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
Sri Lanka: Tobacco Market
October 2026: Surge in Illicit Trade and Alternative Products Strains Sri Lanka’s Legal Tobacco Market Shifts in Sri Lanka’s combustible tobacco market highlight an ongoing
Cannabis: USA
October 2026: Illinois Cannabis Sales Surge Following Legislative Reform and Expanded Limits Legal cannabis sales across Illinois are on a steady upward trajectory, backed by
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
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
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
Tobacco Industry Highlights: October 3 – October 9, 2026
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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
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
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
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
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: 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
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
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
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%
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
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
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
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
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
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,
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
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
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
Tobacco Industry Highlights: September 26 – October 2, 2026
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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.
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
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
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.
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
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.
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
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
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
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
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
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
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
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
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
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
Tobacco Industry Highlights: September 19 – September 25, 2026
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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
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
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,
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
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
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
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
Tobacco Industry Highlights: September 12 – September 18, 2026
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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
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
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
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.
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
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
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
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
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
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
Tobacco Industry Highlights: September 5 – September 11, 2026
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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
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
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
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,
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
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
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
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
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
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.
Tobacco Industry Highlights: August 29 – September 4, 2026
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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
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
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
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
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
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
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
Tobacco Industry Highlights: August 22 – August 28, 2026
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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
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
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
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
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
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
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
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
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
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
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
Tobacco Industry Highlights: August 15 – August 21, 2026
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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
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
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
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
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
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
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
Tobacco Industry Highlights: August 8 – August 14, 2026
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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
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
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
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
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
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
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
Tobacco Industry Highlights: August 1 – August 7, 2026
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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.
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
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
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
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
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
Tobacco Industry Highlights: July 25 – July 31, 2026
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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
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
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
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
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
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
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.
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,
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
Tobacco Industry Highlights: July 18 – July 24, 2026
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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
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
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,
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.
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
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
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
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
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
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
Tobacco Industry Highlights: July 11 – July 17, 2026
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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
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,
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
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
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
Tobacco Industry Highlights: July 4 – July 10, 2026
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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
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
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
Tobacco Industry Highlights: June 27 – July 3, 2026
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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
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
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
Tobacco Industry Highlights: June 20 – June 26, 2026
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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
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
Tobacco Industry Highlights: June 13 – June 19, 2026
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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
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
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
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
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
Tobacco Industry Highlights: June 6 – June 12, 2026
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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
Tobacco Industry Highlights: May 30 – June 5, 2026
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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
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,
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.
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
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
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
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
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
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’
Tobacco Industry Highlights: May 23- May 29, 2026
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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
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
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
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
Tobacco Industry Highlights: May 16 – May 22, 2026
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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
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
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
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
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
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,
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
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
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
Tobacco Industry Highlights: May 9 – May 15, 2026
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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
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
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
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
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
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
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
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
Tobacco Industry Highlights: May 2 – May 8, 2026
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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,
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
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
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
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
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
Tobacco Industry Highlights: April 24 – May 1, 2026
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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
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
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
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
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
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
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?
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
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,
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
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
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
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
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
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
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
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
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
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)
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
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
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
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
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
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
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
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
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.
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
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
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
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
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
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
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,
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
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
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
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
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
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
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
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:
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
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
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
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
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
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
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
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
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
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
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
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)
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
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
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
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
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
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
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
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
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,
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
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
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
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)
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%
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
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
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
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
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,
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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%
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
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
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,
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
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
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
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
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
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
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%
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%
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
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
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,
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:
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,
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
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
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
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
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
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
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)
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
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
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
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
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
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
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.
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
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
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
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,
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
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
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)
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
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 –
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
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
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
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
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
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
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
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,
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
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
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
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
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
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
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
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
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
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
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
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.
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
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
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
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
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
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
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:
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)
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
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
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
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
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
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 –
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.
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
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
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
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
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%
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
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 –
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
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
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
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
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
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
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 &
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
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%
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
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
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
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
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
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
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
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
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
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
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
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
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,
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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,
List of US Cigarette Brands
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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
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
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
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
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
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
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
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
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,
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
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
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
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
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
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),
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.
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
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
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
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
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,
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
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
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
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
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
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
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
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
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
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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
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
Zippo Lighters
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Marlboro Red
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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
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
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
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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
ZYN Flavors
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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
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
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
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
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
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
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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.
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%
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
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
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
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
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.
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
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
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
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
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
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
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
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
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
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
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
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
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?
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
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%)
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
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
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%)
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
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.
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
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%) –
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.
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
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
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
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
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
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:
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
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,”
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).
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)
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
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
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
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
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
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
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;
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)
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:
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
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
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
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
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
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
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
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
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
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
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
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:
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
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
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:
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
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
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
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”
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
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
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
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
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
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
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
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
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
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
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
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:
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
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
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 &
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
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
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
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
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: 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
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
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
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
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
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,
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.
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
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
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 –
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
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
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
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
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
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
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
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
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
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%
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
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
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
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
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
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
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
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
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