FDA Approves iQOS for the U.S. Market; Modest Valuation Upside for PMI
Altria and Philip Morris International, or PMI, are now able to market iQOS, the company's market-leading heated tobacco technology devices, in the U.S. after the FDA approved the sale of this product after a long-awaited decision. This is not a judgment on PMI's application to market iQOS as a modified risk product however, and the FDA's decision is still pending. Altria will market and distribute iQOS in the U.S., while PMI will retain the intellectual property rights. The two companies will s...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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