Altria Group, Inc. - MO STOCK NEWS

Altria Group, Inc. (NYSE: MO) and NJOY respond to an initial determination by the U.S. International Trade Commission (ITC) Administrative Law Judge regarding JUUL Labs' patent infringement complaint against NJOY. The judge recommended an exclusion order to prohibit NJOY ACE importation into the U.S. Altria and NJOY disagree with this determination and await the full ITC's final decision by December 23, 2024.

NJOY filed a similar complaint against JUUL in August 2023, with a hearing held in June 2024 and an initial determination expected in September. The parties are engaged in mediation to resolve these disputes. NJOY has also filed Substantial Equivalence Exemption requests with the FDA for a modified ACE product to avoid patent issues.

An exclusion order on ACE, the first FDA-authorized pod-based e-vapor product, could limit choices for adult smokers and impact public health efforts.

Altria Group, Inc. (NYSE: MO) has announced a 4.1% increase in its regular quarterly dividend, raising it from $0.98 to $1.02 per share. The new dividend is payable on October 10, 2024, to shareholders of record as of September 16, 2024. This increase aligns with Altria's progressive dividend goal, targeting mid-single digits dividend per share growth annually through 2028. The new annualized dividend rate is $4.08 per share, representing a dividend yield of 7.9% based on the closing stock price of $51.81 on August 21, 2024. This marks Altria's 59th dividend increase in 55 years, demonstrating the company's commitment to shareholder returns.

Altria Group (NYSE: MO) reported its Q2 and H1 2024 results, narrowing full-year adjusted EPS guidance to $5.07-$5.15, representing 2.5-4% growth from 2023. Q2 net revenues decreased 4.6% to $6,209 million, while adjusted diluted EPS remained flat at $1.31. H1 adjusted diluted EPS declined 1.6% to $2.46.

Key highlights:

• NJOY e-vapor products gained market share, reaching 5.5% in Q2
• NJOY received FDA authorization for menthol e-vapor products
• Completed $2.4 billion accelerated share repurchase program
• Paid $3.4 billion in dividends during H1 2024

Altria continues to invest in smoke-free products while maintaining resilient traditional tobacco businesses. The company expects stronger EPS growth in H2 2024.

Altria Group (NYSE: MO) has announced it will host a live audio webcast on July 31, 2024, at 9:00 a.m. Eastern Time to discuss its 2024 second-quarter and first-half business results. The company will release a press release with the results at approximately 7:00 a.m. Eastern Time on the same day. CEO Billy Gifford and CFO Sal Mancuso will lead the discussion and answer questions from investors and media. The webcast will be in listen-only mode and requires pre-event registration. An archived version will be available on Altria's website after the event.

Altria Group announced the submission of Premarket Tobacco Product Applications (PMTAs) to the FDA for its new on! PLUS oral nicotine pouches. Developed by Helix Innovations, these pouches are made from a proprietary soft-feel material for a more comfortable user experience. On! PLUS pouches, designed for adult dippers and dual users, come in tobacco, mint, and wintergreen flavors with three nicotine strength options. Altria believes the product will significantly contribute to Helix's growth upon FDA authorization. In Q1 2024, on! pouches saw a 32% increase in shipment volume and captured a 7.1% market share in the U.S. oral tobacco category.

Altria Group, Inc. (NYSE: MO) announced that the FDA has granted marketing orders for NJOY ACE Pod Menthol 2.4%, NJOY ACE Pod Menthol 5%, NJOY DAILY Menthol 4.5%, and NJOY DAILY Extra Menthol 6%. These are the first FDA-authorized menthol e-vapor products, following NJOY's PMTA submission in March 2020.

Altria's CEO, Billy Gifford, emphasized the company's commitment to transitioning adult smokers to less harmful alternatives. NJOY products are now available in over 80,000 stores, with plans to expand to 100,000 by year-end.

However, Altria is obligated to make an additional $250 million payment due to the FDA's issuance of these marketing orders, per the merger agreement. NJOY also submitted a supplemental PMTA for its new ACE 2.0 device, which includes technology to prevent underage use.

NJOY, an Altria company, has submitted a Premarket Tobacco Product Application (PMTA) to the FDA for its NJOY ACE 2.0 device, which incorporates Bluetooth®-enabled access restriction to prevent underage use. The company also re-submitted applications for Blueberry and Watermelon pods compatible with NJOY ACE 2.0. Already the sole FDA-authorized pod-based e-vapor product, the NJOY ACE expanded its distribution to over 80,000 stores in Q1 2024, aiming for 100,000 by year-end. Altria's vision is to transition smokers to smoke-free options responsibly. NJOY aims to address previous FDA concerns regarding underage access and hopes for expedited review and authorization.

Altria Group (NYSE: MO) held its 2024 Annual Meeting of Shareholders, during which CEO Billy Gifford provided remarks and addressed shareholder questions. Preliminary voting results showed the election of 10 Board nominees, the ratification of PricewaterhouseCoopers LLP as independent public accountants for 2024, and the approval of executive compensation on an advisory basis. Two shareholder proposals were not approved. Following the meeting, Altria declared a regular quarterly dividend of $0.98 per share, payable on July 10, 2024, to shareholders of record as of June 14, 2024, with the ex-dividend date also on June 14, 2024. The company continues to focus on transitioning adult smokers to smoke-free products and holds various equity investments, including in Anheuser-Busch InBev and Cronos Group.

Altria Group, Inc. will host a virtual 2024 Annual Meeting of Shareholders on May 16, 2024, where shareholders can vote their shares electronically and submit questions. Non-shareholders can listen as guests but cannot vote or ask questions. The company encourages reviewing business and financial resources and corporate responsibility reports available on their website prior to the meeting.