highlights Enforcement Gaps Amid Growing Illicit Market Canada’s third legislative review of the 2018 Tobacco and Vaping Products Act (TVPA) concluded that stronger compliance and enforcement measures are needed as illegal tobacco and vaping products continue to expand across the country. The
IQOS USA: Regulation & Taxation
May 2026: South Carolina Raises Tax on Heated Tobacco Products South Carolina has approved a significant increase in the state excise tax on heated tobacco sticks, raising the rate from ¢1.425 mills to ¢2.1375 per heated tobacco stick under amendments to Section 12-21-620 of the state tax code. The new
Tobacco Industry Highlights: May 16 – May 22, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Beyond Nicotine: Philip Morris International Godfrey Phillips India (GPI) has entered a three-year agreement with Aspeya to distribute nicotine replacement therapy (NRT) products, marking a
Haypp: Investor Presentations – May 2026
Haypp Group’s management team presented at both the ABGSC Investor Days and the Goldman Sachs Global Staples Forum in May 2026, utilizing the same core corporate presentation for both events. Executive Summary & Corporate Overview Haypp Group stands as the undisputed global digital leader in the retail distribution of nicotine
Cannabis: International Markets
[For the developments in the USA and Canada, refer to Cannabis: USA and Cannabis: Canada] May 2026: Global Cannabis Prices Fall Sharply as Oversupply Intensifies Across Major Legal Markets Cannabis prices continue to decline globally as legal markets mature, with structural oversupply, rapid capacity expansion, and regulatory fragmentation driving sustained
Altria: Manufacturing
May 2026: Altria to Consolidate Smokeless and Nicotine Pouch Manufacturing in Kentucky Altria Group subsidiary U.S. Smokeless Tobacco Company (USSTC) has announced plans to modernize its manufacturing footprint by transitioning operations from its longstanding Nashville, Tennessee plant to a new 270,000-square-foot facility to be built on an existing campus in
ITC: FY26 Results
ITC Limited has demonstrated a resilient financial performance for the fourth quarter ended March 31, 2026 (Q4 FY26), and the full fiscal year (FY26). This performance was delivered against a backdrop of global logistical friction arising from the ongoing Iran conflict and a milestone restructuring of domestic cigarette taxation. On
Scandinavian Tobacco: Q1 2026 Results
Focus2030 Execution Begins Amid Online Competition and FX Headwinds Scandinavian Tobacco Group (STG) has released its financial results for the first quarter of 2026, marking the official operational kickoff of its new five-year strategy, Focus2030. While Q1 is traditionally the group’s weakest seasonal quarter due to inventory build-up, STG demonstrated
BAT: HY26 Pre-close Trading Update – Preview
Release Date: June 2, 2026 (Before LSE Market Open) Current Share Price: £49 (13.7x FY26 EPS Estimate) Consensus Alignment: Consensus estimates foresee 3.4% revenue growth, 4.3% adjusted operating profit growth, and 5.9% adjusted diluted EPS growth for H1 2026. These estimates are broadly in line with BAT’s formal FY26 guidance.
South Korea: Heated Tobacco Market
May 2026: Korea’s Heated Tobacco Market Heats Up as E-Cigarette Regulations Reshape Competition Competition in South Korea’s heated tobacco market is intensifying following the recent inclusion of synthetic nicotine e-cigarettes under tobacco regulations. Until recently, synthetic nicotine vaping products had benefited from lighter regulation and lower taxation, giving the category
Beyond Nicotine: Philip Morris International
May 2026: Godfrey Phillips India Enters 3-Year Distribution Agreement for NRT Products in Strategic Move Into Smokeless Category Godfrey Phillips India has entered a three-year distribution agreement with Aspeya India to market and distribute nicotine replacement therapy (NRT) products across India, using its established retail and distribution network. The partnership
UK: Heated Tobacco
May 2026: UK Tobacco Advertising Crackdown Forces PMI to Remove IQOS Promotions From Stores Philip Morris International (PMI) is removing in-store advertising for its IQOS heated tobacco products in the UK following the introduction of the Tobacco and Vapes Act, which tightens restrictions on tobacco promotion and closes regulatory loopholes
Tobacco Industry Highlights: May 9 – May 15, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — USA: Illegal Vapes In a massive joint enforcement action, U.S. authorities have seized over 18 million unauthorized e-cigarettes valued at more than $175 million. The
Credit Commentary: Tobacco Industry
May 2026: Most Tobacco Companies Receive Stronger Business Profile Assessments In a recent credit commentary, Fitch Ratings noted that most global tobacco companies received stronger business profile assessments following updates to its Corporate Rating Criteria. The revised criteria resulted in rating upgrades for British American Tobacco (BAT, A-/Stable) and Altria
PouchPoint.com
PouchPoint.com: Convenience & Reliability in the Fast‑Changing U.S. Nicotine Pouch Market The nicotine pouch category in the United States has grown from a niche curiosity into one of the most dynamic segments of the broader nicotine ecosystem. With more than US $5 billion in retail value, the U.S. now represents the world’s
Memo: JT Q1 2026 Results
Results summary: Japan Tobacco: Q1 2026 Results Executive Summary Japan Tobacco delivered a strong Q1 2026 performance, with results once again underscoring the strength and resilience of its combustible tobacco franchise. Combustible performance was driven by strong pricing/mix of +9.2%, while volumes were effectively flat at -0.1%, a notably strong
Memo: Imperial Brands H1 2026 Results
Results summary: Imperial Brands: H1 2026 Results Imperial Brands H1 2026 results reinforced the central debate surrounding the investment case: can the company continue delivering reliable shareholder returns and low-to-mid single-digit profit operating growth while its combustible pricing power lags peers and its NGP business remains structurally subscale? The answer
Imperial Brands: H1 2026 Results
Ahead of the H1 2026 Earnings release Date: May 12, 2026 (Tuesday), before the bell Guidance – H1 2026: Low single-digit growth in tobacco & NGP net revenue in H1 2026, driven by robust pricing, low single-digit combustible volume decline and mid-to-high single-digit NGP net revenue growth. Adjusted operating profit to be
Disposable E-cigarette Ban
May 2026: Germany Plans Ban on Disposable Vapes Over Fire, Environmental and Youth Concerns German Environment Minister Carsten Schneider has announced plans to ban the sale of disposable e-cigarettes (single-use vapes), signaling upcoming legislation to be introduced later this year. The proposal is aimed at addressing environmental damage, fire risks,
USA: Federal Tobacco Regulation
May 2026: A Bipartisan Bill Seeks to Fund FDA Oversight of E-Cigarettes Through Manufacturer User Fees The Resources to Prevent Youth Vaping Act, a bipartisan piece of legislation, aims at strengthening the U.S. Food and Drug Administration’s (FDA) capacity to oversee the e-cigarette industry by requiring manufacturers of nicotine-containing vaping
FDA’s “Science-Based Tolerance” Framework: A New Era for U.S. Nicotine
Executive Summary: The Regulatory Pivot The U.S. FDA has issued transformative guidance regarding “new nicotine products without an authorization.” While the legal status of these products remains unchanged, the agency has introduced a critical distinction among them, designating only a subset as “enforcement priorities.” Under this framework, products with pending
Tobacco Industry Highlights: May 2 – May 8, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — PMTA: Premarket Tobacco Product Application The FDA has authorized four new pod-based e-cigarette products from Glas Inc., marking the first time the agency has cleared
Japan Tobacco: Q1 2026 Results
Japan Tobacco reported a strong start to FY2026, with broad-based growth across the tobacco business, continued pricing power in combustibles, accelerating reduced-risk product (RRP) momentum, and substantial earnings leverage aided by favorable foreign exchange movements. Management maintained its full-year outlook and emphasized that investments behind Ploom AURA and broader RRP
Turning Point Brands (TPB): Q1 2026 Results
TPB Q1 2026 Results: Modern Oral Drives Growth as Guidance Raised Turning Point Brands (TPB) reported strong top-line growth in Q1 2026, primarily driven by continued momentum in its Modern Oral (FRE & ALP nicotine pouches) business. TPB also raised its full-year 2026 Modern Oral sales guidance and introduced full-year
KT&G: Q1 2026 Results
KT&G posted strong first quarter results, with consolidated revenue rising 14.3% YoY to ₩1.70 trillion and operating profit increasing 27.6% YoY to ₩364.5 billion. Net income rose 46.6% YoY to ₩378.2 billion, while EBITDA increased 25.0% YoY to ₩442.7 billion, reflecting strong operational leverage and a significantly improved earnings mix.
Haypp Group: Q1 2025 Results
Haypp Group Q1 2026: Strong Nicotine Pouch Growth Drives Record Sales as Investments Pressure Margins Haypp Group reported a strong start to 2026, with Q1 net sales increasing 20% year-on-year to a record SEK 1.10bn, corresponding to 24% growth in constant currency terms. Growth was primarily driven by continued strength
Tobacco Regulation: Latin America
May 2026: Argentina Transitions from Prohibition to Regulation of Nicotine Alternatives Argentina has enacted Resolution 549/2026, establishing a comprehensive regulatory framework for vaping products, heated tobacco, and nicotine pouches – marking a clear shift away from its longstanding prohibitionist approach. The move reflects a more pragmatic policy stance, as authorities
FDA Authorization of Glas Flavored Vapes
FDA Authorisation of Glas Flavored Vape Products: A Regulatory Inflection Point for the U.S. Nicotine Market The authorization by the U.S. Food and Drug Administration (FDA) of additional Glas vape products represents a pivotal – and highly calculated – inflection point for the U.S. nicotine industry. While much of the
Tobacco Industry Highlights: April 24 – May 1, 2026
Stay on top of the tobacco industry. Get weekly highlights straight to your inbox. Become a Free member today: Tobacco Insider – Free Membership — Altria: Q1 2026 Results Altria kicked off 2026 with a beat, reporting $4.76 billion in net revenue and $1.32 adjusted EPS – year-over-year gains of
Memo: Altria Q1 2026 Results
Results summary: Altria: Q1 2026 Results Altria – Q1 2026 Earnings Review: Analyzing the Quality of the “Double Beat” Consistent with our Altria: Q1 2026 Preview write-up, Altria reported a robust “double beat” in Q1 2026, delivering results that cleared consensus on both revenue and earnings per share (EPS). While the
Altria: Q1 2026 Results
Ahead of the Q1 2026 Earnings release Date: April 30, 2026 (Thursday), Before Market Open Consensus Estimates: $4.58 billion Revenue (+1.3% yoy); $1.246 EPS (+1.3% yoy) Guidance: Altria’s FY26 guidance targets an EPS range of $5.56 to $5.72, representing 2.5% to 5.5% growth over 2025 Notes: Following four consecutive years of net revenue
New Zealand: Cigarette Market
April 2026: New Zealand Cigarette Market Under Pressure as Illicit Trade and Vaping Weigh on Industry Performance British American Tobacco (BAT) and Imperial Brands have reported weaker financial results, highlighting mounting structural pressures on New Zealand’s legal tobacco market, including a rapidly expanding illicit trade, high excise taxes, and accelerating
ZYN Ultra: U.S. FDA Review
If ZYN Ultra is similar to VELO Plus, why wouldn’t it be approved under VELO’s PMTA? How does the approval work? What is the confusion with the U.S. FDA? The Short answer: The confusion surrounding FDA decisions on nicotine pouches reflects less inconsistency and more of a misunderstanding of the
Credit Ratings: Japan Tobacco
April 2026: S&P Downgrades Japan Tobacco to “A” on Geopolitical Risk Exposure, Maintains Stable Outlook S&P Global has lowered its long-term issuer credit rating on Japan Tobacco (JT) to “A” from “A+”, while affirming its short-term issuer credit rating at “A-1”. The stable outlook reflects the view that JT will
ZYN Shortage
April 2026: PMI Scales Back ZYN Production Schedule in Owensboro Amid Demand Normalization Philip Morris International (PMI) will reduce part of its ZYN nicotine pouch production schedule at its Swedish Match facility in Owensboro, Kentucky, shifting some operations from a continuous 24/7 model to a 24/5 schedule starting around July
TPB: Business Outlook
Where does Turning Point Brands fit in the equation in pouches? What new innovations are they working on? How do you view their other businesses? The short answer: Turning Point Brands (TPB) is undergoing a fundamental pivot from a legacy tobacco company into a high-growth nicotine pouch contender. While its heritage
Memo: PMI Q1 2026 Results
Results summary: Philip Morris International (PMI): Q1 2026 Results Philip Morris International (PMI) delivered a “double beat” in Q1 2026, consistent with our PMI: Q1 2026 Preview. That said, both topline and bottom-line performance exceeded consensus by a wider margin than we had anticipated. The upside was primarily driven by strong
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, e-cigarette sales now surpassed the $20Bn mark (global retail turnover per year). Therefore, the category is no longer under the radar and is a subject
Philip Morris International (PMI): Q1 2026 Results
Ahead of the Q1 2026 Earnings release Date: April 22, 2026 (Wednesday), before the bell Consensus: $9.88 billion revenue (+6.2% year-on-year); $1.83 EPS (+8.3% year-on-year) PMI FY26 Guidance: Net revenue growth of 5%-7% and adjusted diluted EPS growth of 11.1%-13.1%. For Q1 2026, the company expects EPS in the range of $1.80-$1.85 (midpoint:
Altria: Q1 2026 Preview
Date: April 30, 2026 (Thursday), Before Market Open Consensus Estimates: $4.58 billion Revenue (+1.3% yoy); $1.247 EPS (+1.4% yoy) After four consecutive years of net revenue declines (FY22–FY25), consensus projects a return to growth in 2026, starting with Q1 2026. This turnaround is expected to be driven primarily by increased
Pakistan: Tobacco Market
April 2026: Pakistan Tops Global Illicit Cigarette Market Pakistan has emerged as the world’s largest illicit cigarette market, with illegal products accounting for 55% of total consumption – around 44 billion sticks annually. A roughly 80 billion-stick market has remained largely unchanged for over a decade. Repeated tax increases have
Beyond Nicotine: BAT
April 2026: British American Tobacco Affiliate Holds 29.9% Stake in Organigram, With Path to 49% Organigram reported that its strategic investor, BT DE Investments, an affiliate of British American Tobacco (BAT), has updated its ownership position. As of April 2026, BAT owns 42.2 million common shares, representing 29.9% of the
Imperial Brands: Trading Update – H1 2026
Headline: “FY26 guidance reiterated, but quality of the print looks weak” Imperial Brands: H1 2026 Trading Update – Key Points – Guidance reaffirmed: FY26 outlook unchanged, with low-single-digit tobacco growth, double-digit NGP growth, 3–5% EBIT growth, at least high-single-digit EPS growth, and more than £2.2 billion FCF – H1 broadly
PMI: Q1 2026 Preview
Date: April 22, 2026 (Wednesday), before the bell Consensus: $9.88 billion revenue (+6.2% year-on-year); $1.83 EPS (+8.3% year-on-year) PMI FY26 Guidance: Net revenue growth of 5%-7% and adjusted diluted EPS growth of 11.1%-13.1%. For Q1 2026, the company expects EPS in the range of $1.80-$1.85 (midpoint: $1.825), including an estimated
FRE Pouches & Flavors
What are FRE pouches? FRE is a nicotine pouch brand that was introduced in the U.S. market in 2019. FRE nicotine pouches are manufactured by Nu-X Ventures, a subsidiary of the Kentucky-based tobacco company Turning Point Brands (TPB). TPB, created in 1988 through leveraged buyout of Lorillard’s Other Tobacco Products division,
Zone Pouches & Flavors
What are Zone pouches? Zone is a nicotine pouch brand launched in the U.S. in February 2024. Zone nicotine pouches are manufactured by TJP Labs in Canada and marketed by ITG Brands, a subsidiary of Imperial Brands, in the U.S. In June 2023, Imperial acquired a range of 14 nicotine
PMI: Regulatory Headwinds
PMI Share Price Pullback Creates a More Attractive Entry Point Amid Regulatory Recalibration In our PMI FY25 Results memo, we highlighted that Philip Morris International (PMI) was trading above our estimated fair value of $181 per share and that 2026 could present more attractive entry opportunities as the market begins
Credit Ratings: Turning Point Brands
April 2026: Fitch affirms Turning Point Brands’ IDR at “B+”. Outlook Stable Fitch Ratings has affirmed Turning Point Brands’ (TPB) Long-Term Issuer Default Rating (IDR) at “B+” and senior secured bonds at “BB-” with a Recovery Rating of “RR3”. The rating outlook is Stable. TPB’s ratings reflect its solid position
Tobacco Pulse Surveys: Q1 2026
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: March 28, 2026 What is your small-cap tobacco
Snus.us: A Tobacco Retailer Offering Reliability in a Fast-Changing Market
While dipping tobacco and snus are widely available throughout the US, it’s rare for stores to sell a comprehensive range of both products. Snus.us has emerged to fill this gap, providing an online store with the greatest variety possible of tobacco products authorized for sale in the US. The site
E-cigarette Market
March 2026: Vaping Use Surges in Thailand Despite Longstanding Ban E-cigarette use in Thailand has increased sharply despite the country maintaining a strict ban on the products for more than a decade. According to official data, the number of e-cigarette users rose from around 78,000 in 2021 to 900,000 in
Imperial Brands: 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 a certain geography (2) Geographical re-balancing: Fast-declining cigarette volume in the Western markets vs. Stable (even, increasing) cigarette volume in the emerging markets (especially, in
Credit Ratings: Philip Morris International
March 2026: Fitch Affirms Philip Morris International at “A”. Outlook Stable Fitch Ratings has affirmed Philip Morris International (PMI) Long-Term Issuer Default Rating (IDR) and senior unsecured long-term rating at “A”. The Outlook on the IDR is Stable. PMI’s “A” IDR is underpinned by its leading position in the global
ITC: Business Outlook
March 2026: ITC Faces Earnings Uncertainty as Tax Hikes and Margin Pressures Weigh on Outlook ITC Limited shares have declined to 30-month lows and are now trading below the ₹300 mark, roughly 40% below their all-time high near ₹500. The decline follows recent cigarette tax increases and concerns that price
Sesh Pouches & Flavors
What are Sesh pouches? Sesh+ is a nicotine pouch brand launched in the U.S. in late-2021 by Sesh Products. Headquartered in Austin, Texas and founded in 2020, Sesh manufactures in Ohio and distributes nationwide. Sesh submitted Premarket Tobacco Product Applications (PMTAs) to the U.S. Food and Drug Administration (FDA) in
On Plus (on! PLUS) Nicotine Pouches
March 2026: on! PLUS Expands Nationwide Retail Availability in the U.S. Altria announced the national retail expansion of on! PLUS nicotine pouches. on! PLUS is the first nicotine pouch product authorized through the U.S. Food and Drug Administration (FDA)’s pilot program designed to expedite the review of premarket tobacco product
UK: Roll-Your-Own Tobacco
The UK is one of the biggest and most profitable tobacco markets in the world with close to £30 billion (US$38 billion) annual retail turnover. Despite experiencing a jaw-dropping volume decline of 17% per annum (2021-24), machine-made cigarettes (or “fags”, as a British would call them) still has a 64%
Smoore: FY25 Results
Strong Revenue Rebound Masked by Margin Compression and Rising Costs Smoore International delivered a notable top-line recovery in FY2025, with revenue rising 20.8% year-on-year to RMB14.26 billion, marking a return to growth after several weaker years. This performance was primarily driven by the corporate client-oriented (“corporate”) segment, which grew 21.7%
lil
March 2026: KT&G’s Lil Able Surpasses 1 Million Devices as Heated Tobacco Business Approaches ₩1 Trillion KT&G’s heated tobacco device Lil Able has surpassed 1 million units in cumulative sales in South Korea, highlighting the strong growth of the company’s next-generation tobacco business. The device, first launched in November 2022,
Africa: Tobacco Market
March 2026: BAT Faces Rising Illicit Trade in African Markets British American Tobacco (BAT) reported a 12.5% year-on-year revenue decline in Kenya in 2025, as domestic market performance continued to be undermined by illicit trade. Illicit cigarettes now account for 45% of the Kenyan market, up from 37% in 2024,
USA: Youth Nicotine Use
Youth Nicotine Use at Historic Low in the U.S. Despite Rise of Disposable E-Cigarettes The landscape of youth nicotine use in the United States has reached a notable inflection point. According to data from the 2025 National Youth Tobacco Survey (NYTS), the overall prevalence of any tobacco or nicotine product
glo: Brand Equity
What is the consumer perception of BAT’s Glo? Is there a brand equity deficit? If so, what could be the reason? The short answer: Consumer perception positions glo as a lower-priced alternative to IQOS. As a result, there is a clear brand equity gap versus Philip Morris InternationaI (PMI)’s flagship
China Tobacco International: FY25 Results
China Tobacco International Reports Solid FY2025 Growth as Leaf Trading Drives Performance China Tobacco International (HK) Company Limited reported solid financial results for fiscal year 2025, supported by stronger tobacco leaf trading activity and improved profitability. The company, which serves as the international arm of China National Tobacco Corporation, plays
Tobacco & Nicotine Tax: USA – 2026
U.S. States Move to Expand Nicotine Excise Taxes in 2026 With the 2026 state legislative session in full swing, excise taxation on cigarettes, vaping products, nicotine pouches and other tobacco-related items has emerged as a central policy focus across the United States. Faced with persistent budget pressures and declining cigarette
Scandinavian Tobacco: FY25 Results
Scandinavian Tobacco Group Reports Weaker 2025 Results Amid Market Headwinds and Strategic Transition Scandinavian Tobacco Group (STG) reported weaker financial results for Q4 2025 and FY25, reflecting a combination of currency headwinds, weaker consumer sentiment in the United States, operational disruptions related to the rollout of a global ERP system,
Scandinavian Tobacco: Dividend
March 2026: Scandinavian Tobacco Group Reduces Annual Dividend to kr.4.50 Scandinavian Tobacco Group proposes an ordinary dividend of kr.4.50 per share for 2026, corresponding to a 42% payout ratio. Compared with the kr.8.50 dividend paid in 2025, this represents a 47% reduction and the lowest dividend since the company’s IPO.
Zonnic: Canada
March 2026: Alberta Urges Federal Government to Ease Nicotine Pouch Restrictions Amid Black Market Concerns Alberta’s provincial government has formally urged Canada’s federal authorities to reconsider strict national rules governing nicotine pouches, arguing that the current framework is counterproductive and contributes to the growth of an unregulated market. In a
Turning Point Brands (TPB): Results – 2025
March 2026: Turning Point Brands Accelerates Modern Oral Expansion, Steps Up Investment in 2026 Turning Point Brands (TPB) reported strong fourth quarter and full-year 2025 results, driven by rapid growth in its Modern Oral nicotine pouch portfolio, while signaling increased investment and near-term margin variability as it scales distribution and
ZYN After Dark Series
ZYN has cemented itself as one of the most influential nicotine products in the U.S., redefining the modern smokeless category with its discreet pouches, clean delivery, and tobacco-leaf-free formulation. Its rapid rise has turned the brand into both a cultural trend and a top seller across convenience stores and online
Canada: Vapes
February 2026: Diverging Alcohol and Nicotine Trends Among Young Canadian Adults Young Canadian adults are consuming less alcohol than older generations, while reporting comparatively higher daily use of nicotine products. Based on self-reported lifestyle disclosures from insurance applications, Canadians aged 18 to 29 recorded the lowest incidence of daily alcohol
Altria: CAGNY 2026
Funding a Responsible Smoke-Free Transition While Sustaining Premium Profitability At the 2026 Consumer Analyst Group of New York (CAGNY) conference, Altria Group articulated a clear and disciplined strategic direction: leverage the resilient cash flows of its premium combustible franchise to fund a responsible transition toward a diversified, smoke-free portfolio –
PMI: CAGNY 2026
PMI’s Smoke-Free Transformation Delivers Structural Volume Growth, Margin Expansion and Sustainable Double-Digit EPS Growth Philip Morris International (PMI) presented a clear message at CAGNY 2026: the company has successfully transitioned from 100% combustible cigarette business to a diversified, multi-category nicotine company, and is entering the next phase of accelerated growth,
BAT: CAGNY 2026
BAT Positions Itself to Win the Global Multi-Category Shift, with U.S. Scale and Nicotine Pouches as the Primary Growth Engines At CAGNY 2026, British American Tobacco (BAT) presented a clear strategic narrative: the nicotine industry is structurally transforming and expanding, and BAT is uniquely positioned to win through its global
South-East Europe: Cigarette Market
South-East Europe: Albania, Bosnia & Herzegovina, Bulgaria, Croatia, Greece, Kosovo, Montenegro, North Macedonia, Romania and Serbia February 2026: Factory Closures Turn Bosnia’s Tobacco Sector into an Import-Dependent Market Bosnia & Herzegovina’s tobacco industry, established in the late 19th century, was once a pillar of domestic manufacturing. Over the past two
New Zealand: Vapes
February 2026: New Zealand Approves First Quit‑Vaping Medicine as Youth Use Climbs New Zealand’s medicines regulator Medsafe approved the country’s first product specifically indicated to help people quit vaping, marking a milestone in clinical support for nicotine dependence. The product now recommended for this purpose is Nicorette QuickMist, a nicotine mouth
China: E-cigarette Market
February 2026: China Freezes Vape Factory Expansion Amid Mounting Overcapacity China’s tobacco regulator ordered e-cigarette manufacturers to halt the construction of new production facilities, signaling a decisive shift from rapid expansion to tighter industrial control. The directive reflects growing concern over excess capacity, intensifying price competition, and financial strain across the
Credit Ratings: Altria
February 2026: Fitch Upgrades Altria to BBB+ Fitch Ratings upgraded Altria’s Long-Term Issuer Default Rating (IDR) to “BBB+” from “BBB” and Short-Term IDR to “F1” from “F2”. Additionally, Fitch removed Altria’s ratings from Under Criteria Observation (UCO). Fitch previously placed Altria’s ratings on UCO following the publication of its “Corporate Rating
South Korea: Nicotine Pouches
February 2026: South Korea’s Nicotine Pouch Challenge Despite the rapid global growth of nicotine pouches – driven by brands such as ZYN from Philip Morris International and VELO from British American Tobacco – the category remains largely absent from mainstream retail in South Korea. Beyond limited cross-border e-commerce listings and small-scale
Haypp Group: FY25 Results
– Net sales: up +15% to kr.1,052.2 million (+19% cc) in Q4 2025 and up 5% kr.3,848.9 million (+7% cc) in FY25. First-time above kr.1 billion in quarterly net sales [cc: in constant currency] – Gross margin: up +0.3pp to 17.4% in Q4 2025 and up +3.5pp to 18.5% in
BAT: FY25 Results
Release date: February 12, 2026; before the LSE opening Consensus ahead of the release: +1.9% revenue and 2.0% operating profit growth in FY25; Acceleration in financial delivery to +3.5% revenue and +4.0% operating profit growth in FY26 Latest guidance: c.2.0% revenue and c.2.0% operating profit growth in FY25; Lower end
Memo: JT FY25 Results
Results summary: Japan Tobacco: FY25 Results Japan Tobacco’s FY25 Results: Combustible Strength Remains Second to None Japan Tobacco’s (JT) cigarette business continues to deliver industry-leading performance – arguably even ahead of Marlboro owner Philip Morris International (PMI). Fueled by the international strength of the Winston and Camel brands, JT’s combustible
Prilla.com: A Trusted Retailer on the Nicotine Pouch Market
As the tobacco-free market continues to expand, it has created a golden opportunity for e-commerce stores. Prilla.com, an online retailer that sells to the US market, has benefited from the rising demand for these products. The site offers a wide range of flavors, formats, and nicotine strengths from dozens of
Memo: BAT – FY25 Results
Results summary: BAT: FY25 Results BAT FY25 revenue and profit from operations are fully in line with our expectations. See BAT: FY25 Results – Preview for further details. Our expectation Reported Variance Revenue £25.6 billion £25.61 billion — U.S. combustible volume c.43 billion units 44 billion units BAT volume decline (-7.7%)
Japan Tobacco: FY25 Results
Consolidated Results FY25 Revenue up +13.4% to ¥3,467.7 billion (+13.9% at constant FX); Adjusted operating profit up +21.5% to ¥902.2 billion (+24.9% at constant FX) Tobacco Segment: 91.8% weight in revenue, 100+% weight in adj. operating profit in FY25 Top-line & Bottom-line Results: Tobacco Segment Only Excluding Processed Food Segments;
Copenhagen Pouches
Copenhagen Pouches are a tin of moist smokeless tobacco, commonly known as dipping tobacco in the United States, in pouch format. Copenhagen is a prominent American brand of moist smokeless tobacco, produced by the U.S. Smokeless Tobacco Company (USSTC) – a subsidiary of Altria Group which also owns Marlboro-maker, Philip
Egypt: Tobacco Market
February 2026: Philip Morris Egypt raises cigarette prices by E£5-7 Philip Morris Egypt announced new prices for its portfolio of traditional cigarettes and heated tobacco products in the Egyptian market. Under the updated price list, Merit is now priced at E£111 per pack ($2.4), Marlboro at E£102 ($2.2) and L&M at
Geek Bar Vapes & Flavors
Geek Bar Vapes: A Comprehensive Look at Its Rise, Popularity, Controversies, and Future Geek Bar is a vape brand, mostly recognized for its disposable vapes that come in bold flavors. Established in 2015, Geek Bar is manufactured and marketed by Geekvape, a prominent Chinese vape company. Geek Bar entered the
Memo: PMI FY25 Results
Results summary: Philip Morris International (PMI): FY25 Results PMI FY25 results are better than expected in two areas: (1) cigarette shipment volume, (2) smoke-free pricing. PMI FY26 Guidance is better than expected mostly due to favorable FX rates. See PMI: Q4 2025 Preview for further details. Q4 2025 Our Expectation Reported Variance
Philip Morris International (PMI): FY25 Results
Ahead of the Q4 2025 & FY25 Earnings release Release date: February 6, 2026 (before the opening bell) Revenue: $10.38 billion expected (+6.9% vs. $9.71 billion in Q4 2024) EPS: $1.70 expected (+9.7% vs. $1.55 in Q4 2024) Latest guidance – FY25 EPS: $7.46 – $7.56 (including ¢10 favorable FX),
KT&G: FY25 Results
Q4 2025 & FY25 Results Revenue: ₩1.71Tn in Q4 (+10.1% year-on-year), ₩6.58Tn in FY25 (+11.4%) EBITDA: ₩325.8Bn in Q4 (+17.7%), ₩1.64Tn in FY25 (+14.1%) EBITDA Margin: 19% in Q4 (+1.2pp), 24.9% in FY25 (+0.5pp) Operating Profit: ₩248.8Bn in Q4 (+17.1%), ₩1.35Tn in FY25 (+13.5%) Net Income: ₩274.2Bn in Q4 (-15.3%),
BAT: FY25 Results – Preview
Date: February 12, 2026 (Thursday), before the bell FY25 Consensus: £25.6Bn revenue (+1.9% yoy); 11.29Bn profit from operations (+2.0% yoy); £3.38 EPS (+1.6% yoy) FY25 Guidance: Revenue and adjusted profit from operations (APFO) growth of c.2% with mid-single digit New Category revenue growth. c.1% transactional FX headwind and c.3% translational FX headwind on
Beyond Nicotine: Altria
January 2026: Altria Advances Non-Nicotine Expansion Strategy As part of its 2028 Enterprise Goals, Altria plans to expand into non-nicotine categories, targeting broad commercial distribution of at least five products by 2028. The company is continuing to test a range of concepts and products developed both internally and in partnership
Grizzly Tobacco: Pouches & Flavors
What are Grizzly pouches? Grizzly Tobacco, commonly misspelled as Grizzle Tobacco, is a popular brand of moist tobacco (dip) produced by the American Snuff Company, an operating company of British American Tobacco’s U.S. subsidiary of Reynolds American. 2.1 billion cans of moist smokeless tobacco were sold in the U.S. in
Russia: Cigarette Market
January 2026: Russia to Begin Extra-Judicial Blocking of Online Tobacco Sales Sites Russian authorities will start blocking websites that sell tobacco and nicotine-containing products without a court order beginning in March 2026. The measure, passed by the State Duma and set to take effect on March 1, 2026, aims to
Memo: Altria Q4 2025 Results
Results summary: Altria: FY25 Results Altria Q4 2025 results and FY26 Guidance are broadly in line with our expectations. See Altria: Q4 2025 Preview for further details. Our expectation Reported Variance Revenue $5.02 billion $5.079 billion Better price realization in smokeless segment Smokeable Revenue $4.38 billion $4.38 billion — Smokeless Revenue
ITC: Q3 2026 Results
Key Business Metrics: Q3 2026 – New reporting structure: Standalone (core businesses) vs. Consolidated (including ITC Infotech India Limited, Surya Nepal Private Limited and ITC Hotels Limited) – bei: before exceptional items – Gross Revenue up +7.1%, driven by double-digit revenue growth in FMCG and sustained momentum in cigarettes business
Altria: FY25 Results
Ahead of Q4 2025 Earnings release Release date: January 29, 2026 (before the opening bell) Revenue: $5.03 billion expected (-1.5% vs. $5.106Bn in Q4 2024) EPS: $1.32 expected (+2.3% vs. $1.29 in Q4 2024) Latest guidance: FY25 EPS in a range of $5.37 to $5.45, representing a growth rate of
PMI: Q4 2025 Preview
Date: February 6, 2026 (Friday), before the bell Consensus: $10.38 billion revenue (+6.9% year-on-year); $1.70 EPS (+9.7% year-on-year) Topline Guidance: Net revenue growth of 6% to 8% on an organic basis ($40.15 – $40.91 billion). The FY25 guidance implies Q4 net revenue of $9.86 – $10.62 billion (mid-point: $10.24 billion);
Europe: Cigarette Prices
January 2026: Tobacco Prices Increase Across Europe in 2026 In 2026, most European countries increase taxes on tobacco and an expanding range of nicotine products as part of public health strategies aimed at reducing use, preventing youth initiation, and addressing health inequalities. Nations including the UK, Germany, Austria, France, Italy
Altria: Q4 2025 Preview
Date: January 29, 2026 (Thursday), before the bell Consensus: $5.02Bn revenue (-1.7% year-on-year); $1.32 EPS (+2.3% year-on-year) => higher EPS on a lower revenue base, driven by pricing, lower volume/cost base and lower share count Guidance: FY25 EPS in a range of $5.37 to $5.45, representing a growth rate of 3.5% to 5.0%
British American Tobacco: 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 a certain geography (2) Geographical re-balancing: Fast-declining cigarette volume in the Western markets vs. Stable (even, increasing) cigarette volume in the emerging markets (especially, in
Cannabis: Taxation – USA
January 2026: Cannabis Sales Tax Hike Takes Effect In Maine Sales taxes on the purchase of adult-use cannabis products increased from 10% to 14% in Maine, effective January 1, 2026. The sales tax hike was proposed by the Governor to address the state’s budget deficit. However, separate provisions in the
USA: Tobacco Regulation in 2026
What to Watch in U.S. Tobacco Regulation in 2026: Key Developments for Industry and Policy As the tobacco and nicotine product landscape continues to evolve, 2026 promises to be a pivotal year for regulatory developments in the United States. Federal, state, and local actions are converging to reshape market access,
Tobacco Regulation: China
January 2026: China to End VAT Export Rebates on E-Cigarette Products from April 2026 China will cancel value-added tax (VAT) export rebates on e-cigarette products containing nicotine starting April 1, 2026, marking another tightening of fiscal and regulatory conditions for the country’s large vaping export sector. The decision, jointly issued
Karelia Tobacco
Karelia Tobacco Company is Greece’s largest cigarette manufacturer & exporter and one of the largest independent tobacco companies in the world (i.e. not belonging to the Big 6 – Philip Morris International, British American Tobacco, Japan Tobacco, Imperial Brands, Altria and KT&G). Karelia’s history dates back to 1888, when the
Cannabis: Market Outlook – USA
U.S. Cannabis Industry at a Crossroads: Policy Shifts, Market Pressures and Strategic Trends Heading Into 2026 The U.S. cannabis industry experienced a year of extraordinary turbulence and transition in 2025, as federal policy, state-level legalization efforts, industry economics and market dynamics converged to reshape the business environment. As 2026 begins,
BAT: Impact from Excise Tax Hike
Considering the recent excise tax hike on tobacco products in India, do you believe ITC’s dividend could be at risk in 2026, and, as a result, could BAT face significant impact on its free cash flow growth targets for the same year? The short answer: Excise tax hike in India is
Italy: Cigarette Market
December 2025: Italy’s 2026 Tobacco Tax Hike – What to Expect Starting on January 1, 2026, the Italian Government will implement a significant increase in excise taxes on tobacco and nicotine products following the approval of the 2026 Budget Law. The reform introduces a multi-year framework for raising taxes on
Philippines: Heated Tobacco
December 2025: Philip Morris opens IQOS Flagship Boutique in Makati, Manila PMFTC, the Philippine affiliate of Philip Morris International (PMI), opened its latest IQOS Boutique in Glorietta shopping mall complex in Makati, Manila. Launched as a premium, multi-sensory flagship space, the boutique aims to create a modern/stylish, immersive environment that blends
Spain: Cigarette Market
December 2025: Japan Tobacco is the new cigarette market leader in Spain Japan Tobacco (JT), the maker of Camel and Winston, snatches the cigarette market leadership in Spain for the first time in history. JT reached a market share of 27.4% at the end of November 2025, surpassing Imperial Brands-owned
Tobacco Pulse Surveys: Q4 2025
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: Dec 28,2025 What is your small-cap tobacco (nicotine)
Credit Ratings: Imperial Brands
December 2025: Fitch Affirms Imperial Brands’ “BBB” Credit Rating. Outlook Stable Fitch Ratings affirmed Imperial Brands’s long-term issuer default rating (IDR) and senior unsecured instrument rating at “BBB”. The outlook on the IDR is Stable. The rating reflects Imperial’s concentration on the cash-generative, profitable yet mature combustible tobacco markets. Pricing
Geekbar: Shortage in the U.S.
December 2025: Illicit Vape Influx and Geek Bar’s Market Return – How U.S. Shutdown Dynamics Fueled a Surge Chinese export data reveal a dramatic rebound in vape shipments to the United States through October 2025, even as American customs and public health authorities were ostensibly cracking down on illicit products.
ZYN Lawsuits
December 2025: Florida Judge Lets Deceptive Trade Claim Stand in Zyn Lawsuit A federal judge in Florida refused to dismiss a deceptive business practices claim in a lawsuit against Philip Morris International (PMI) over its marketing of ZYN nicotine pouches, allowing that portion of the case to proceed. The plaintiffs
Velo Pouches
December 2025: VELO celebrates Formula 1 victory VELO owner-British American Tobacco (BAT) celebrates dual McLaren F1 win (both Constructors’ and Drivers’ Championships) with a VELO Special Champions’ Edition. Papaya refers to McLaren’s informal code of conduct, emphasizing racing hard but clean, avoiding contact, prioritizing the team, and ensuring fairness. McLaren
PMI – KT&G Partnership
December 2025: Philip Morris International – KT&G Partership Agreement is revised KT&G announced that it revised the key contractual terms related to its 15-year long-term partnership with Philip Morris International (PMI). The first 3-year period (2023-25) of the agreement, with a minimum guaranteed sales quantity of 16 billion sticks (for
Tobacco Industry: Valuation Multiples
What are the key variables you use to assess valuation multiples in the tobacco/nicotine industry? The short answer: Discount rate, Earnings growth, Cycles & Idiosyncrasies Just to set the things right from the get-go, we need to underline that we are industry experts, not sell-side analysts or investment managers. Nevertheless, for
BAT: FY25 Pre-Close Update
Results summary: BAT: FY25 Trading Update In the BAT: FY26 Growth Algorithm write-up, based on our modelling, we noted our expectation for BAT to deliver 3% net revenue and 5% operating income growth. BAT stated that they will deliver the low-end of the mid-term growth range in 2026 – that corresponds
BAT: FY25 Trading Update
Ahead of the FY25 Trading Update release Release date: December 9, 2025 (before the LSE opening bell) Consensus estimates: 2.1% revenue and 2.1% adj. operating profit growth in 2025; acceleration in financial delivery to 3.5% revenue and 4.7% adj. operating profit growth in 2026 British American Tobacco (BAT) repeatedly committed
Pakistan: Tobacco Market
December 2025: Philip Morris begins the local production of ZYN nicotine pouches Philip Morris International (PMI) began the production of ZYN nicotine pouches at its Sahiwal facility. British American Tobacco (BAT) introduced the nicotine pouch category in Pakistan by launching VELO in 2019 and established a sizeable & fast-growing consumer
New Zealand: Nicotine Pouches
December 2025: New Zealand Lawmakers Debate Plans for Oral Nicotine Products New Zealand lawmakers debated the Government’s plans for regulating oral tobacco and nicotine products, including products such as nicotine pouches and Swedish-style snus, during a Health Select Committee session in December. The Government had previously agreed in principle to
Japan Tobacco: News
December 2025: Japan Tobacco completes the transfer of its pharmaceutical business to Shionogi Japan Tobacco (JT) completed the transfer of its pharmaceutical business to the Japanese pharmaceutical firm, Shionogi via a simplified absorption-type company split – a process first announced in May 2025 and updated in September 2025. As part
Japan: Ploom Heated Tobacco
Ploom AURA Ploom AURA is the fourth-generation model of the Ploom heated tobacco platform and made its debut in Japan in May 2025. Ploom AURA is visually completely different from the previous model (Ploom X), adopting a slender form and a reduced weight of 75.5 grams (compared to c. 95g
BAT: FY26 Growth Algorithm
Since Tadeu Marroco took over the CEO position in May 2023, British American Tobacco (BAT) repeatedly committed to return to 3-5% revenue and mid-single digit (4%-6%) adjusted operating profit growth algorithm on a sustainable basis by 2026. A failure to honor this commitment could trigger an overwhelmingly adverse market reaction.
22nd Century Group: Interview
22nd Century Group is pioneering very low nicotine (VLN) cigarettes with the aim to give millions of smokers the choice to take control of their nicotine consumption. The Group’s flagship product, VLN cigarette, contains 95% less nicotine than traditional cigarettes and offers an authentic and familiar alternative in the form
Scandinavian Tobacco: 2025 Capital Markets Day
Scandinavian Tobacco Group opened its 2025 Capital Markets Day by situating the event within a decade-long corporate journey that began with the company’s listing on the Copenhagen Stock Exchange. Over that period, the group returned more than DKK 9 billion to shareholders through dividends and share buybacks and built a
BAT: FY25 Pre-Close Update – Preview
Date: December 9, 2025 (Tuesday), before the bell FY25 Consensus: £25.54Bn revenue (+2.1% yoy); 11.28Bn profit from operations (+2.1% yoy); £3.372 EPS (+2.3% yoy) Guidance: Revenue growth at the top end of 1.0-2.0% range, with mid-single digit New Category revenue growth. 1.5-2.5% adjusted profit from operations growth (adj. for Canada), including c.1.0-1.5% transactional
Memo: Imperial Brands FY25 Results
Update summary: Imperial: FY25 Results Imperial Brands delivered better-than-expected FY25 results – mainly, driven by lower-than expected shipment volume decline. FY25 volume decline of -1.7% is well below the trend established in the recent years (i.e. -8% in FY22, -7% in FY23 and -4% in FY24). We believe Philip Morris
Imperial: FY25 Results
– Tobacco & NGP Net revenue up +4.1% on a constant FX basis to £8.32 billion (vs. +3% exp.) – Adjusted Operating profit up +4.6% to £3.99 billion (vs. +4.3% exp.), Adjusting items: Amortisation and impairment of acquired intangibles (£369 million), discontinuation of Langenhagen operations (£101 million), 2030 Strategy implementation
BAT: Recent Outperformance
What is your take on the recent share price outperformance of British American Tobacco (BAT) against Philip Morris International (PMI) and Altria? The short answer: Positive developments in the key U.S. market leading to the unwinding of the sell-off triggered by the sudden departure of BAT CFO Replying to a member
South Korea: Heated Tobacco Promotions
November 2025: British American Tobacco will run a year-end promotion British American Tobacco (BAT) announced that it will run a year-end promotion for the glo Hyper heated tobacco devices. A special promotion will be offered online and offline for the first-time buyers until the end of the year and glo
Scandinavian Tobacco: FY25
Background Scandinavian Tobacco Group (STG) is the world’s 15th largest publicly traded tobacco company by market cap. STG became a pure-play cigar & pipe tobacco manufacturer, following the acquisition of its cigarette & snus business (“House of Prince”) by BAT in 2008. With operations mainly in Europe & the USA, STG owns well-known brands
Cigarette Tax: International
Below is the list the most recent tobacco tax changes across the world. Note that there is a separate write-up on e-cigarette taxation. November 2025: Bulgaria to Gradually Increase Tobacco and Nicotine Excise Taxes from 2026 Bulgaria will implement a phased increase in excise duties on all tobacco and nicotine
KT&G: Q3 2025 Results
Q3 2025 Results “Double-digit revenue and operating profit growth, mainly driven by the international cigarette division”s Revenue: ₩1.83 trillion (+11.6% year-on-year) => record-high quarterly revenue, driven by international cigarette segment and higher real estate development income EBITDA: ₩540.5 billion (+12.3%); EBITDA Margin: 29.6% (+0.2pp) Operating Profit: ₩465.3 billion (+11.4%), driven
Haypp Group: Results – 2025
November 5, 2025: Q3 2025 Results1 LFL (like-for-like) adjustment: excluding the impact of the ZYN shortage, discontinuation of tobacco sales and state closures in the US – Net sales: up +15% kr.952.1 million in Q3 2025 (reported: +0.8%; in constant FX: +3%) – Drivers of net sales growth (+15%): nicotine
Vape Ban
Governments around the world have responded to the rapid commercial growth of electronic nicotine delivery systems (ENDS, commonly “vapes” or “e-cigarettes”) with a wide range of regulatory approaches that run from light touch (age limits, advertising controls) to outright prohibition of sale, importation and distribution. The main rationales for restrictive
Australia: Vapes
October 2025: TGA issues a warning to online delivery service providers not to breach the laws regarding the supply and advertising of vaping products The Therapeutic Goods Administration (TGA) issued a warning to online delivery service providers not to breach the Australian laws regarding the supply and advertising of vaping
BAT: Implications of ITC Q2 2026 Results
How much would ITC’s results have an impact on BAT given their stake in the company? The short answer: We believe ITC results have no direct impact on BAT in the short-term In FY24, BAT’s share of ITC’s post-tax results was £545 million – which corresponded to 4.4% of BAT’s
ITC: Q2 2026 Results
Key Business Metrics: Q2 2026 – New reporting structure: Standalone (core businesses) vs. Consolidated (including ITC Infotech India Limited, Surya Nepal Private Limited and ITC Hotels Limited) – Gross Revenue up +7.1%, excluding Agriculture business, driven by Cigarettes and FMCG – Overall EBITDA up +2.1% (ex-paper, up +3.2%); EBITDA margin
Memo: Altria Q3 2025 Results
Results summary: Altria: Q3 2025 Results In the Altria: Q3 2025 Preview, we highlighted three points to watch out: (1) Combustible volume/pricing: Supported by Basic growth, we expected Altria’s cigarette volume decline to be around ~9% – significantly below the 10.5% adjusted decline reported in H1 2025. When adjusted for trade inventory
Altria: Q3 2025 Results
Ahead of Q3 2025 Earnings release Release date: October 30, 2025 (before the opening bell) Revenue: $5.29 billion expected (-1% vs. $5.344Bn in Q3 2024) EPS: $1.44 expected (+4.4% vs. $1.38 in Q3 2024) Latest guidance: FY25 adjusted diluted EPS in a range of $5.35 to $5.45, representing a growth
Memo: JT Q3 2025 Results
Results summary: Japan Tobacco: Q3 2025 Results The launch of IQOS in Japan (nationwide expansion: September 2015) is a milestone in Japan Tobacco’s history. In 2015, JT was making close to 40% of its operating profit in Japan. The success of IQOS in Japan and the subsequent fast decline in
Japan Tobacco: Q3 2025 Results
Revenue: ¥947.2Bn (versus ¥901Bn expected) EPS: ¥109 (versus ¥92.9 expected) Starting from Q3 2025, the Pharmaceutical business is classified as discontinued operations Top-line & Bottom-line Results – Tobacco Segment Only (Excluding Pharmaceuticals and Processed Food Segments. Tobacco Segment has a 92.5% weight in revenue and 100+% weight in adjusted operating
USA: Crackdown on Illicit Vapes
Will the U.S. crackdown on illicit vapes yield meaningful results for VUSE and other legal players? The short answer: It will yield meaningful results for VUSE, JUUL and, possibly NJOY. There are already early positive signs for the legal category-leader VUSE. However, return to normal (i.e. less than 10% illicit)
USA: Unit Economics – Cigarettes vs. Nicotine Pouches
What is the gross profit/margin on cigarettes and nicotine pouches? When a smoker switches fully from cigarettes to nicotine pouches, do the tobacco companies make more money on a weekly consumption basis? The short answer: Hypothetically speaking, tobacco companies currently make less money from a consumer switching from cigarettes to
BAT: Implications of PMI Q3 2025 Results
What does PMI’s Q3 2025 results imply for BAT, specifically in the nicotine pouch and heated tobacco categories? The short answer: Limited financial implication for BAT in the short-term, but could uplift the sentiment towards revitalization of BAT’s new nicotine products business BAT generated 56.8% of its operating profit in the
Altria: Q3 2025 Preview
Date: October 30, 2025 (Thursday), before the bell Consensus: $5.29Bn revenue (-1% year-on-year); $1.44 EPS (+4.35% year-on-year) => higher EPS on a lower revenue base, driven by pricing, lower volume/cost base and lower share count Guidance: FY25 EPS in a range of $5.35 to $5.45, representing a growth rate of 3.0% to 5.0%
Memo: PMI Q3 2025 Results
Results summary: Philip Morris International (PMI): Q3 2025 Results In the PMI Q3 2025 Preview, we highlighted three points to watch out: (1) ZYN U.S. performance: As expected, PMI shipped more than 200 million ZYN cans in the U.S. at the expense of pricing and with extensive marketing support. As
Philip Morris International (PMI): Q3 2025 Results
Ahead of the Q3 2025 Earnings release Release date: October 21, 2025 (before the opening bell) Revenue: $10.64 billion expected (+7.4% vs. $9.91 billion in Q3 2024) EPS: $2.09 expected (+9.4% vs. $1.91 in Q3 2024) Latest guidance – Q3 2025 EPS: $2.08 to $2.13 (including ¢5 favorable FX) Q3
Tobacco: Youth Access Prevention
October 2025: British American Tobacco and Channel Islands Coop will roll out Yoti facial age estimation in stores to combat youth access British American Tobacco (BAT) and The Channel Islands Co-operative Society Limited (Channel Islands Coop), the region’s largest retailer, partnered to launch Yoti facial age estimation technology in stores
Smoore: News
October 2025: Q3 2025 Results1 Smoore’s quarterly revenue increased +27.2% year-on-year (+27.5% sequentially) to ¥4,196.8 million in Q3 2025 – setting a new record high for Smoore. Both corporate client segment (heated tobacco & vapes) and own brand segment contributed to the revenue growth: – Heated tobacco products: Launch of
USA: Enforcement Againt Illegal Vapes
U.S. Vape Market Enters Institutionalized Enforcement Phase as Federal and State Efforts Escalate The United States is undergoing a regulatory transformation in its e-cigarette sector, shifting from episodic enforcement campaigns to a long-term, institutionalized enforcement framework. Over recent months, federal and state authorities have expanded their oversight of the supply
Memo: Imperial Brands FY25 Update
Update summary: Imperial: FY25 Pre-close Trading Update Imperial Brands stated that they are on track to deliver the FY25 guidance: low-single digit tobacco & NGP (Next Generation Products) net revenue growth, close to the middle of the mid-single-digit (close to 5%) adjusted operating profit growth, double-digit net NGP revenue growth,
Imperial: FY25 Pre-close Trading Update
On track to deliver FY25 guidance. £1.45 billion share buyback in FY26, to completed no later than 28 October 2026 (+16% increase compared to £1.25 billion in FY25). FY25 Results to be announced on November 18, 2025 FY25 guidance stated in May 2025: Low-single digit tobacco & NGP net revenue
PMI: Q3 2025 Preview
Date: October 21, 2025 (Tuesday), before the bell Consensus: $10.65Bn revenue (+7.5% year-on-year); $2.096 EPS (+9.7% year-on-year) Guidance: $2.08 to $2.13 (including ¢5 favorable FX) What to Watch: (1) ZYN U.S. performance (2) Heated tobacco performance in the international markets (3) Cigarette volume/pricing development ZYN U.S.: In Q2 2025, Philip
Research: Tobacco Products
October 2025: 70% of Policy Experts Misidentify Nicotine as Primary Cause of Smoking-related Diseases Based to a multi-market survey of 450 policy experts conducted across 15 different markets in 2024/25, British American Tobacco (BAT) stated that 70% of policy experts continue to misidentify nicotine as primary cause of smoking-related diseases.
USA: Market Update – Sept 2025
According to the Circana retail audit/scan data, in the 52 weeks ending September 7, 2025, total U.S. tobacco sales declined -0.7% to $73.9 billion – driven by the cigarette volume decline and ongoing shift of vaping product sales to untracked channels (e.g. independent/low-tier retailers, specialty retailers, online). Cigarettes: Cigarettes sales
ZYN & People
October 2025: RFK Jr popping a nicotine pouch behind Trump’s back U.S. Secretary of Health and Human Services (HHS), Robert F. Kennedy Jr. (RFK Jr) appeared to pop a nicotine pouch behind Trump’s back, while pretending to cough during an announcement in the Oval Office. This is not the first time
Tobacco Pulse Surveys: Q3 2025
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: Sept 28, 2025 Considering a 20-year time horizon,
Altria: Nicotine Pouches – International Expansion
Could the recently announced of Global Collaboration Agreement with KT&G clear the way for Altria to build a substantial nicotine pouch presence in the international markets? The short answer: The global collaboration with KT&G could help Altria build a limited presence in the international markets. The financial impact would be
BAT: Interim Update
How is BAT performing heading into the end of Q3 2025? The short answer: Positive incremental progress on key issues. Likely to re-affirm the FY25 targets British American Tobacco (BAT) reports its full results twice a year and provides two interim updates. BAT will results a FY25 Pre-Close Trading Update
BAT: VELO Shift
Do you already have a read on the VELO Shift launch in Sweden? Is there any indication that it is in the FDA approval pipeline or will it just be a European offering? The short answer: VELO Shift is relevant for the European markets in the short/mid-term. It may become
BAT Shares Under Pressure
What might be causing the selloff in British American Tobacco (BAT) shares, considering the other tobacco majors have been flattish? Triggering event: Sudden departure of the CFO (August 26, 2025) Underlying concern: BAT might fail to return to mid-term growth algorithm in 2026 (i.e. Revenue growth of 3%-5% and Adjusted
PMI: IQOS USA
When will Philip Morris International launch IQOS ILUMA in the U.S.? The simple answer: Presumably, first launch mid-2026. Nationwide availability only in 2028. Philip Morris International (PMI) initiated city tests with IQOS3 (3rd generation IQOS, internal heating with a blade) in Austin (Texas), Jackson (Mississippi) and select military bases in
Altria: on! pouch portfolio
Can Altria improve its competitiveness in the nicotine pouch category? The short answer: Yes, Altria can significantly improve its competitiveness in the nicotine pouch category, but it will take a few years. On! nicotine pouches were originally by the Switzerland-based Burger Söhne in Sweden in 2015 and introduced to the
PMI: ZYN Pricing
Can Philip Morris International sustain ZYN pricing premium in the U.S.? The simple answer: ZYN can sustain its premium pricing to some extent, but not at the current level. In Q2 2025, ZYN had 61.2% share by can volume and 69.3% share by retail value. Indexing ZYN can price to
Dividend Changes – Tobacco Companies
September 2025: Philip Morris International increases its annual dividend by +8.9% Philip Morris International (PMI) increased the its regular quarterly dividend by 8.9% to an annualized rate of $5.88 per share. The new quarterly dividend of $1.47 per share, up from $1.35 per share, is payable on October 20, 2025,
Nicotine Pouch Market
September 2025: British American Tobacco launched new VELO Shift in Sweden British American Tobacco (BAT) launched the new VELO Shift in Sweden. VELO Shift nicotine pouches offer reshaped taste, design and comfort. VELO Shift comes in a hexagon pack design made from 90% bio-based plastic material. In addition, the pouches
Credit Ratings: Universal Corporation
September 2025: Fitch affirmed Universal Corporation’s BBB- issuer rating. Outlook Negative Fitch Ratings affirmed all ratings for Universal Corporation, including the company’s Long-Term Issuer Default Rating (IDR) at “BBB-“. The Rating Outlook is Negative. Universal is the leading global supplier of compliant leaf tobacco products with a broad suite of
How much are Zyns?
$5.64. That is how much the Manufacturer’s Suggested Retail Price (MSRP) is for a can of ZYN in the USA. $5.64. That is how much the Manufacturer’s Suggested Retail Price (MSRP) is for a can of ZYN in the USA. In simple terms, it is the price that ZYN-owner, Philip Morris International
NJOY Vapes
NJOY is founded in 2007 as one of the first vape companies in the U.S. and had a turbulent ride before becoming a wholly owned subsidary of Marlboro-maker, Altria in 2023. NJOY hit the headlines for the first-time with a legal victory against the U.S. Food and Drug Administration (FDA)
ZYN
In the rapidly evolving landscape of nicotine consumption, ZYN has emerged as a transformative force, offering a smokeless, spit-free alternative to traditional tobacco products. These nicotine pouches, designed to be discreetly placed between the gum and lip, have captured a significant share of the global nicotine market, particularly in the
ZYN Flavors
ZYN’s arrival in the United States marked a turning point in the nicotine pouch market, transforming what was once a niche product into a mainstream alternative for adult nicotine consumers. First introduced by Swedish Match in 2014 and later launched in the U.S. in 2016, ZYN quickly gained traction due
Tobacco Companies: Dividend Yield
Methodology Coverage: Publicly traded tobacco companies with regular dividend payments Ranking: Top-15 companies in terms of dividend yield based on the latest communicated dividend payout Previous rank: from August 2024 To check the latest dividend changes: Tobacco Companies: Dividend Changes Rank Previous Change Company Country Currency Last Close Dividend Yield
Canadian Tobacco Lawsuit & Settlement
August 2025: Imperial Tobacco Canada exits bankruptcy protection British American Tobacco (BAT)’s Canadian affiliate, Imperial Tobacco Canada (ITCAN) formally exited protection under the Companies’ Creditors Arrangement Act (CCAA). ITCAN stated that the Court-approved Plan of Compromise and Arrangement concludes the tobacco litigation provides maximum recovery for claimants while bringing stability
RLX Technology: Results – 2025
August 22, 2025: Q2 2025 Results Net revenue: up +40.3% to ¥880.0 million (US$122.8 million), up +8.9% on sequential basis Gross margin: up +2.3pp to 27.5%, driven by due to a favorable change in revenue mix and margin improvement in select Asian countries (gross profit up +53.3% to ¥242.1 million)
China Tobacco International
August 2025: H1 2025 Results1 China Tobacco International (CTI) reported both revenue growth and improved profitability in H1 2025 despite margin pressure in certain segments. Revenue for the period rose 18.5% year-on-year to HK$10.32 billion, compared to HK$8.70 billion in the same period last year. Cost of sales increased faster,
iSenzia
iSenzia is a flavored heatstick with no tobacco marketed by Imperial Brands for exclusive use with Pulze tobacco heating devices. Imperial Brands first introduced iSenzia at an experience event called “Feel The Flavours” in Milan, Italy in May 2024. iSenzia follows the launch of “veo sticks for glo devices”, marketed
Cigarette Pack Size: How Many Cigarettes Are in a Pack?
How many cigarettes in a pack? Cigarette packaging varies globally, with pack sizes influenced by regional regulations, consumer preferences, and marketing strategies. Understanding these variations provides insight into smoking behaviors and public health implications. Most commonly, there are 20 cigarettes in a pack. However, there are a few examples of
Largest Tobacco Companies: Market Cap
Methodology Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Publicly traded affiliates of PMI and BAT (i.e. majority stake ownership) are excluded. Publicly traded companies, in which PMI and BAT hold a minority stake, are included. Ranked by Market Capitalization (previous rank: December 2024) Rank Previous Change Company
KT&G: Q2 2025 Results
Q2 2025 Results “Solid financial delivery, driven by the international cigarette division” Revenue: ₩1.55 trillion (+8.7% year-on-year) => record-high first half revenue, surpassing ₩3 trillion for the first-time, driven by international cigarette segment and higher real estate development income EBITDA: ₩421 billion (+9.7%) EBITDA Margin: 27.2% (+0.3pp) Operating Profit: ₩349.8
ITC: Q1 2026 Results
Key Business Metrics: Q1 2026 – New reporting structure: Standalone (core businesses) vs. Consolidated (including ITC Infotech India Limited, Surya Nepal Private Limited and ITC Hotels Limited) – Gross Revenue is up +20% driven by Cigarettes, Agri Business and FMCG (ex-Notebooks) – EBITDA is up +3% (ex-Paper is up +5%);
Japan Tobacco: Q2 2025 Results
Top-line & Bottom-line Results – Tobacco Segment Only (Excluding Pharmaceuticals and Processed Food Segments. Tobacco Segment has a 90% weight in revenue and 100+% weight in adjusted operating companies income in Q2 2025. Adjusted figures, at constant currencies) Revenue: +15.6% in Q2 2025, driven by strong pricing/mix, the inclusion of
BAT: H1 2025 Results
Ahead of H1 2025 Earnings release Release date: July 31, 2025 (before the opening bell) Revenue: £12.0 billion (-2.7% reported, +1.2% at constant currency) EPS: £1.548 (-2.9% reported, +1.3% at constant currency) Latest guidance: 1%-2% revenue growth and 1.5%-2.5% adjusted operating profit growth at constant rates in FY25. Similar revenue
Altria: Q2 2025 Results
Ahead of Q2 2025 Earnings release Release date: July 30, 2025 (before the opening bell) Revenue: $5.19 billion expected (-1.7% vs. $5.28Bn in Q2 2024) EPS: $1.387 expected (+5.9% vs. $1.31 in Q2 2024) Latest guidance: FY25 adjusted diluted EPS in a range of $5.30 to $5.45, representing a growth
New Zealand: Heated Tobacco
July 2025: Heated tobacco product tax cut is extended by two years The tax break for heated tobacco products is extended for two years in New Zealand. In July 2024, the Government reduced the excise tax on heated tobacco by 50% for one-year trial subject to an evaluation. The aim
Philip Morris International (PMI): Q2 2025 Results
Ahead of the Q2 2025 Earnings release Release date: July 22, 2025 (before the opening bell) Revenue: $10.32 billion expected (+9% vs. $9.47 billion in Q2 2024) EPS: $1.86 expected (+17% vs. $1.59 in Q2 2024) Latest guidance – Q2 2025 EPS: $1.80 to $1.85 (including ¢6 favorable FX) Ahead
USA: Cigarette Prices by State
How much is a pack of cigarettes in the USA? Price of a 20-cigarette pack vary significantly in the USA across the states and even across the localities in a given state due to the excise tax and sales tax differences. The average cigarette price (for a mainstream brand) range
Elf Bar
Elf Bar Vapes: A Comprehensive Look at Its Rise, Popularity, Controversies, and Future Elf Bar is a Chinese brand of electronic cigarettes produced by iMiracle Shenzhen Technology, a part of Heaven Gifts. Heaven Gifts was established in 2007, accompanying the rapid growth of the vaping industry. In 2009, the independent
Tobacco Companies: Total Shareholder Return (TSR) – H1 2025
Methodology Six largest publicly traded tobacco companies (i.e. close to 95% of the total market capitalization of all publicly traded tobacco & nicotine companies). Total Shareholder Return (TSR) expressed as a percentage, including price appreciation and dividends paid in a given period. In US$ terms: US ADR for BAT (ticker:
Pipe Tobacco
June 2025: Global pipe tobacco sales, outside China, reached $7.5 billion in 2024 In 2024, global pipe tobacco sales, outside China, reached 128,000 tons – down 0.4% year-on-year basis. Top-3 markets, Egypt (36,000 tons), Saudi Arabia (23,000), and Iraq (18,000), generated 60% of the total global sales volume. Sales revenue
Little Cigars
June 2025: Global little cigar sales dropped 4% in 2024, outside China Little cigar sales, outside China, dropped 3.9% to 18.4 billion sticks in 2024. Top-3 markets, USA (5.75 billion), Japan (2.92 billion), and Germany (2.45 billion), accounted for 60.4% of the global sales volume in 2024. Sales revenue for
Tobacco Pulse Surveys: Q2 2025
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: June 29, 2025 Which tobacco company has the
Cannabis: Companies
June 2025: Cannabis vape products provider Papa Medical sets terms for $5 million IPO Papa Medical, which sells branded cannabis vape devices primarily in North American and Europe, announced IPO terms: The City of Industry, California-based company plans to raise $5 million by offering 1.3 million shares at $4. At
Regulation: Cannabis – International
[For the regulatory developments in the USA, refer to Regulation: Cannabis – USA] June 2025: Thailand moves to recriminalize cannabis Thai Government moves to recriminalize cannabis which was taken off the country’s narcotics list in 2022. Thailand’s health ministry issued an order prohibiting the sale of cannabis for recreational use
International Cigar Market
June 2025: The Dominican Republic remains the world’s top exporter of premium cigars The Dominican Republic remains the world’s top exporter of premium cigars, producing around 8.4 billion cigars each year – including 181 million handmade cigars and more than 8.2 billion machine-made cigars. 88% of the premium (handmade) cigars
Oettinger Davidoff: News
June 2025: Oettinger Davidoff reports CHF 541.7 million revenue in 2024 Following the record results in 2023 and 2022, Oettinger Davidoff’s sales turnover grew +0.9% in 2024 in real terms to CHF 541.7 million despite global economic challenges and a volatile market environment. In the own brand business, Zino brand
Nicotine Poisoning
Nicotine is a naturally occurring alkaloid found primarily in tobacco leaves and is the main psychoactive chemical in tobacco products. While widely known for its role in nicotine addiction associated with smoking and vaping, nicotine is also a potent toxin that can lead to serious health complications when consumed in
Cigarette Market
June 2025: 5.1 trillion cigarettes were sold in the world in 2024 In 2024, global sales volume of legal cigarettes reached 5.1 trillion sticks – 47% of which (2.4 trillion sticks) was sold in China alone. Outside China, fifteen countries and regions recorded over 50 billion sticks sales volume, accounting
BAT: H1 2025 Trading Update
Ahead of the H1 2025 results (to be released on July 31, 2025), BAT provided an interim business update on June 3, 2025 (Tuesday). Key Highlights: – H1 2025 revenue slightly ahead of guidance: 1%-2% revenue growth and 1.5%-2.5% operating profit in FY25 – 2025 as a deployment year: H2
ITC: Q4 2025 & FY25 Results
Key Business Metrics: Q4 2025 & FY25 – Q4 2025: Gross Revenue up +9.2% and Operating Profit up +2.5% (ex-Paper, up +4.2%) – FY25: Gross Revenue up +10.2% and Operating Profit up +2.3% (ex- Paper, up +4.4%) – Resilient performance amidst a subdued demand environment and sharp escalation in input
Nicotine Pouch Sizes & Shapes
Nicotine pouches have surged in popularity over the past few years, particularly in the United States and the United Kingdom. What was once a niche Scandinavian innovation has evolved into a mainstream alternative to smoking and vaping, embraced by a wide range of adult consumers. Marketed as a cleaner, spit-free,
Imperial Brands: H1 2025 Results
CEO Transition: Stefan Bomhard to be succeeded by Lukas Paravicini (CFO) as CEO on October 1, 2025. Lukas to be succeeded by Murray McGowan (Chief Strategy & Development Officer) as CFO Top-line & Bottom-line results Adjusted: at constant currencies – Volume: -3.2% (to 87Bn sticks), reflecting the wider industry decline
Are Zyns Bad for You?
Zyn, a brand of nicotine pouch developed by Swedish Match and now owned by Philip Morris International, has gained immense popularity in recent years, especially in the United States. Marketed as a smoke-free, tobacco-free alternative to smoking and vaping, Zyn pouches offer users a discreet and odorless way to consume
KT&G: Q1 2025 Results
Q1 2025 Results “Solid financial delivery, driven solely by the international cigarette division. Problems persist elsewhere ” Revenue: ₩1.49 trillion (+15.4% year-on-year) => record-high quarterly revenue from international cigarette segment (+23.3% volume growth, +53.9% revenue growth) EBITDA: ₩354.3 billion (+19.1%) EBITDA Margin: 23.8% (+0.8pp) Operating Profit: ₩285.6 billion (+20.7%; adjusted
Japan Tobacco: Q1 2025 Results
Pharmaceutical business (including a 55% stake in Torii Pharmaceutical): Sold to Shionogi on May 7, 2025. For further details: Beyond Nicotine: Japan Tobacco Top-line & Bottom-line Results – Tobacco Segment Only (Excluding Pharmaceuticals and Processed Food Segments. Tobacco Segment has a 89% weight in revenue and 98% weight in adjusted
Share Buybacks: Imperial Brands
May 2025: Imperial Brands initiates the second buyback tranche of up to £625 million Following the completion of the first £625 million tranche of the current share repurchase program, Imperial Brands entered into an irrevocable & non-discretionary arrangement with Barclays to execute the second tranche: £625 million of shares to be repurchased commencing from May 1, 2025
Altria: Q1 2025 Results
Top-line & Bottom-line Results Q1 2025 Revenue: $4.52Bn (exp. $4.62Bn; down -4.2% vs. $4.72Bn in Q1 2024) Q1 2025 EPS: $1.23 (exp. $1.19; up +6% vs. $1.16 in Q1 2024) FY25 Guidance: EPS in a range of $5.30 to $5.45, representing a growth rate of 2% to 5% from $5.19
Philip Morris International (PMI): Q1 2025 Results
Ahead of the Q1 2025 Earnings release Release date: April 23, 2025 (before the opening bell) Revenue: $9.14 billion expected (+4% vs. $8.79 billion in Q1 2024) EPS: $1.61 expected (+7.3% vs. $1.50 in Q1 2024) Latest guidance – EPS: $1.58 to $1.63 (including ¢4 adverse FX) Ahead of the
Philip Morris vs. Philip Morris
Philip Morris Company: Philip Morris was a real person – a British tobacconist and entrepreneur – who founded what would eventually become the largest publicly-traded tobacco company in the world. In 1847, Philip Morris opened a tobacco shop on Bond Street in London, selling hand-rolled Turkish cigarettes. He died in
ZYN Nicotine Pouches: Upper Lip vs. Lower Lip
In recent years, nicotine pouches – particularly the market leader, ZYN – have rapidly carved out a new niche in the U.S. nicotine landscape. With their smoke-free, spit-free appeal and a wide variety of flavors and strengths, they offer a cleaner and more discreet alternative to traditional tobacco products. Originally
VUSE Vapes: USA
VUSE is an American brand of vape products launched in the U.S. in June 2013 by the R.J. Reynolds Vapor Company, an operating company of Camel and Newport-maker, Reynolds American – which is the U.S. subsidary of London-based British American Tobacco (BAT). Initially, BAT marketed its vape products under the
Future ZYN Flavors
ZYN has quickly become a breakout hit in the U.S. nicotine market, capturing the attention of adult consumers seeking smokeless, spit-free alternatives. With its discreet pouches, clean profile, and tobacco-free formulation, ZYN has surged in popularity – becoming not only a cultural phenomenon but also a top-selling nicotine product across
Haypp Group: Capital Markets Day 2025
Date: April 3, 2025 Haypp Group established new Financial Targets for 2028: – 18%-25% annual revenue growth (lower in 2025 due to the ZYN supply shortage; wide range is driven by the different growth scenarios in the key U.S. market) – Adjusted EBIT margin of 5.5% +/- 1.5% (wide range
Vape Phone Case
The Humo Case sits at a weirdly fascinating intersection of gadget culture and nicotine tech: a protective iPhone shell with a full-blown disposable vape built into its spine. As a concept, it rides a wave of convergence we’ve seen in personal electronics – power banks hidden in backpacks, earbuds that
IQOS USA: Questions and Answers
In this article, we answer the most frequently asked questions (FAQs) about the IQOS Launch in the USA. What is IQOS? IQOS is a tobacco heating device developed and marketed by Philip Morris International (PMI). Unlike traditional cigarettes, which burn tobacco to produce smoke, IQOS heats specially designed tobacco units
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 go beyond tobacco and nicotine. Three main areas explored are: 1. Cannabis 2. Wellness/Well-being & Stimulation 3. Healthcare (Nicotine-replacement therapies, plant-based vaccines, inhaled and oral
Tobacco Companies: Total Shareholder Return (TSR) – Q1 2025
Methodology Six largest publicly traded tobacco companies (i.e. close to 95% of the total market capitalization of all publicly traded tobacco & nicotine companies). Total Shareholder Return (TSR) expressed as a percentage, including price appreciation and dividends paid in a given period. In US$ terms: US ADR for BAT (ticker:
Tobacco Pulse Surveys: Q1 2025
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: March 30, 2025 Which tobacco company would you
IQOS USA: Austin, Texas Test Market
In this article, we track the developments regarding the IQOS test market in Austin, Texas. To stay up to date with every aspect of IQOS launch in the USA, make sure to visit our exclusive section: IQOS USA. March 2025: Philip Morris International begins selling IQOS in Austin, Texas Philip
Imperial Brands: 2025 Capital Markets Day
Markets Day: 2030 Strategy to Drive Shareholder Returns Two core objectives: 1- Drive sustainable value in combustibles: Continue focus on top-5 markets (USA, Germany, UK, Spain and Australia) which represent c. 70% of adjusted tobacco operating profit. Aim to maintain aggregate market share across these five markets to drive sustainable
Scandinavian Tobacco Group: Interview – Part II
Based in Copenhagen, Denmark, Scandinavian Tobacco Group (STG) is a leading manufacturer of cigars and smoking tobacco. The Company is the market leader in handmade cigars in the US, in machine-rolled cigars in the US and Europe, and in pipe tobacco in Europe. As a first & foremost cigar company,
Scandinavian Tobacco Group: Interview – Part I
Based in Copenhagen, Denmark, Scandinavian Tobacco Group (STG) is a leading manufacturer of cigars and smoking tobacco. The Company is the market leader in handmade cigars in the US, in machine-rolled cigars in the US and Europe, and in pipe tobacco in Europe. As a first & foremost cigar company,
NJOY Vapes
NJOY is founded in 2007 as one of the first vape companies in the U.S. and had a turbulent ride before becoming a wholly owned subsidary of Marlboro-maker, Altria in 2023. NJOY hit the headlines for the first-time with a legal victory against the U.S. Food and Drug Administration (FDA)
Velo Plus: USA
March 2025: VELO reached 10% share in the US, driven by the Velo Plus launch According to the latest NielsenIQ report (for the week ending February 22, 2025), 4-week rolling VELO volume grew +185.0% year-on-year basis in the USA to reach 7.9% national share. VELO’s implied share in the most
Marlboro: Canada
The Marlboro Brand Paradox in Canada: A Trademark Tug-of-War Marlboro, the world’s most known cigarette brand, is globally synonymous with Philip Morris Company. Its red & white packaging and the Marlboro man have become iconic. The trademark is owned by Philip Morris USA (part of Altria Group) in its home
Tobacco: Questions and Answers
What is a cigarette? Cigarette is a tube-shaped tobacco product that is made of finely cut, cured tobacco leaves wrapped in thin paper. It may also have other ingredients, including substances to add different flavors. A cigarette is lit on one end and smoked, and the smoke is usually inhaled
Raz Vape
Raz Vape, a subsidiary of Geek Bar, became a prominent brand in the US vape market for its high-performance disposable vape devices with a diverse range of flavors. Raz devices are designed to deliver an extended number of puffs, offering users prolonged use before disposal. Raz TN9000 is one of the
Swedish Match: From Matches to Market Disruption
The Humble Origins of a Swedish Giant The story of Swedish Match begins in the mid-19th century, rooted in a world that still relied heavily on matches for daily living. It was a time when the simple act of lighting a candle or stove was central to the home, and
Haypp Group: Interview – Part II
The Haypp Group spearheads the global transformation from smoking to smoke-free alternatives. With origins in Scandinavia, Haypp Group is at the intersection of two mega consumer trends: the shift from offline to online interactions and the transition from smokable products to smoke-free products. Haypp Group is present in seven countries
Scandinavian Tobacco: FY24
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 the acquisition of its cigarette & snus business (“House of Prince”) by BAT in 2008. With operations mainly in Europe & the USA, STG owns well-known brands like
Haypp Group: Interview – Part I
The Haypp Group spearheads the global transformation from smoking to smoke-free alternatives. With origins in Scandinavia, Haypp Group is at the intersection of two mega consumer trends: the shift from offline to online interactions and the transition from smokable products to smoke-free products. Haypp Group is present in seven countries
Cigarette
Cigarette: a slender roll of cut tobacco enclosed in paper and meant to be smoked Less commonly spelled as cigaret, especially among older generations in the United States. The first known use of cigarette is from 1832. Cigarette as a word passed to the English language from French (“cigarette” also in French) – which
Camel Snus
Camel Snus is a smokeless, spit-free tobacco product marketed in the U.S. by Reynolds American, a wholly-owned subsidary of British American Tobacco (BAT). Packaged in small pouches, Camel Snus is designed to be smoke-free and spit-free disceet alternative to cigarettes. The origial product, in rounds cans, was first test-marketed in
Reynolds
Reynolds Reinvented: 150 Years of Tobacco, Transformation, and Corporate Reinvention R.J. Reynolds Tobacco Company’s story is at once quintessentially American and quietly emblematic of the broader transitions in twentieth- and twenty-first-century commerce: a small, family-founded manufacturing operation that grew into a national icon and then navigated the social, regulatory, and
All ZYN Flavors
ZYN offers a diverse range of nicotine pouch flavors tailored to consumers across the globe, with taste profiles ranging from icy mint to rich coffee and bold fruit blends. However, not all flavors are available in every market—availability varies due to regional consumer preferences, commercial strategies, and local regulatory restrictions.
Rogue Pouches & Flavors
What are Rogue pouches? Rogue is an all-American, 100% tobacco leaf-free and sugar-free nicotine pouch brand that was introduced in the U.S. market in 2018. Rogue ingredients are sourced from nicotine that is steam extracted from high-quality tobacco leaves. In 2024, Rogue was the third largest nic pouch brand in the
Swedish ZYN
Swedish ZYN: The Smokeless Sensation from the Land of Innovation When we think of Sweden, a certain constellation of names spark instant recognition: IKEA, the global flat-pack furniture empire that taught us to love our allen keys; ABBA, the shimmering pop quartet whose disco anthems continue to fill dance floors
Juice Head Pouches & Flavors
What are Juice Head pouches? Juice Head is a nicotine pouch brand launched in the U.S. in late-2022 by Streamline Vape, known for its Juice Head e-liquids and diposable vapes. Juice Head Pouches emphasize a “Fruit First, Mint Second” approach, unlike many competitors that primarily offer mint-centric options. Based on
USA: ZYN Pouches
February 2025: ZYN is now the largest new nicotine brand in the USA From humble beginnings in Colorado in 2014, ZYN pouches became the best-selling new nicotine in 2024 in the USA following ten years of explosive growth. ZYN-owner, Philip Morris International (PMI) sold 581.4 million cans of ZYN in
Who Owns Zyn?
Philip Morris International (PMI; ticker: PM) owns ZYN. However, Swedish Match launched ZYN in the USA, not PMI. Swedish Match, together with all its subsidiaries around the world, was acquired by PMI in November 2022. How to invest in ZYN ZYN’s remarkable growth and burgeoning popularity are increasingly catching the
Caffeine Pouches: Rise of Pocket-Sized Energy Among Gamers
Gaming and caffeine have always had a strong relationship. Whether it’s slamming energy drinks during a late-night raid or sipping cold brew while grinding ranked matches, staying sharp and alert has become an essential part of the gaming experience. But now, a new type of energy supplement is quietly revolutionizing
Caffeine Pouches: Questions and Answers
Are caffeine pouches legal? Caffeine pouches are legal in the U.S. Moreover, caffeine is not an age-restricted substance; unlike nicotine, caffeine is not subjected to any sales & marketing restrictions. Nevertheless, caffeine pouches are classified as dietary supplements and are subject to the U.S. FDA oversight. In April 2018, U.S.
Japan Tobacco: FY24 Results
Tobacco Segment: 88% weight in revenue, 100+% weight in adj. operating profit in FY24 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food Segments; adjusted, at constant currencies Revenue: +14.5% in Q4 2024 and +9.1% in FY24 Operating profit: +56.1% in Q4 2024 and +9.7% in
Haypp Group: FY24 Results
– Adjustment factor (LFL): ZYN sales and sales to closed states (e.g. California) in the US1 – Net sales: up +23% SEK915.2 million in Q4 2024 (reported: +8%) – Drivers of net sales growth (+23.2%): +20.4% nicotine pouches, +3.1% vapes, partially offest by snus decline (-0.4%) – 17.1% gross margin
BAT: FY24 Results
Release date: February 13, 2025; before the LSE opening Consensus ahead of the release: +0.9% revenue and +1.3% operating profit growth in FY24; acceleration in financial delivery to +2.8% revenue and +2.3% operating profit growth in FY25 Results – Reported revenue down -5.2%, driven by the sale of businesses in
Hyde Vapes
Hyde, or commonly known as Hyde Bar, is a vape brand that gained significant popularity in the United States, particularly among younger users. Hyde was launched in 2021 by Magellan Technology, based in Sacramento, California. The company also had a UK division, which was dissolved in December 2024. Hyde foremost
Velo Plus Flavors
What is Velo Plus? Velo Plus is a new line of nicotine pouches launched in the USA by Reynolds American – the second largest tobacco company in the USA and the U.S. subsidiary of London-based British American Tobacco. Reynolds American was already present in the U.S. market with 10 Velo
Nicotine gum
Nicotine gum is an over-the-counter nicotine replacement therapy (NRT) product designed to help smokers quit by gradually reducing their nicotine dependence. It provides a controlled and lower dose of nicotine compared to cigarettes, without the harmful tar, carbon monoxide, and other toxic chemicals present in tobacco products. Nicotine gum works
KT&G: FY24 Results
Q4 2024 & FY24 Results Revenue: ₩1.56Tn in Q4 (+8.0% year-on-year), ₩5.91Tn in FY24 (+0.8%) EBITDA: ₩272.8Bn in Q4 (+5.0%), ₩1.435Tn in FY24 (+1.9%) EBITDA Margin: 17.5% in Q4 (-0.5pp), 24.3% in FY24 (+0.3pp) Operating Profit: ₩208.5Bn in Q4 (+5.3%), ₩1.18Tn in FY24 (+1.5%) Net Income: ₩301.7Bn in Q4 (+167.2%),
ITC: Q3 FY25 Results
Key Business Metrics: Q3 2025 Gross Revenue is up +8% and EBITDA is up +3% (ex-paper +4.5%) despite a subdued demand environment and sharp escalation in key input materials (e.g. edible oil, wheat, potato, leaf tobacco, wood) Hotels Business demerged into ITC Hotels Limited (ITCHL) with effect from January 1,
PMI: FY24 Results
Release date: February 6, 2025 (NYSE, before the bell) Key Business Metrics: Q4 2024 Revenue: up +7.3% to $9.71 billion (vs. $9.44 billion expected, $9.05 billion in Q4 2023) Adjusted diluted EPS: up +14.0% to $1.55 (vs. $1.50 expected, $1.36 in Q4 2023) Total volume: up +2.9% to 193.1 billion
USA: ZYN Rewards
Unlocking the Benefits of ZYN Rewards: A Comprehensive Guide Loyalty programs have become a staple in consumer engagement and ZYN Rewards is no exception. For those who regularly purchase ZYN products, the rewards program offers an opportunity to earn points and redeem them for a variety of items. Whether you’re
Disposable Vapes & Big Puff Vapes
A disposable vape is a single-use electronic cigarette designed for convenience and simplicity. Unlike rechargeable vapes, disposable vapes come pre-filled with e-liquid and have a built-in battery that does not require charging. Once the e-liquid is depleted (or the battery dies), the entire device is discarded. These vapes are typically
USA: Menthol Cigarettes
Menthol cigarettes have long been a contentious issue and a matter of regulatory scrutiny in the United States. Public health advocates argue that menthol reduces the harshness of cigarette smoke and suppresses coughing reflex, facilitating deeper inhalation – consequently, rendering cigarettes more appealing, especially to young and inexperienced smokers. Based
USA: Cheap Cigarettes
The Rise of Cheap Cigarettes in the USA: A Look at Economic Stress, Market Trends and Brand Popularity In recent years, economic uncertainty, inflatory pressures, and increasing cigarette prices have put financial pressure on American smokers. As cigarette prices continue to rise – especially with premium brands, such as Marlboro,
List of US Cigarette Brands
Below is the list of every cigarette brand that is marketed in the U.S. Marlboro is the most smoked cigarette in the USA. Marlboro also has been the world’s number-one international selling cigarette brand since 1972. For a more detailed overview of the most popular cigarette brands in the US,
Alp Nicotine Pouches: Tucker Carlson
In November 2024, former Fox News host Tucker Carlson launched ALP, a brand of tobacco-free nicotine pouches, in partnership with Turning Point Brands. This venture emerged after Carlson’s dissatisfaction with ZYN, the leading nicotine pouch brand owned by Philip Morris International (PMI; ticker: PM). Carlson had previously endorsed ZYN, highlighting
Altria: FY24 Results
Top-line & Bottom-line Results Q4 2024 Revenue: $5.11Bn (exp. $5.04Bn; +1.6% vs. $5.02 in Q4 2023) Q4 2024 EPS: $1.29 (exp. $1.28; +9.3 vs. $1.18 in Q4 2023) FY24 Revenue: $20.44Bn (-0.3% vs. $20.5Bn in FY23) FY24 EPS: $5.12 (+3.4%vs. $4.95 in FY23) – latest FY24 guidance: adjusted diluted EPS
Copenhagen Tobacco
Copenhagen is one of the most well-known and enduring brands of dipping tobacco in the United States. Copenhagen is owned by U.S. Smokeless Tobacco Company (USSTC), which is a subsidiary of Marlboro-maker Altria Group. So essentially, Copenhagen falls under the same corporate umbrella as some of the biggest names in
ZYN Women
In the United States, the traditional form of oral nicotine consumption has long been moist smokeless tobacco (MST) – often called “dip” or “chew.” This product, closely linked to blue‑collar workers and rural traditions in the South, remains almost entirely male‑centric: 95% of dip users are men, with women comprising
USA: Cigarette Brands
The US cigarette market is a quasi-duopoly with two companies, Altria’s Philip Morris USA and British American Tobacco (BAT)’s Reynolds American, owning 84% market share by retail value (i.e. amount of money spent by the consumers to buy cigarettes) and 79% market share by sales volume (i.e. number of cigarette
Tobacco Stocks
Does Warren Buffett own tobacco stocks? No, Warren Buffett does not own any tobacco stocks. Warren Buffett’s Berkshire Hathaway owned tobacco stocks in the past and Buffett highlighted the economic appeal of tobacco business in a few short sentences that became a famous quote over time: “I’ll tell you why
E-cigarette Manufacturing
January 2025: Chinese e-cigarette exports continue to decline According to the data from the General Administration of Customs, the export value of Chinese electronic cigarettes declined by 1.1% to ¥78.3 billion (US$10.9 billion). Exports peaked at ¥138.3 billion (US$21.4 billion) in 2021 but fell 18% to ¥113.4 billion (US$16.8 billion)
Grizzly Dip [Moist Tobacco]
Grizzly Moist Smokeless Tobacco, commonly misspelled as Grizzle, is a popular dip brand marketed by the American Snuff Company, an operating company of British American Tobacco’s U.S. subsidiary of Reynolds American. Introduced in 2001 by the Conwood Company and acquired by Reynolds American in 2006, Grizzly quickly gained popularity for
Marlboro Alternatives
Marlboro has long dominated the cigarette market in the United States, becoming nearly synonymous with smoking itself. Its iconic branding – built on the rugged, masculine image of the Marlboro Man -helped cement its position as the top-selling cigarette brand in the country for decades. Owned by Philip Morris USA,
Lucy Pouches & Flavors
What are Lucy pouches? Lucy is a nicotine pouch brand launched in 2020 by Lucy Goods. Based in Las Vegas, Nevada, Lucy Goods is founded in 2016 and initially launched Lucy nicotine gum in the U.S. in 2019 before venturing into the fast-growing nicotine pouch space. Lucy Goods operates independently,
How long do Zyns last?
Nicotine pouches have grown increasingly popular in the United States, with ZYN emerging as a leading brand. Understanding how long ZYN pouches last involves examining the mechanics of nicotine delivery, the sensory experience of users, and the factors that influence how quickly the pouches deplete their contents. Let’s explore these
Flava Vape: Questions and Answers
What happened to Flava Vape? Why is Flava closed? In March 2024, amid allegations of illegal marketing to minors and tax evasion, the Department of Trade and Industry (DTI) ordered the suspension of the sale, manufacturing, importation, and distribution of Flava vape in the Philippines. DTI’s Fair Trade Enforcement Bureau
IQOS: Questions and Answers
Is IQOS more addictive than cigarettes? The simple answer is: IQOS is as addictive as cigarettes and this is by design. Tobacco products serve as a delivery system for nicotine which is a recreational drug and cause of addiction. IQOS-owner Philip Morris International (PMI) publicly states that “nicotine plays a
Karelia Tobacco
Karelia Tobacco Company is Greece’s largest cigarette manufacturer & exporter and one of the largest independent tobacco companies in the world (i.e. not belonging to the Big 6 – Philip Morris International, British American Tobacco, Japan Tobacco, Imperial Brands, Altria and KT&G). Karelia’s history dates back to 1888, when the
Skoal Moist Tobacco
Skoal is a well-known brand of moist smokeless tobacco (dipping tobacco, dips) in the United States, owned and marketed by U.S. Smokeless Tobacco Company (USSTC), a subsidiary of Marlboro-maker Altria Group. Skoal was introduced in 1934 by the United States Tobacco Company, which later became USSTC. The brand positioned its
Quit smoking – Stop smoking
Myths and Facts About Nicotine Nicotine is often misunderstood. Some people believe it causes cancer. Others think switching to nicotine alternatives is just as harmful. The truth is that many myths are stopping smokers from making better choices about their health. Whether you’re thinking about quitting or just curious, this
IQOS ILUMA USA
IQOS ILUMA is the flagship (latest & greatest) IQOS model, first launched in Japan, the world’s largest heated tobacco market, on August 17, 2021. Philip Morris International (PMI) will launch IQOS at-scale in the US (i.e. in an extended geography with full-scale investment) only after the authorization of IQOS ILUMA by the
on! Pouches & Flavors
What are on! nicotine pouches? on! is a compact, discreet, and 100% tobacco leaf-free nicotine pouch brand that has rapidly grown into one of the top players in the U.S. oral nicotine market. Launched in Sweden by Burger Söhne in 2015 and introduced to the U.S. shortly thereafter, on! was
ZYN Smooth & ZYN Chill
What flavor is ZYN Smooth and ZYN Chill? In the USA, ZYN offers a range of 10 flavors, two of which are “unflavored”: ZYN Smooth and ZYN Chill. These two variants are frequently compared to each other, often mixed up and usually picked as the least liked ZYN flavors. Nevertheless,
ZYN Flavors: User Reviews
ZYN offers a range of 10 flavors in the USA. For the full range of ZYN flavors, refer to: ZYN Flavors. We scan all user forums to collect and analyze the commentary about Zyn flavors. Here is the summary: ZYN Citrus 3mg & ZYN Citrus 6mg ZYN Citrus flavor is
Zyns
There are 20 ZYN variants (“Zyns”) currently sold in the USA: 10 flavors x 2 nicotine strengths (3mg, 6mg). ZYN flavors include Smooth, Chill, Menthol, Cool Mint, Peppermint, Spearmint, Wintergreen, Citrus, Coffee and Cinnamon. Read more: ZYN Flavors. Zyns are sold in a polypropylene can of 15 pouches. Each ZYN
Marlboro Brand
Marlboro is a prominent American cigarette brand owned by Philip Morris USA (an operating company of Altria, ticker: MO) in the United States and Philip Morris International (PMI, ticker: PM) outside the US, excluding Canada. Introduced in 1924, from its initial positioning as a women’s cigarette to its transformation into
Tobacco Companies: Total Shareholder Return (TSR)
Methodology Six largest publicly traded tobacco companies (i.e. 93.5% of the total market capitalization of all publicly traded tobacco & nicotine companies). Total Shareholder Return (TSR) expressed as a percentage, including price appreciation and dividends paid in a given period. In US$ terms: US ADR for BAT (ticker: BTI), currency
Tobacco Companies: Questions and Answers
What are the top 3 tobacco companies? Who is the richest tobacco company? Top 3 tobacco companies are Philip Morris International (PMI), Altria and British American Tobacco (BAT). These three companies collectively make up two thirds of the total market capitalization of all publicly traded tobacco (nicotine) companies outside China.
Tobacco Pulse Surveys: Q4 2024
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: Dec 29, 2024 What is your small-cap tobacco
Natural American Spirit
Natural American Spirit, often abbreviated as American Spirit, is a brand of smokes known for its additive-free offerings. Established in 1982 by a group of entrepreneurs in Santa Fe, New Mexico, Natural American Spirit brand has grown significantly, expanding its market presence both in the USA and internationally. In Novermber
Nicotine Lozenges
Quitting smoking is no small feat – it’s a journey filled with challenges and triumphs. But what if there was a simple, effective way to ease the transition? Enter nicotine lozenges, a tool designed to help you say goodbye to smoking for good. These lozenges provide an accessible, smoke-free method
Newport
Newport is a brand of menthol cigarettes widely recognized and consumed in the United States. Known for its strong menthol flavor and association with urban and African American communities, Newport has played a significant role in the American tobacco market. Newport was first introduced in 1957 by the Lorillard Tobacco
Snuff
There are more than 40 types of smokeless tobacco products that are consumed through the nose or mouth and there are more than 300 million smokeless tobacco users around the world, two thirds of which are in India. However, in terms of prominence, USA is the most important smokeless market
ZYN: Questions and Answers
What does ZYN mean? Parallel to the skyrocketing popularity of ZYN, many wonder about the meaning of ZYN. What is the origin of the word ZYN? Does ZYN mean something? Or is ZYN an acronym similar to its fellow Swedish brand, IKEA? ZYN was originally developed and commercialized by Swedish
SWIC Heated Tobacco Device
Altria starts the test marketing of its proprietary heated tobacco device, SWIC, in the UK through online sales. SWIC works exclusively with KETLE Capsules and provides up to 14 sessions per charge. The device features vibration haptics as well as an informative screen for battery life and remaining capsule content. The SWIC Starter Kits retail
BAT: FY24 Pre-Close Trading Update
Date/time: December 11, 2024 (Wednesday) at 8:00am UK time – BAT reaffirms its low-single digit revenue and operating profit growth guidance for 2024. The H2 2024 acceleration is in line with previous communications, driven by New Categories innovation phasing, the benefits of H1 2024 investment in US commercial actions and
Zippo Lighters
Zippo lighters are iconic, reusable metal lighters known for their windproof flame and distinctive “click” sound when opened or closed. They’re often associated with ruggedness, reliability, and Americana, and have become popular with collectors and users alike due to their design and lifetime warranty. Zippo Manufacturing Company is privately owned
Marlboro Red
Marlboro Red refers to the full-flavor version of Marlboro cigarettes. It’s the classic and original Marlboro product – often associated with the iconic Marlboro Man and cowboy imagery. Marlboro Red comes in a red and white pack and offers a robust, strong, rich tobacco flavor. Available in both flip-top box
USA: Popular Cigarette Brands
The U.S. cigarette market has long been defined by powerful brands that command strong loyalty among consumers. Despite shifting consumer preferences and a decline in smoking rates, cigarette brands continue to hold significant cultural and economic influence. While alternative nicotine products are on the rise, the legacy and appeal of
VUSE Vapes: International
Originally, Vype was the vape brand launched by British American Tobacco (BAT) in international markets. Following BAT’s acquisition of the remaining outstanding shares of Reynolds American in 2017, the Company decided to unify its global vaping products under the VUSE brand name. With this move, BAT aimed to develop a
Share Buybacks: Scandinavian Tobacco
November 2024: Scandinavian Tobacco completed the kr.850 million share buy-back program As of November 22, 2025, Scandinavian Tobacco Group (STG) purchased a total of 7,883,876 shares (at an average price of kr.107.8/share) with an aggregated transaction value of kr.850 million and completed the share buyback program initiated on November 10,
Marlboro Black
Marlboro Black in the USA is a line of cigarettes under the Marlboro brand, produced by Altria’s Philip Morris USA subsidary. The most notable aspect of Marlboro Black in the U.S. is its price positioning, which sets it apart from the traditional Marlboro lineup like Marlboro Red or Gold. Marlboro
Marlboro NXT
Marlboro NXT is a cigarette with crushable capsule produced by Philip Morris USA, a subsidiary of Altria Group. Marlboro NXT comes in a full-flavor variety with a relatively bold tobacco taste. The standout feature of NXT is its “crushball” or “capsule filter”. Each cigarette contains a menthol capsule inside the
Imperial Brands: FY24 Results
Expectations ahead of the release: Sell-side expects +2.9% tobacco & NGP revenue and +4.3% adjusted profit growth in FY24. Latest guidance: At the FY24 Pre-close Trading Update (October 8, 2024), Imperial Brands reaffirmed its FY24 guidance: an acceleration in tobacco and NGP net revenue growth (i.e. low single-digit growth; 1%-3%)
ZYN Flavors
ZYN Flavors ZYN offers a range of 10 flavors in the USA. ZYN pouch flavors can be categorized into 4 broad flavor families, including unflavored, minty, fruity and specialty flavors. Below is the list of 10 ZYN flavors sold in the U.S. For the complete list of all 29 ZYN
Snuff: USA
From Colonial Habit to Niche Market Snuff, a finely ground smokeless tobacco product, has long occupied a peculiar position in the American tobacco landscape. The term “snuff” is believed to originate from the Dutch word “snuf,” which refers to powdered tobacco meant to be sniffed or inhaled through the nose.
KT&G: Q3 2024 Results
Q3 2024 Results Revenue: ₩1.64Tn (-3.1% year-on-year) EBITDA: ₩479.2Bn (+2.5%); EBITDA Margin: 29.3% (+1.6pp) Operating Profit: ₩415.7Bn (+2.2%) Net Income: ₩239.9Bn (-28.0%); EPS: ₩2,251(-16.9%) Shareholder returns: KT&G announces an upgraded Corporate Value-up Plan which aims to achieve 15% ROE by 2027 and return ₩3.7 trillion to shareholders through 2027 –
What is Zyn?
What is a Zyn? Zyn is a popular nicotine pouch brand. Zyn pouch is a slim product made of a tea bag-like material, contain plant-based fibres, flavouring, and nicotine extract that can be used orally by placing the pouch under your upper lip. Zyn nicotine pouches are a new, modern
Haypp Group: Results – 2024
November 2024: Q3 2024 Results1 – Net sales: up +23% SEK9442.2 million, +25% on constant FX (drivers: +23% nicotine pouches, +2% vapes and no contribution to growth from snus) – Highest rate of quarterly sales growth over the last two years, following a slow start in Q1 2024 (+13%) –
Marlboro Rewards
Marlboro Rewards, officially known as Marlboro Rewards & Offers, is a loyalty program created by Philip Morris USA (PM USA), an operating company of Altria Group and the manufacturer of Marlboro cigarettes in the U.S. Launched on January 14, 2019, the program was designed to offer adult smokers a way
Marlboro Coupons
Marlboro coupons have long been a part of the brand’s marketing strategy, offering adult smokers the opportunity to save money on cigarette purchases while engaging with the brand. These coupons typically provide discounts on packs or cartons of Marlboro cigarettes, ranging from $1 to $5 off per pack, or larger
Cigarets
Cigarets, as Americans used to call them, have presumably been the most controversial consumer product in human history. 60 years ago, in 1964, the U.S. Surgeon General made a bold announcement: cigaret smoking causes lung cancer and probably heart disease, and the government should do something about it. The Surgeon
Altria: Q3 2024 Results
Top-line & Bottom-line Results Q3 2024 Revenue: $5.33Bn (exp. $5.33Bn; up +1.3% from $5.28Bn in Q3 2023) Q3 2024 EPS: $1.38 (exp. $1.35; up +7.8% vs. $1.28 in Q3 2023) Commentary: Solid operating profit growth behind the resilience of Marlboro and MST brands. Maintained growth momentum by on! FY24 Guidance:
Japan Tobacco: Q3 2024 Results
Tobacco Segment: 89% weight in revenue, 100+% weight in adjusted operating profit Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food Segments; adjusted, at constant currencies Revenue: +8.1% in Q3 2024, driven by positive pricing in multiple markets and RRP-related revenue growth (+9.8%), partially offset by
Sensa Vape: USA – Research
October 2024: Researchers found no nicotine or nicotine analogs in Sensa vape samples Sensa vape launched by RJ Reynolds Vapor Company (RJRVC), an operating company of Reynolds American Inc. (London-based British American Tobacco’s U.S. subsidiary), on July 1, 2024 is the first disposable “zero nicotine vapor product” from a major
ITC: Q2 FY25 Results
Key Business Metrics: Q2 2025 Gross Revenue is up +16%, driven mainly by Hotels (+12%) and Agriculture (+47%; specifically, the value-added agricultural products and leaf tobacco). Subdued demand conditions, unusually heavy rains in parts of the country, high food inflation and sharp escalation in certain input costs (leaf, wood etc.)
PMI: Q3 2024 Results
Release date: Philip Morris International (PMI) issues its 2024 third-quarter and first nine-months results on Tuesday, October 22, 2024, at 9:00 a.m. ET (13:00 pm CEST) and hosts a live audiowebcast at 9:00 a.m. ET (15:00 p.m. CEST) the same day. Key Business Metrics Adjusted net revenue: up +11.6% to
Sensa Vape: USA – Commercial Update
October 2024: Sensa reaches 2.9% volume share in the US At the 2024 Capital Markets Day, Sensa owner Reynolds American (London-based British American Tobacco’s U.S. subsidiary) disclosed that Sensa has reached 2.9% mililiter-based volume share in August 2024 in the outlets that carry Sensa in stock. Meanwhile, Reynold American’s main
BAT: 2024 Capital Markets Day
Ahead of the event, BAT re-confirmed its FY24 and medium-term financial targets: “on track to deliver low-single digit organic revenue and adjusted operating profit growth in 2024” and “progressive improvement to 3%-5% organic revenue growth and mid-single digit (4%-6%) adjusted operating profit growth, on an organic, constant currency basis by 2026”.
Imperial: FY24 Pre-close Trading Update
Expectations – Ahead of the release: Sell-side expects +2.7% tobacco & NGP revenue and +4.3% adjusted profit growth. Imperial’s latest FY24 guidance is low single-digit (1%-3%) tobacco & NGP net revenue growth and close to the middle of the mid-single digit (5%) operating profit growth as the tobacco pricing and
Taxation: Heated Tobacco Products
October 2024: Under political pressure, New Zealand’s Associate Health Minister releases the details of the independent advice on heated tobacco products that paved the way to the excise tax rate cut The political pressure is mounting on the New Zealand’s Associate Health Minister following the heated tobacco excise rate cut
What is HHC? What is THC?
Cannabis contains a lot of compounds, and many of them are cannabinoids – active chemicals that interact with our body’s endocannabinoid system. Below is a complete list of naturally occurring and synthetic or semi-synthetic cannabinoids. Abbreviation Full Name Effects / Potency THC Tetrahydrocannabinol Classic cannabis high THCA Tetrahydrocannabinolic Acid Non-psychoactive;
Tobacco Pulse Surveys: Q3 2024
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: Sept 29, 2024 Tobacco Industry is going through
Nicotine API
Nicotine, a naturally occurring alkaloid found in tobacco plants, is a widely used Active Pharmaceutical Ingredient (API) in Nicotine Replacement Therapies (NRTs), e-cigarettes and nicotine pouches. With the rising demand for smoking cessation products, the need for high-quality Nicotine API manufacturers has grown substantially. What is Nicotine API?Nicotine API (Active
Tobacco Regulation: New Zealand
September 2024: New Zealand Escalates Youth Vaping Crackdown with New Amendment Bill The coalition government in New Zealand introduced the Smokefree Environments and Regulated Products Amendment Bill (No 2), signalling a further tightening of its vaping framework with a clear focus on reducing youth uptake. The proposal builds on the
Flava Vape Philippines
The Philippines is a US$200 million e-cigarette market with an annual growth rate of mid-teens. Until recently, the controversial Flava brand claimed to be the market leader in the Philippines e-cigarette market. Flava’s rise & fall sets a textbook example that is worth exploring in details. What kind of vape
Easy Cigarette
Easy cigarette may refer to menthol cigarettes, slim or superslim cigarettes, herbal cigarettes and super low tar cigarettes, depending on the context. These products are frequently perceived as easy cigarettes to smoke. We will explain the rationale behind this “easy cigarette” perception in detail. However let’s be clear on one
Sensa Vape: USA
Sensa is a nicotine-free, fruit-flavored disposable vape launched in the USA on July 1, 2024, by R.J. Reynolds Vapor Company (RJRVC), an operating company of Reynolds American Inc. (London-based British American Tobacco’s U.S. subsidiary). Sensa’s official website: www.sensavape.com. Reynolds American’s portfolio in the USA includes Newport, Camel, Pall Mall, Natural
Scandinavian Tobacco: FY23
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 the acquisition of its cigarette & snus business (“House of Prince”) by BAT in 2008. With operations mainly in Europe & the USA, STG owns well-known brands like
Tobacco Companies: Financial Calendar
Earnings releases, investor roadshows and ex-dividend dates are marked in the financial calendar. Both confirmed and projected (marked as “P”) dates are included. Note that the financial calendar is updated on weekly basis. September 2024 Date Company Event 09/12 (P) Vector Group Ex-dividend date 09/13 (P) Altria Ex-dividend date 09/24
ZYN Sayings & Puns
Let’s start with the most basic questions: what is a ZYN? ZYN is a nicotine pouch brand with Swedish origin. What is a nicotine pouch? Nicotine pouch is a small microfiber bag containing powdered nicotine salt (nicotine bitartrate dihydrate), fillers (micro crystalline cellulose, maltitol and gum arabic), stabilizers (hydroxypropyl cellulose), sweeteners (acesulfame
ZYN Culture
The “ZYN Culture” in the US reflects broader trends in how people, especially younger adults, are approaching nicotine consumption. Several social and behavioral shifts influence this culture: Youth and Millennial Appeal– Modern Lifestyle Integration: ZYN appeals strongly to younger demographics, including millennials and Gen Z, who are drawn to its
KT&G: Q2 2024 Results
Q2 2024 Results Revenue: ₩1.42Tn (+6.6% year-on-year) EBITDA: ₩383.1Bn (+25.4%); EBITDA Margin: 26.9% (+4.0pp) Operating Profit: ₩321.5Bn (+30.6%) Net Income: ₩318.0Bn (+57.5%); EPS: ₩2,754 (+59.5%) Shareholder returns: Interim dividend of ₩1,200 will be paid in Aug 2024. Total FY24 dividend will be more than ₩5,200 (FY23 dividend). Total 5.3% of
IQOS USA: Commercial Strategy
Note: This is a live write-up. More details and explanations are added on a regular basis. Philip Morris International (PMI) has come a long way in building up the IQOS franchise since the first-ever IQOS device was sold at a store next to the Nagoya main train station in Japan
Japan Tobacco: Q2 2024 Results
Tobacco Segment: 89% weight in revenue, 100+% weight in adj. operating profit in H1 2024 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food Segments; adjusted, at constant currencies Revenue: +7.6% in Q2 2024, driven by positive price/mix variance from all clusters and RRP-related revenue growth
ITC: Q1 FY25 Results
Key Business Metrics: Q1 2025 Gross Revenue is up +7.3%, driven mainly by Hotels, value-added agricultural products and leaf tobacco. FMCG segment, both Cigarettes (+6.1%) and Others (+6.3%), delivered resilient performance amid subdued demand conditions. Paper segment (-6.8%) is under pressure largely due to the cheap Chinese supplies in global
Nicotine
Nicotine: Properties, Uses and Public Health Implications Nicotine is a naturally occurring alkaloid found primarily in tobacco plants and certain other members of the nightshade family. It acts as a stimulant and anxiolytic, making it widely used in both recreational and therapeutic contexts. Nicotine functions by interacting with nicotinic acetylcholine
Altria: Q2 2024 Results
Top-line & Bottom-line Results Q2 2024 Revenue: $5.28Bn (exp. $5.39Bn; down -3% from $5.44Bn in Q2 2023) Q2 2024 EPS: $1.31 (exp. $1.34; flat vs. $1.31 in Q2 2023) FY24 Guidance: Narrowed. Adjusted diluted EPS in a range of $5.07 to $5.15, representing a growth rate of 2.5% to 4.0%
Share Buybacks: BAT
July 2024 BAT enters into an agreement with Goldman Sachs to purchase ordinary BAT shares from July 25, 2024 to October 14, 2024. Thereby, Goldman Sachs becomes the third brokerage to execute BAT’s £700Mn share repurchase program for 2024 after UBS (twice) and Merrill Lynch. Any purchases by Goldman Sachs
BAT: H1 2024 Results
Top-line – Revenue: £12.34Bn (vs. £12.47Bn expected, down -0.8% on an organic basis) – Revenue from New Categories: £1.65Bn (vs. £1.69Bn expected, up +7.4%) – Revenue from New Categories: 13.4% of total – Combustibles revenue: -2.6% (drivers: volume -6.9%, price +7.2%, mix -2.9%); -1.6% if adjusted for the unfavorable US
PMI: Q2 2024 Results
Key Business Metrics Adjusted net revenue: up +5.6% to $9.47Bn (vs. $9.18Bn expected; $8.97Bn in Q2 2023) Adjusted diluted EPS: down -0.6% to $1.59 (vs. $1.57 expected; $1.60 in Q2 2023) Adjusted operating income margin: 38.6% (down -0.8pp vs. Q2 2023; +1.1pp ex-FX) Total volume: up +2.8% to 197.3Bn (heated
Nicotine: Questions and Answers
What is nicotine? Nicotine is a naturally occurring alkaloid with the chemical formula C₁₀H₁₄N₂. It is a colorless, oily liquid that turns brown when exposed to air. Tobacco and other plants in the nightshade family contain nicotine, an organic compound. Nicotine acts as a stimulant in mammals, including humans, and
Tobacco Pulse Surveys: Q2 2024
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: June 30, 2024 In H1 2024, tobacco stocks
Nicotine Pouch Manufacturing
Nicotine pouches were first developed two decades ago in Sweden. They were created as a modern, tobacco-free alternative to snus, a traditional Swedish product that involves placing moist tobacco under the upper lip. The goal was to develop a recreational nicotine product that has a better health risk profile and
Cigarettes Brands
Cigarettes & Brands: a compilation of top brand of smokes – both cigarettes and mass-market cigars. Backwoods: Owned by Imperial Brands. Mass market cigar brand introduced in the US in 1973. All Backwoods cigars are made using a 100% broad-leaf tobacco wrapper which gives each of them a unique and
Major Tobacco Companies
Philip Morris International (PMI): Headquartered in Stamford, Connecticut, USA and listed on the New York Stock Exchange (NYSE: PM). PMI is the largest publicly traded tobacco company with a global workforce of 82,700. PMI operates in 180 markets and sells ~740 billion sticks (~37Bn packs) per year, generating $35.1 billion in
Tobacco Products
Smokeless tobacco: Usually consumed orally or nasally, without burning or combustion. There are two main types of smokeless tobacco: snuff and chewing tobacco Smoking tobacco: Act of burning dried or cured leaves of the tobacco plant and inhaling the smoke. Combustion releases biochemically active compounds in tobacco, such as nicotine
BAT – H1 2024 Pre-close Update
Ahead of the H1 2024 results (to be released on July 25, 2024), BAT provided an interim business update on June 4, 2024 (Tuesday). The key highlights are: – On track to deliver FY24 guidance (i.e. low single-digit revenue and adjusted operating profit growth) with H2-weighted financial delivery – Revenue
Nootropic Pouches
Nootropics are substances that supposedly improve cognitive functions, mainly executive functions, memory, creativity, or motivation, in healthy individuals. Also called “smart drugs” or “cognitive enhancers,” nootropics include a wide range of natural and synthetic substances, with stimulants being the most common type. A “nootropic pouch” is a form of portable,
BAT – H1 2024 Pre-close: Preview
Ahead of the H1 2024 results (to be released on July 25, 2024), BAT will provide an interim business update on June 4, 2024 (Tuesday). At this occasion, BAT will reaffirm (or revise) its FY24 guidance and report YTD April volume & SoM progression for the combustibles and (three) NGP/RRP
ITC: FY24 Results
Key Business Metrics: Q4 2024 Gross Revenue is up +2% driven by resilient performance in Cigarettes (+7.7%) and FMCG Others (+7.2%). Gross Revenue (ex-Agri Business) is up +6.0%. Profit (before tax) is down -1%. Profit (after tax) is down -1.3%. Q4 2024 EPS (diluted): ₹4.02 (down -1.5% from ₹4.08) Key
Energy Pouches: Caffeine Pouches
When we feel the need for a boost, we traditionally resort to nicotine and caffeine as an “every day use” booster – mostly consumed in the form of cigarettes and drinks, respectively. Caffeine is a stimulant that impacts the brain and central nervous system to keep us awake. Meanwhile, nicotine
Imperial: H1 2024 Results
Top-line & Bottom-line results Adjusted: at constant currencies – Volume: -6.3% (to 89.9Bn sticks), reflecting the wider industry decline in the markets where Imperial Brands is present (“established footprint”) – Strong tobacco pricing (+8.6%) more than offsetting volume declines – Revenue: +2.8% (NGP revenue: +16.8%, driven by scale-up in launch
KT&G: Q1 2024 Results
Q1 2024 Results “Delivers gloomy results, promises earnings turnaround in the second half” Revenue: ₩1.29Tn (-7.4% year-on-year) => decline driven by the weakness in Health-Functional Food (HFF) and Real Estate businesses, tobacco revenue flattish EBITDA: ₩297.4Bn (-20.8%) EBITDA Margin: 23% (-3.9pp) Operating Profit: ₩236.6Bn (-25.2%) => in addition to the
Sciecure Pharma
This is a sponsored post. Could China threaten the stronghold of Sweden in nicotine pouch manufacturing? Nicotine pouch is undoubtedly the fastest growing nicotine product category in the world. Both the major tobacco companies and entrepreneurs are rushing to take their share in the category. However, the explosive growth is
Japan Tobacco: Q1 2024 Results
Tobacco Segment: 88% weight in revenue, 100+% weight in adj. operating profit in Q1 2024 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food Segments; adjusted, at constant currencies Revenue: +6.6% in Q1 2024, driven by positive price/mix variance from all clusters and RRP-related revenue growth
Altria: Q1 2024 Results
Top-line & Bottom-line Results Q1 2024 Revenue: $4.72Bn (exp. $4.72Bn; down -1% vs. Q1 2023) Q1 2024 EPS: $1.15 (exp. $1.15; down -2.5% vs. Q1 2023) FY24 Guidance: Re-affirmed: FY24 adj. EPS in a range of $5.05 to $5.17 (midpoint: $5.11), representing a growth rate of 2% to 4.5% from
PMI: Q1 2024 Results
Key Business Metrics Adjusted net revenue: up +8.6% to $8.79Bn (vs. $8.47Bn expected; +11% ex-FX) Adjusted diluted EPS: up +8.7% to $1.50 (vs. $1.41 expected; +23.2% ex-FX) Adjusted operating income margin: 38.2% (up+0.9pp vs. Q1 2023; +3.7pp ex-FX; deceleration in SG&A growth) Total volume: up +3.6% to 180.5Bn (HnB volume:
Altria – Q1 2024 Results: Preview
Release date: April 25, 2024 (before the opening bell) Sell-side analyst expectations Revenue and EPS decline are already factored in. Revenue: $4.72Bn (down -0.9% vs. Q1 2023) EPS: $1.15 (down -2.5% vs. Q1 2023) FY24 Guidance Following the Anheuser-Busch InBev stake sale and expansion of the existing share repurchase program (from $1Bn
PMI – Q1 2024 Results: Preview
Release date: April 23, 2024 (before the opening bell) Sell-side analyst expectations Revenue: $8.47Bn (+4.6% vs. $8.1Bn adjusted net revenue in Q1 2023; +5.6% vs. reported) EPS: $1.41 (+2.2% vs. $1.38 adjusted EPS in Q1 2023) Latest FY24 Guidance PMI first disclosed its FY24 guidance at the Q4 2023 earnings release (February
Japan Tobacco: Share Price Surge
Since we noted that “in the League of Laggards to the transformation to RRPs (Altria, Imperial, JT), we clearly favor JT due its size/scale, higher emerging market exposure (supporting the combustible volume), very low indebtedness and strong focus on expanding its presence in the heated tobacco category” in February 2023,
Imperial: H1 ’24 Trading Update
Imperial Brands confirms that is is on track to meet H1 and FY24 guidance: – strong tobacco pricing (more than offsetting industry volume pressures in certain markets) and stable aggregate share in the top-five combustible markets (i.e. share gains in the US, Spain and Australia, broadly offsetting declines in Germany
Imperial: H1 ’24 Trading Update – Preview
Imperial Brands will release a pre-close trading update for the first half of FY24 (October 2023 – March 2024) on April 9, 2024. Imperial’s FY23 results (October 2022 – September 2023) were characterized by robust combustible pricing (pricing: +11%, mix: -3%; total price/mix: +8%) and stringent cost control measures more
Tobacco Pulse Surveys: Q1 2024
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the Sunday polls: March 31, 2024 Which tobacco major will deliver
IQOS USA: FDA Review
October 2023 Projecting a faster path to the break-even in the USA with IQOS ILUMA, Philip Morris International (PMI) will refrain from investing heavily on the initial US launch that will take place with (the old generation) IQOS3 device (internal heating with a blade). IQOS ILUMA (without a blade) uses
IQOS USA: Market Potential
Altria (Philip Morris USA): CAGNY Conference (February 2024) Altria projects heated tobacco to make up ~5% of the US nicotine space over the long term (against PMI’s aspiration to capture 10% of the cigarette market within 5 years after IQOS ILUMA launch) despite developing a portfolio of heated tobacco products
IQOS USA: History
Philip Morris International (PMI) & Altria: On the way to Merger In 2013, Altria and PMI entered into a series of agreements related to innovative tobacco products, which included the assignment of exclusive US commercialization rights of IQOS to Altria. Accordingly, following the US FDA’s authorization (i.e. marketing order granted to
Share Buybacks: Altria
March 2024 Altria reduced its stake in Anheuser-Busch InBev (ABI) to buyback own shares. Altria agreed to sell 35Mn shares of ABI through a global secondary offering at a price of $61.5 per ADS (BUD) and €56.17 per ABI ordinary share. In addition, ABI will repurchase $200Mn of shares directly
IQOS USA: Patent Wars
Mart 2024 The US International Trade Commission (ITC) decided to lift the IQOS importation ban following the global patent infringement settlement between British American Tobacco (BAT) and Philip Morris International (PMI). Accordingly, there is no regulatory or legal hurdle left for PMI to launch IQOS in the US as of
IQOS USA: Product Portfolio
Until IQOS ILUMA receives authorization (marketing order) from the US FDA (not expected before July 2025), Philip Morris International (PMI) will introduce the IQOS3 line-up in a limited geography in the US. The portfolio will be composed of IQOS3 device and (most probably) HEETS heated tobacco stick variants: HEETS Bronze,
IQOS: USA launch
This article is no longer updated. For an up-to-date, exclusive coverage on every aspect of the IQOS USA launch, click here to visit our IQOS USA section. February 2024 Old Friends x New Foes: As the IQOS US launch gets closer, Philip Morris International and Altria lobbyists are putting up a ferocious
Altria: Winds of Change
Presumably, everyone is aware of the “Bear Case” for Altria by now. We have written about it so many times over the past three years: until Altria has a proven/working strategy to break out of the ailing US cigarette business, its share price (MO) is set to be in an
PMI: FX Headwinds
CAGNY Conference: February 2024 In an attempt to re-assure the market of its ability to deliver growth in reported basis (before endless FX adjustments), PMI admits that US strength has been a major headwind in the past few years (limiting its financial performance) while re-confirming its objective to generate growth
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 Processed Food Segments; adjusted, at constant currencies Revenue: +7.4% in Q4 2023 and +6.4% in FY23, driven by positive price/mix variance in the Western Europe
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: down -0.5% to 185.1Bn (HnB volume: +6.1% to 34Bn) Oral nicotine shipment volume: +23.4% to 219.6Mn cans Smoke-free revenue: up +13.6% to $3.6Bn => 39.3%
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 of lower cigarette volume (mainly in the US) and a translational FX headwind of 2.9% (due to the relative strength of £, particularly against the
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 Margin: 17.9% in Q4 (-0.7pp), 24.0% in FY23 (-1.5pp) Operating Profit: ₩198.6Bn in Q4 (-1.4%), ₩1.17Tn in FY23 (-7.9%) Net Income: ₩117.1Bn in Q4 (—),
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 Revenue: $20.5Bn (-0.9% vs. FY22) FY23 EPS: $4.95 (+2.3% vs. FY22) => middle of the guidance (“in a range of $4.91-$4.98”) FY24 Guidance: “FY24 EPS
BAT – FY23 Results: Preview
Release date: February 8, 2023 (before the opening bell) BAT already released an Interim Business Update (IBU) on December 6, 2023. Recall: Our “BAT: Interim Business Update” write-up. Thereby, for the FY23 Results release, focus will be on: (1) numerical details of the business update; (2) any deviations & changes versus the
PMI – Q4 2023 Results: Preview
Release date: February 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 time of the Q3 2023 Earnings release (October 19, 2023). – Reported diluted EPS: $4.95-$4.98 (down -15.5% vs. $5.81 in FY22) – Adj. diluted EPS,
ITC: Q3 FY24 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 (after tax) is up +10.8%. Quarterly EPS is up +10% (year-on-year basis) to ₹4.47. Cigarette Segment: 40% weight in gross revenue, 78.5% weight in operating
Altria – Q4 2023 Results: Preview
Release date: February 1, 2024 (before the opening bell) Sell-side analyst expectations Marginal revenue and EPS decline are already factored in. Revenue: $5.07Bn (down -0.3% vs. Q4 2022) EPS: $1.17 (down -0.8% vs. Q4 2022) FY23 Guidance Altria narrowed and lowered the FY23 guidance during the Q2 2023 Earnings release (October 26,
Tobacco Pulse Surveys: Q4 2023
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom on the subject matter or an immediate pulse on the market/industry developments. Results of the previous Sunday polls: December 31, 2023 Tobacco stocks outperformed the
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 (FMCG; Agriculture; Paperboards, Paper & Packaging; Hotels) have increased by 150% and 220%, respectively over the past decade – coupled with +730bps expansion in return
BAT: Interim Business Update
Highlights – Reaffirms FY23 EPS guidance: organic revenue growth in the low end of 3-5%; mid-single digit EPS growth – Continued strong volume and revenue growth and increased profitability in New Categories, led by Vuse and Velo – New Category contribution expected to broadly break-even, two years ahead of the
BAT – Interim Business Update: Preview
Ahead of the FY23 results (to be released on February 8, 2024), BAT will provide an interim business update on December 6, 2023 (Wednesday). At this occasion, BAT will reaffirm (or revise) its FY23 guidance and report YTD September volume & SoM progression for the combustibles and (three) NGP/RRP categories.
Share Buybacks: KT&G
November 2023 At the 2023 Investor Day, KT&G announced the plan to buy back ₩1Tn worth of stocks and cancel 15% of its outstanding shares (i.e. 7.5% new purchases + 7.5% existing treasury shares) in the 2024-26 period. This is a major step-up in share re-purchase & cancellation as KT&G
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 against a stronger prior year comparison) – Robust combustible pricing: +11% (partially offset by -3% in product mix, driven primarily by mass market cigars and
KT&G: Q3 2023 Results
Q3 2023 Results1 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 to persistent cost headwinds. Results: Tobacco Division Key announcement highlights (for the tobacco business only): – Revenue +3% to ₩972.7Bn; Operating Profit +0.6% to ₩269.4Bn
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 growth in the EMA cluster, more than offsetting the industry volume contractions in the Philippines (-11.5%) and the UK (-16.4%) Operating profit: +7.9% strong price/mix
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: adj. EPS in a range of $4.91 to $4.98, representing 1.5% to 3% growth from $4.84 in FY22 (previously, in a range of $4.89 to
Altria – Q3 2023 Results: Preview
Release date: October 26, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $5.43Bn (up +0.3% vs. Q3 2022) EPS: $1.29 (up +1% vs. Q3 2022) FY23 Guidance Altria re-affirmed its updated FY23 guidance during the Q2 2023 Earnings release (August 1, 2023): “FY23 adjusted diluted EPS in a range of $4.89
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 (vs. $1.61 expected) Adjusted operating income margin: 40.8% (still 0.7pp below Q3 2022) Total volume: up +2.2% to 193.6Bn (HnB volume: +18% to 32.5Bn; cigarette
ITC: Q2 FY24 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 & climate emergencies raise concerns on food security and trade restrictions are imposed by the Government (stock limits on wheat, ban on non-basmati rice exports and
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 2023 and FY23 guidance at the 2023 Investor Day (September 28, 2023; only 2 days before the end of the third quarter). Q3 2023 Guidance
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 cap. ITC is also the seventh largest Indian company by market cap – a list led by giants like Reliance Industries, TATA and HDFC. Brief
Research: Cannabis
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 plant’s main psychoactive component) in cannabis almost quadrupled over the last 25 years, mainly due to US growers selecting more potent strains. In the same
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 in a water-based format – infusing tobacco leaves directly with drugs or active molecules such as nicotine with or without cannabinoids for potential applications such
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). Imperial repurchased 52.1Mn shares (~5.5% of share capital, £1.0Bn in total) in FY23. Key highlights from the announcement: – Single-digit tobacco segment revenue growth and
Imperial: Trading Update – Preview
Imperial Brands will provide a pre-close trading update for the FY23 (October 2022 – September 2023) on October 5, 2023. In the first half of FY23, Imperial reported +0.6% revenue growth and -0.3% adj. operating profit decline for the Tobacco segment – excluding the Russia exit and at constant currency.
Share Buybacks: Philip Morris International
September 2023 At the 2023 Investor Day, PMI announced that no share repurchases are foreseen in the 2024-26 period as it prioritizes debt reduction. By the end of 2026, PMI expects its leverage (Net Debt/Adj. EBITDA ratio) to be reduced to around 2x – which would be broadly in line
PMI – 2023 Investor Day: Preview
PMI will host an Investor Day on Sept 28, 2023 – the first one since Feb 2021. This is an opportunity for the PMI Management team to address the buy-side concerns and generate a wave of buying interest among the large money managers – thereby, helping PMI share price to
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 our recent “PMI: Not All Roses” write-up, we highlighted financial planning & reporting issues as a major buy-side concern for the PMI shares. Thanks to
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 target for PMI is around $114 – implying a 20% upside. Although the sell-side is pretty convinced, PMI share price struggles to break out to
Dividends: Altria
Another dividend hike Altria increased its quarterly Dividend by 4.3% to $0.98/share on August 24, 2023. The new annualized dividend rate is $3.92 per share, representing a yield of 9.1% based on the closing stock price of Aug 23 and making Altria the the top dividend paying tobacco company (-
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. majority stake ownership) are excluded*. Publicly traded companies, in which PMI and BAT hold a minority stake, are included**. Ranked by last reported fiscal year
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 guidance: adj. EPS in a range of $4.89 to $5.03, representing 1% to 4% growth from $4.84 in FY22 (midpoint 2.5% is lower than the
Altria – Q2 2023: What to watch out for?
Release date: August 1, 2023 (Tuesday) – 9:00am ET Sell-side consensus Revenue: $5.43Bn (+1% vs. $5.37Bn in Q2 2022) EPS: $1.30 (+3% vs. $1.26 in Q2 2022) Implying a flat revenue and 4% EPS growth in H1 2023 for Altria. Note that BAT reported 5.4% revenue decline and -0.2% operating
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 – Adj. Operating Profit: £6.02Bn (vs. £5.9Bn exp.) – Adj. Operating Margin: 44.8% (vs. 44.4% exp.) – Contribution from New Categories: -£12Mn (break-even in sight) –
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 (HnB volume: +26.6% to 31.4Bn; cigarette volume: -0.4% to 157Bn) Smoke-free revenue: $3.2Bn => 35.4% of total revenue (2025 target: 50%) Key Highlights – Combustibles:
PMI – Q2 2023: What to watch out for?
Guidance & Expectations EPS (adjusted diluted): $1.42-$1.47, including an unfavorable FX impact of $0.13/share (revised as “towards the top-end” at the DB conference) Heated Tobacco Volume: 30-32Bn units (revised as 31-32Bn units at the DB conference) Operating Income Margin: significant sequential improvement, up to 100 bps vs. Q1 2023 Analyst
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 the year – Underwhelming start to 2023 by glo: but, the recent momentum is more encouraging – 900k more non-combustible consumers in Q1: on track
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 by -2.5% in product mix, driven primarily by adverse product mix in the USA; total price/mix: +6.8%) – Revenue: +0.6% (NGP revenue: +19.8%, driven by
BAT: CEO Appointment
May 2023: New CEO The Board announces that – the current CEO is stepping down from the Board of Directors with immediate effect – the current CFO (“Group Finance Director”) is appointed as the new CEO. Our takeaway We highlighted many times before that BAT is poorly managed and needs
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 than top-line growth due to the higher supply chain costs) Total Volume +1.3% (combustible volume +1.2%; RRP volume +3%) Ploom X (heated tobacco) Update –
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 $1.18) FY23 EPS Guidance re-iterated: $4.98-5.13 representing a growth rate of 3-6% from the base of $4.84 in FY22 (midpoint 4.5% is a touch lower
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 (expected $1.34) Total volume: down -1.1% to 171.1Bn units in Q1 2023 (HnB volume: +10.4% to 27.4Bn; +16% adj.) Smoke-free revenue: $2.8Bn => 34.9% of
Imperial Brands: Interim Update
Guidance On track to meet full-year guidance H1 2023 Revenue (excl. the impact of Russia exit) & Operating Profit: at a similar level to H1 2022 FY23 Revenue: low single-digit growth Operating Profit: mid-single digit growth over the next 3 years Key Highlights Stable aggregate SoM across top-5 combustible markets:
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% annual EPS growth achieved in the 2016-2021 period) – OCI margin of at least 60% – New progressive dividend goal: mid-single digit annual dividend growth
Altria: Business Development
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 the – MGO for the ACE Menthol pods ($125Mn for each concentration: 2.4% and 5.0%) – MGO for the access-restriction technology paired ACE pods (PMTA
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 is the second largest discount brand in the USA) In Q3 2022, Vector sold 2.75Bn sticks and generated $378Mn revenue ($137.5/’000) and $88Mn operating income
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 profit: up +8.2% Total volume: down -0.5% (combustibles: -0.7%, RRP +10.3%) Key Highlights – Re-defines its corporate purpose as: “Creating fulfilling moments. Creating a better
KT&G: FY22 Results & Key Developments
In FY22, KT&G posts record earnings, largely on upbeat sales of heat-not-burn tobacco products in Korea & overseas. Total cigarette and HnB volume reaches 101.5Bn (up +16.5%) and, consequently, KT&G moves above Altria to become world’s 5th largest tobacco company (ex-China). For the tobacco business only, excluding KGC (Korea Ginseng
PMI: Q4 & FY22 Results
Bottom-line results & Volume progression EPS: up +20.8% to $1.23 in Q4; up +11.9% to $5.34 in FY22 Total volume: +2.6% in Q4; 3.2% in FY22 (HnB volume: +37.5% in Q4; +21.5% in FY22) Adjusted figures: excluding Russia & Ukraine Operating Income: margin pressures FY22: 0.6% decline on an organic
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 bps EPS up +5.8% Key Highlights New Categories (NC): – BAT now expects NC profitability in 2024, one year ahead of plan – NC revenue:
Altria: Q4 & FY22 Results
Top-line & Bottom-line results Revenue: down -0.1% to $5.08Bn in Q4 (expected $5.15Bn); down -2% to $20.7Bn in FY22 Adjusted diluted EPS: up +8.3% to $1.18 in Q4 (expected $1.17); up +5% to $4.84 in FY22 FY23 EPS Guidance: $4.98-5.13 representing a growth rate of 3-6% from the base of
Imperial Brands: FY22 Results
Top-line & Bottom-line results Adjusted, at constant currencies Net revenue up +1.5% (NGP net revenue up +10.8%) Operating profit up +1.8% EPS up +4.9% Key Highlights – Aggregate SoM for top-5 combustible markets up 35bps (note: larger competitors are largely funneling their investment to RRP/NGPs) – 90bps share gain in
Grinds: Interview
Grinds is pioneering the non-nicotine functional pouch category with the aim to give consumers a discreet, convenient way to manage their energy, focus, and daily wellness. Evolving from its roots in baseball culture and coffee-in-a-pouch tobacco alternatives, Grinds offers a versatile portfolio – including Energy, Focus, Zero, and Electrolyte lines