Advisory Panel Ruling Is a Step Closer to iQOS Commercialization, Albeit a Suboptimal One
The headlines may be focused on the unfavourable opinion on reduced risk, but we think the U.S. Food and Drug Administration's Advisory Panel ruling that Philip Morris International's iQOS product offers reduced exposure to toxic chemicals is likely to be enough to ensure that the FDA approves the marketing of the device in the U.S. We reiterate our tobacco manufacture valuations and wide moat ratings at this time, but continue to monitor growth and profitability trends in the emerging heated-to...Altria Group is a holding company. The company's subsidiaries include: Philip Morris USA Inc., which is engaged in the manufacture and sale of cigarettes; John Middleton Co., which is engaged in the manufacture and sale of machine-made cigars and pipe tobacco; Sherman Group Holdings, LLC and its subsidiaries, which are engaged in the manufacture and sale of cigarettes and the sale of cigars; and UST LLC, which through its subsidiaries, including U.S. Smokeless Tobacco Company LLC and Ste. Michelle Wine Estates Ltd., is engaged in the manufacture and sale of smokeless tobacco products and wine. The products of the company's tobacco subsidiaries include smokeable tobacco products and machine-made cigars.
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