FDA Signals Anti-Initiation Strategy Will Be Sustained Under New Commissioner
The FDA announced tighter measures against what it describes as "epidemic" levels of youth consumption of e-cigarettes, a move we think signals the FDA will continue to pursue anti-initiation policies despite the resignation of commissioner Scott Gottlieb. We are reiterating our fair value estimates for the tobacco manufacturers as the measures, while significant in terms of signalling the FDA’s stance, will not have much direct impact on tobacco manufacturers’ cash flows.The FDA’s proposals in...
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