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Altria Group Inc (NYSE:MO), maker of Marlboro, reportedly urged the U.S. Food and Drug Administration to combat illegal vape products, citing threat to public health.
Chief Executive Officer Billy Gifford criticized the FDA’s enforcement scale and scope, according to a report from Bloomberg.
Gifford emphasized the need for stronger FDA crackdown on unauthorized e-cigarettes.
NJOY e-cigarette’s retail share improved, with plans to expand to 100,000 stores by year-end.
Altria reported a first-quarter FY24 sales decline of 2.5% year-on-year to $5.58 billion, beating the analyst’s consensus estimate of $4.71 billion. Adjusted EPS of $1.15 was in line with the consensus estimate.
Retail share of NJOY in the U.S. multi-outlet and convenience channel was 4.3%, an increase of 0.6 share points sequentially.
The reported shipment volume of NJOY consumables was approximately 10.9 million units in the first quarter.
“In spite of the absence of an effective regulatory environment, we saw continued early momentum from NJOY and believe our businesses are on track to deliver against full-year plans,” said CEO Billy Gifford.
Altria acquired NJOY Holdings Inc in 2023 for $2.75 billion.
Altria stock lost over 6% in the last 12 months. Investors can gain exposure to the stock via Vanguard Total Stock Market ETF (NYSE:VTI) and IShares Core High Dividend ETF (NYSE:HDV).
Price Action: MO shares are trading higher by 0.10% at $43.59 at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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