Richmond, Va.-based Altria Group Inc. continues to report solid profitability, cash flow, and credit metrics, mainly due to the pricing power of its traditional tobacco products, and its stated financial policy commitment. Altria also continues to work on improving its next generation smokeless product pipeline, including refining its e-vapor strategy, introducing an upgraded nicotine pouch product, and bringing to market several heat-not-burn offers. We believe many of these initiatives are still one to three years away or more. Altria?s NJOY ACE e-vapor product was removed from the market earlier this year due to a patent dispute, resulting in an $873 million goodwill impairment. The tobacco company is also reassessing its U.S. smoke-free targets contained in its 2028 Enterprise Goals, mainly
