Volume:
Combustables: -10%
Total Oral: -1%
On!: +40%
NJOY devices: +22%
NJOY consumables : +15%
Market Share:
Marlboro: 41.7% -60bps
Copenhagen: 19.1% -440bps
Skoal: 7.6% -170bps
On!: 8.3% +150bps
NJOY: 5.5% +280bps
NJOY ACE
In the patent dispute with JUUL, the ITC rules in favor of JUUL. As a result, the import and sale of NJOY ACE is banned and NJOY ACE will be off the market from April 2025.
Combustables Volume
There is no end in sight to the ever-shrinking US cigarette market.
Oral
Copenhagen (-8.8%) and Skoal (-9.9) are now shrinking at the same rate as the cigarette market; in my opinion, these can no longer be counted among the "new" alternative growth products as once planned by Altria. On! sales figures look good, but market share can only be gained very slowly.
Conclusion
On the whole, the report is quite sobering to disappointing. The goals that were set with NJOY have now been discarded and can no longer be achieved. And statements such as "we expect the Altria's future earnings growth to be negatively impacted by further "RRP catch-up investment"." are more than disappointing for me.
For me, this shows once again that the $MO (+1,86%) Altria management is no longer what it used to be. NJOY is finally on the market and they didn't manage to check the patent situation beforehand. Cronos, JUUL and now NJOY. One can only hope that they don't screw up with On!
