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tongphlp
Supreme |
13-Oct-2021 13:27
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Is the IQOS Import Ban a Fatal Blow to Altria?The tobacco giant had been counting on the heated tobacco device for future growth. Key Points
The U.S. International Trade Commission recently ruled Philip Morris International' s (NYSE: PM) IQOS heated tobacco device violates two patents held by rival British American Tobacco (NYSE: BTI) and that the electronic cigarettes can' t be imported or sold in the U.S. While the ruling is obviously a major blow to the tobacco giant because the U.S. is potentially the world' s biggest, most lucrative market for e-cigs and IQOS is so far the only e-cig that has earned a modified-risk label from the Food and Drug Administration, the decision is a devastating blow to Philip Morris partner Altria (NYSE:MO) because it has no vapor products to fall back on and no other markets it can sell into. The question is whether it' s fatal. 
IMAGE SOURCE: PHILIP MORRIS INTERNATIONAL. A missed opportunityPhilip Morris is ramping up the introduction of IQOS into numerous countries around the globe. While the device hasn' t gained the same kind of traction in European Union countries and Latin America that it did when first introduced into Japan, which has a unique market unlike virtually any other, IQOS is still making significant inroads and holds a substantial share. The U.S., though, was where Philip Morris was looking to make its biggest mark. Through agreements with Altria, which would make the U.S. tobacco company responsible for the manufacture, marketing, and sale of IQOS here, the two were planning to roll out the device nationally later this year. Although Philip Morris has had FDA marketing approval for two years, Altria took a go-slow approach to introducing the e-cig, and it is in only three markets at the moment. But following a lawsuit by British American and an initial review by the ITC indicating IQOS violated British American' s patents, Altria put the national rollout on hold. Now it may have to withdraw the device completely if planned appeals of the ruling are unsuccessful. A number of irons in the fireHeated tobacco devices typically include a rechargeable and reusable power unit, a disposable tobacco stick, and a charger. British American alleges -- and the ITC agrees -- that the IQOS violates the patents surrounding the device' s heating blade, the ceramic piece that heats the tobacco stick and monitors the temperature to keep it from burning. It contends IQOS is using an earlier version of the current technology it developed for its glo device. British American has also filed a similar lawsuit against Philip Morris in Germany. While losing the U.S. market (or even Germany) would hurt, Philip Morris has numerous other countries in which it can sell IQOS, and it has co-developed a " beyond nicotine" strategy, in which it sees itself generating over half of its total net revenue from smoke-free products by 2025 and at least $1 billion yearly from " beyond nicotine" products. It' s invested in Fertin Pharma, which makes nicotine chewing gum, chewable tablets, lozenges, and " pouch powders" that dissolve quickly in the mouth, as well as Vectura, a British contract development and manufacturing company (CDMO) for the pharmaceutical industry. Counting on IQOSAltria, though, doesn' t have those same levers, or not the same number. The vast majority of its revenue still comes from traditional cigarettes, and while it also has oral tobacco products, such as chewing tobacco and nicotine pouches, its investments in IQOS and Juul Labs were supposed to be its future. But Juul looks as though it' s on its last legs and could be removed from the market. The FDA has undermined its e-cig to the point that it has lost vast swaths of market share to Vuse, British American' s e-cig vapor product. Although Juul still holds the most share at the moment, the FDA is dragging its feet on giving it marketing approval. It was supposed to have decided last month, but it says it needs more time. Considering how vociferously the agency has attacked Juul over the past two years for its alleged role in teenage use of e-cigs, the prospects look dim. A setback, not a death sentenceYet the ITC ruling is not a fatal blow to Altria. As noted, most of the tobacco giant' s revenue comes from cigarettes, and while the industry is in a secular decline, it' s nowhere near being snuffed out. Precisely because it hadn' t gotten very far in rolling out IQOS, the device accounts for relatively very little of its revenue. It might have been a potential growth product, but a ban won' t upend Altria' s finances. With Altria also still paying a secure and lucrative dividend that currently yields 7.9% annually, it remains a tobacco stock investors can count on. |
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tongphlp
Supreme |
13-Oct-2021 13:24
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Big Tobacco Is Spending More Time Fighting Over PatentsBattle for market share in smoke-free products is shifting to the courthouse, but shouldn&rsquo t replace innovationPhilip Morris and BAT are furthest ahead in their shift to smoke-free technologies.PHOTO: FABRICE COFFRINI/AGENCE FRANCE-PRESSE/GETTY IMAGESBy
Updated Oct. 12, 2021 9:39 am ETCarol Ryan
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tongphlp
Supreme |
08-Oct-2021 06:48
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Yes, after a few months of no activity....leaving investors to wonder WHY? Share buy back is a strength and shows the company' s and management' s confidence in their shares.....also shows that the Company has bullets to fire..
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Aeonfcuks
Member |
07-Oct-2021 19:43
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Finally some buyback.. though not much
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tongphlp
Supreme |
07-Oct-2021 10:26
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Good that it is up today Bad that there' s no share buyback
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Beta21177
Member |
06-Oct-2021 10:34
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If fund need to collect, they will also want to collect at low price | ||||
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tongphlp
Supreme |
06-Oct-2021 10:24
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as long as there' s $$ to be made bro! who cares whether it is a black or white cat, as long as it catches the mouse! :)
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mchua71
Senior |
06-Oct-2021 10:22
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That' s what makes this stock so interesting and attractive hahaha! Huge price movement is great !
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tongphlp
Supreme |
06-Oct-2021 10:14
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not sure about other stocks but Venture seems like a share shortists love very much
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tongphlp
Supreme |
06-Oct-2021 09:59
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That is the point! NO buyback at ALL! Venture management is not confident of it' s share price or it thinks they can get it even cheaper! At a time when the banks and others are buying back their shares as a show of confidence..
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tongphlp
Supreme |
06-Oct-2021 09:57
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BlackRock exiting?
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Aeonfcuks
Member |
06-Oct-2021 09:53
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For the last 3 weeks, venture almost top the list everyday for highest short sell volume. So who do you think is selling? As long as no share buyback, it' s gonna be red.
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Beta21177
Member |
06-Oct-2021 09:44
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who is selling?? | ||||
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tongphlp
Supreme |
05-Oct-2021 15:35
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True to a certain extent...
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Fiat500
Veteran |
05-Oct-2021 14:29
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Not the 1st time this stock is behaving this way. Next earnings report will probably boost up the stock price if results are good! | ||||
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tongphlp
Supreme |
05-Oct-2021 10:50
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is Wong still alive and breathing?....:)
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tongphlp
Supreme |
05-Oct-2021 10:35
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everyday a new low..
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tongphlp
Supreme |
05-Oct-2021 09:35
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Price has fallen drastically from 19+ levels - Wonder why Venture' s management is keeping mum..no share buy backs..why?
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tongphlp
Supreme |
05-Oct-2021 09:31
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it took laxatives thinking it was vitamins....
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tongphlp
Supreme |
05-Oct-2021 09:07
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if the Foo chap come out to issue a downgrade at this time, it would be the nail in the coffin, I think..
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