Cigarette VolumesCigarette volumes for Altria declined by 8.6%, which is slightly better than the consensus but still reflects a significant decrease.
Patent LitigationThe unfavorable NJOY patent litigation ruling is a setback for Altria, with the U.S. International Trade Commission ruling against NJOY/Altria in the patent infringement case brought by JUUL.
Reduced-Risk Product PortfolioAltria has a limited reduced-risk product portfolio, which is less than 5% of sales, presenting a challenge as US nicotine consumers continue to migrate to reduced-risk products.