BUD - Altria Is Misdirecting Investors About Regulatory Risk

• Altria reported mostly solid results. Smokable products had 8% net price realization growth. Marlboro gained 4 tenths of retail market share.
• JUUL lost market share yet again. Altria can start competing with JUUL soon if the valuation of its ownership position falls slightly more.
• 2021 will be a big year for IQOS. Marlboro HeatSticks will be sold in areas representing 25% of cigarette volumes by the end of the year.
• Altria's management misdirected shareholders twice on the call. The FDA does not plan to criminalize menthols on the consumer level.
• Furthermore, the FDA isn't on board with shifting consumers to Altria's portfolio of non-combustibles such as IQOS and JUUL.

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