FDA move on nicotine could boost Philip Morris iQOS smoking device
A U.S. move to cut nicotine levels in traditional cigarettes could prove a boon to Philip Morris International Inc, which has invested heavily in a new smoking device that heats rather than burns tobacco and may carry fewer health risks, tobacco analysts said on Friday. The U.S. Food and Drug Administration proposed cutting nicotine to non-addictive or minimally addictive levels in a major regulatory shift expected to move smokers toward e-cigarettes. Shares of major tobacco companies Altria Group and British American Tobacco slumped on concerns the FDA proposal will accelerate sales declines for traditional cigarettes.
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