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.
Market CompetitionThe pod-based vapor category, which includes NJOY, is declining by approximately 15% as consumers shift to largely illicit disposable products.
Product VolumeCigarette volumes for Altria declined by 8.6%, which is slightly better than the consensus but still reflects a significant decrease.