Altria

“Turning to ABI's financial results, we recorded $161 million of adjusted equity earnings in the fourth quarter, up 1.3% versus the prior year.”

Altria's equity stake in Anheuser-Busch InBev (ABI) contributed $161M of adjusted equity earnings, up 1.3%; Altria continues to treat the ABI stake as a financial investment.

“We entered into a strategic collaboration with KT and G to advance international modern oral U.S. non-nicotine growth and traditional tobacco operating efficiencies.”

Altria entered a strategic collaboration with KT&G to advance international modern-oral and U.S. non-nicotine growth, a read-through on KT&G's global reach.

“we entered into an agreement with KT&G to acquire an ownership interest in Another Snus Factory, the manufacturer of the LOOP Nicotine Pouch brand.”

Altria is acquiring an ownership interest in Another Snus Factory, maker of the LOOP nicotine pouch brand, to expand its international modern-oral portfolio.

“During the third quarter, both NJOY and JUUL initiated new litigation against one another.”

Altria's NJOY and JUUL are engaged in mutual patent-infringement litigation before federal court and the ITC over e-vapor products.

“Turning to ABI's financial results. We recorded $157 million of adjusted equity earnings in the third quarter, up 9% and versus the prior year.”

Altria's equity stake in Anheuser-Busch InBev (ABI) generated $157M of adjusted equity earnings, up 9% YoY, a positive read-through on ABI's results.

“we announced a collaboration with KT&G to explore opportunities in international innovative smoke-free products and U.S. non-nicotine products.”

Altria announced an expanded collaboration with Korea's KT&G spanning international modern-oral expansion, U.S. non-nicotine ginseng products, and manufacturing efficiency.

“Turning to ABI's financial results. We recorded $130 million of adjusted equity earnings in the second quarter, down 10.3% versus the prior year. This decline was driven by a lower ownership interest compared to the year ago period, reflecting the sale of a portion of our ABI investment last year. We continue to view our ABI stake as a financial investment, and our goal remains to maximize the long-term value of the investment for our shareholders.”

Altria's equity-earnings contribution from its ABI stake declined year-over-year, driven by Altria's own reduced ownership interest after selling part of the stake in 2024, not by a change in ABI's underlying business.

“In June, the Patent Trial and Appeal Board did not agree with our argument to invalidate JUUL's patent. While this is not the outcome we hope for, we are actively exploring all potential next steps.”

Altria lost a patent challenge against JUUL's e-vapor patent, meaning JUUL retains IP protection Altria's NJOY ACE device must design around before returning to market.

“We recorded $146 million of adjusted equity earnings, down 11.5% versus the prior year. This decline was driven by a lower ownership interest compared to the year-ago period, reflecting the sale of a portion of our ABI investment.”

Altria's minority equity stake in ABI generated lower equity income after Altria trimmed its ownership; management continues to treat the stake as a financial investment it may further monetize.

“We're moving forward with regulatory preparations to bring heated tobacco stick products to the US through Horizon, our joint venture with JT.”

Altria is advancing U.S. regulatory preparations for heated tobacco stick products through Horizon, its joint venture with Japan Tobacco (JT), targeting a combined PMTA submission in mid-2025.

“we recorded $159 million of adjusted equity earnings for the fourth quarter, down 8.1% versus the prior year. These earnings reflect the impact of a lower ownership interest compared to the year-ago period due to the partial sale of our ABI investment last year.”

Altria's equity earnings from its ABI (Anheuser-Busch InBev) stake fell 8.1% year-over-year due to its reduced ownership stake following last year's partial sale of the investment.

“Yesterday, the ITC issued its final determination in JUUL's case against NJOY. The ITC agreed with JUUL’s claims with respect to the four patents in this case.”

The U.S. ITC ruled in JUUL's favor in its patent infringement case against Altria's NJOY, issuing an exclusion order barring NJOY ACE imports and sales, a significant win for JUUL's IP position in the vapor category.