Legal And Regulatory RisksThe company also faces legal and regulatory risks from smoking bans, restrictions on package advertising, and FDA regulation of both smokeless and smokeable products.
Market Share And Competitive RisksAltria's share loss is worsening, with a 130bps loss of cig market share in the latest quarter.
Product Portfolio ChallengesAltria has a limited reduced-risk product portfolio, which is less than 5% of sales, presenting a challenge as US nicotine consumers continue to migrate to reduced-risk products.