Altria: iQOS cigarette alternative off market through 2022
ABC News
Altria said Thursday that its heat-not-burn cigarette, iQOS, probably won’t be back in U.S. stores for at least a year
WASHINGTON -- Marlboro-maker Altria said Thursday that its heat-not-burn cigarette, iQOS, probably won’t be back in U.S. stores for at least a year, while sales of its traditional cigarettes continued to slide.
The Richmond, Virginia-based company updated investors on iQOS after being forced to pull it from the U.S. market late last year due to a patent dispute. The product, marketed as a less-harmful alternative to combustible cigarettes, is a tiny share of Altria’s revenue but key to its 10-year plan to switch its business away from traditional tobacco products.
Despite the setback, Altria reported better-than-expected quarterly earnings and an upbeat outlook for the coming year. The company posted adjusted earnings of $1.09 per share for the fourth quarter, on revenue of $5.09 billion, surpassing Wall Street forecasts.
Most the company’s revenue gains came from price hikes on Marlboro, Parliament and other cigarette brands. Actual packs sold continued to slide during the period, declining 6% in terms of shipment volumes. The company said it expects full-year 2022 earnings in the range of $4.79 to $4.93 per share.
