Picture: BLOOMBERG / DAVID PAUL MORRIS
Overall, Altria has recorded $8.6bn in impairment charges after it took a 35% stake in Juul for $12.8bn in December 2018. Those charges brought down the value of its investment to $4.2bn as of the end of 2019, Altria said. “It’s a major black eye for the management. It’s a major strategic mistake in hindsight,” CFRA Research analyst Garrett Nelson said.
E-cigarette companies are also facing a May deadline to submit applications to the US Food and Drug Administration, proving that their products provide a net benefit to public health. If a company fails to make its case, the FDA has the power to order its products off the market.
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