Category: Business & Finance

  • FDA Authorizes 24 VELO Pouch Products

    FDA Authorizes 24 VELO Pouch Products

    On Oct. 30, the U.S. Food and Drug Administration issued Marketing Granted Orders to Modoral Brands Inc., a Reynolds American subsidiary, for 24 VELO nicotine pouch products, marking the first FDA marketing authorizations for British American Tobacco’s VELO brand in the United States. The orders cover eight product varieties across three packaging configurations, all containing 4 mg of nicotine. VELO Mini Pouch flavors include Crema, Lime, Orange Crema and Passion Fruit, while VELO Mini Pouch 2 comes in Crema, Lime, Orange Crema and Cinnamon. Each pouch weighs 400 mg.

    The FDA said its scientific review found that the authorized products contain lower levels of harmful and potentially harmful constituents than cigarettes and smokeless tobacco products, with several carcinogenic constituents, including those associated with oral cancer, below measurable levels. The agency evaluated whether the products could benefit adults who switch completely from other tobacco products while considering potential risks to youth and nonusers. The FDA emphasized that marketing authorization does not mean the products are safe and that adults who use tobacco must switch completely to potentially lower-risk alternatives to realize the full health benefits.

    The decision brings the total number of FDA-authorized nicotine pouch products to 67, including products marketed by Swedish Match USA’s ZYN and Altria’s Helix Innovations. The authorizations also give BAT a place alongside its two major competitors in the FDA-authorized U.S. nicotine pouch market. Only nicotine pouch products listed on the FDA’s authorized products list may legally be sold in the United States.

  • Universal to Report Fiscal Q2 Results Nov. 4

    Universal to Report Fiscal Q2 Results Nov. 4

    Universal Corp. will release its fiscal 2027 second-quarter results after market close Nov. 4 and hold a conference call at 10 a.m. Eastern on Nov. 5. The call will be available via live webcast on the company’s website, with a replay accessible through Feb. 5, 2027.

  • Altria Raises 2026 Earnings Guidance After Third-Quarter Growth

    Altria Raises 2026 Earnings Guidance After Third-Quarter Growth

    Altria Group reported third-quarter net revenue of $6.13 billion, up 1% year over year, while adjusted diluted earnings per share increased 4.8% to $1.52. Revenue excluding excise taxes rose 3.6% to $5.44 billion, driven primarily by higher revenue from smokeable products. Cigarette shipment volume fell 2.9%, including a 6.4% decline for Marlboro, while discount cigarette shipments increased 40.5%. Oral tobacco revenue declined 0.1%, and operating companies’ income for the segment fell 5.4%.

    For the first nine months of 2026, net revenue increased 1.4% to $17.67 billion, while adjusted diluted earnings per share rose 5.1% to $4.33. Altria raised its full-year adjusted earnings guidance to $5.66-$5.74 per share, representing growth of 4.5%-6% from 2025. The company also authorized a $1 billion expansion of its share repurchase program, bringing the program’s expiration date to Dec. 31, 2027.

  • Japan Tobacco Raises 2026 Earnings Forecast After Nine-Month Profit Growth

    Japan Tobacco Raises 2026 Earnings Forecast After Nine-Month Profit Growth

    Japan Tobacco Inc. reported revenue of ¥2.99 trillion ($18.8 billion) for the first nine months of 2026, up 13.6% year over year, while operating profit increased 24.2% to ¥947.7 billion ($596.6 million). Profit attributable to the company’s owners rose 20.9% to ¥618.9 billion ($3.9 billion). Adjusted operating profit at constant exchange rates increased 16.9% to ¥934.7 billion ($5.9 billion), driven by pricing contributions across several markets, including the Philippines, Russia, Türkiye, the UK, and the U.S. Tobacco business core revenue rose 14.5% to ¥2.75 trillion ($17.3 billion), while reduced-risk product volume increased 31.1% and heated tobacco product volume grew 39.6%.

    JT raised its full-year 2026 forecast, projecting revenue of ¥3.9 trillion ($24.6 billion) and operating profit of ¥1.04 trillion ($6.6 billion). Adjusted operating profit is forecast at ¥1.08 trillion ($6.8 billion), up 21.9% from 2025, while profit attributable to owners is expected to reach ¥662 billion ($4.2 billion). The company also raised its forecast for adjusted operating profit at constant exchange rates to ¥1.03 trillion ($6.5 billion), an increase of 16.1%.

  • BAT Malaysia Says Illicits Account for 56% of Market

    BAT Malaysia Says Illicits Account for 56% of Market

    British American Tobacco (Malaysia) Bhd. said illicit cigarettes accounted for 56% of Malaysia’s total cigarette market volume as of July, down slightly from 56.2% in May but up from 54% at the end of 2025. The company welcomed the government’s enforcement funding under Budget 2027.

    BAT Malaysia reported third-quarter net profit of RM2.3 million on revenue of RM302 million, compared with revenue of RM300.8 million a year earlier. For the first nine months of 2026, revenue fell to RM977.6 million from RM1.2 billion, while the company reported a net loss of RM22.2 million, compared with RM24.5 million in the first half. The legal cigarette market contracted 3.9%, while BAT Malaysia’s sales volume fell 21.1%, reducing its market share by 1.9 percentage points. The company declared an interim dividend of two sen per share, totaling RM5.7 million, payable on Dec. 28.

  • Skoka Raises $21.5 Million, Submits PMTA for 55 Pouch Products

    Skoka Raises $21.5 Million, Submits PMTA for 55 Pouch Products

    Skoka Inc. said it has raised $21.5 million and submitted a bundled Premarket Tobacco Product Application to the U.S. Food and Drug Administration covering 55 nicotine pouch products across 11 varieties and five strengths. The company submitted the application Oct. 1 and plans to begin U.S. retail distribution in 2027, subject to FDA authorization. Skoka said it has committed $15 million to its regulatory program, including pharmacokinetic studies, toxicology, stability testing, actual-use research, and label-comprehension studies.

    Founded in 2024 by Dan Aziz, Skoka developed its own formulations and has filed two patent applications covering ingredients and blending methods. The products are manufactured in the United States using globally sourced ingredients. Investors include executives and professional athletes, who invested in their individual capacities rather than as brand endorsers.

  • UK Removes Business Rates Relief for Vape Shops, Drawing Industry Criticism

    UK Removes Business Rates Relief for Vape Shops, Drawing Industry Criticism

    The UK government announced today (Oct. 28) that vape shops in England will lose eligibility for Small Business Rates Relief (SBRR) and reduced Retail, Hospitality and Leisure (RHL) business rates multipliers effective April 1, 2027, under its Autumn Budget 2026. The Treasury estimates the changes, which also remove RHL multiplier eligibility for adult gaming centers, will generate £10 million annually. The government is raising the SBRR threshold for qualifying retail, hospitality, and leisure properties to £18,000 in ratable value for full relief and £21,000 for tapered relief, measures it says will extend support to about 70,000 additional high street businesses. The government has not yet finalized the definition of a vape shop for the new rules.

    The UK Vaping Industry Association (UKVIA) criticized the decision, warning it could create a two-tier retail market in which specialist vape shops face additional costs while convenience stores selling the same products retain tax relief. “The Government risks creating a deeply unfair, two-tier vaping retail market in which responsible specialist retailers are financially penalized while other businesses selling exactly the same products continue to benefit from business rates relief,” said John Dunne, UKVIA director general. Dunne also questioned whether the Treasury’s projected £10 million in annual revenue justified the potential impact on legitimate retailers and jobs. UKVIA called on the government to clarify which businesses qualify and to introduce a retail licensing scheme that distinguishes compliant retailers from those selling illegal products or selling to minors.

    British e-liquid manufacturer Riot Labs estimated that an independent vape shop with a ratable value of £6,000 could face an annual bill of about £2,300, while one valued at £15,000 could pay about £5,700. The company said these figures are illustrative calculations based on the 2026/27 small-business retail multiplier, and that the final impact depends on the rules implemented. Riot Labs CEO Ben Johnson said the policy could penalize specialist retailers that check identification and help adult smokers quit while leaving other retailers selling vaping products eligible for relief. Online retailer Haypp also criticized the decision, as Dr. Marina Murphy, the company’s head of external affairs UK and scientific affairs, said the policy “unfairly stigmatizes responsible retailers” and called for a planned retail licensing scheme that would allow authorities to suspend or revoke licenses for businesses that break the rules.

  • BAT Appoints Former Apple General Counsel to Board

    BAT Appoints Former Apple General Counsel to Board

    British American Tobacco will appoint Bruce Sewell, former senior vice president, general counsel, and secretary of Apple Inc., as an independent non-executive director effective Jan. 1, 2027. Sewell, who held the Apple roles from 2009 to 2018, previously spent 14 years at Intel Corp., where he also served as senior vice president and general counsel. He currently serves as lead independent director of Vail Resorts and as a director of C3.ai. At BAT, he will join the Audit and Nominations committees.

    BAT also announced changes to its Audit and Remuneration committees effective Nov. 30. Non-executive director Véronique Laury will leave the Audit Committee and join the Remuneration Committee, while Serpil Timuray will move from the Remuneration Committee to the Audit Committee. Sewell will join the Audit Committee on Jan. 1, 2027.

  • VST Industries Reports 30.7% Decline in Quarterly Profit

    VST Industries Reports 30.7% Decline in Quarterly Profit

    VST Industries reported standalone net profit of ₹41.04 crore ($4.7 million) for the quarter ended Sept. 30, down 30.7% from ₹59.21 crore ($6.8 million) a year earlier. Revenue from operations increased to ₹844.06 crore ($96.7 million) from ₹450.37 crore ($51.6 million), while total income rose to ₹864.94 crore ($99.1 million) from ₹462.32 crore ($53 million). Total expenses increased to ₹811.64 crore ($93 million) from ₹383.91 crore ($44 million), and earnings per share fell to ₹2.41 from ₹3.49.

    The company said changes to India’s indirect taxes on cigarettes, effective Feb. 1, including the elimination of compensation cess and increases in GST and excise duty, make the current-quarter and six-month results not directly comparable with prior periods. The board approved the unaudited results on Oct. 28.

  • Turning Point Brands to Review Q3 Results Nov. 9

    Turning Point Brands to Review Q3 Results Nov. 9

    Turning Point Brands will review its third-quarter 2026 financial results during a conference call Nov. 9 at 9 a.m. EST. The call will be available via live webcast on the company’s investor relations website, with a replay available two hours after the call.