Tobacco
Case studies in tobacco.
Altria: Funding the Next Step Beyond Smoking
Altria had invested $2.75 billion to acquire NJOY in June 2023. The company expected the acquisition's return on invested capital to exceed its weighted average cost of capital by 2027. That was a management target, not a reported result. Read case
Philip Morris International: Sequencing the U.S. Smoke-Free Portfolio
In July 2026, Philip Morris International (PMI) reported a mixed first-half record for ZYN in the United States. First-half shipments declined year over year, while second-quarter shipments edged higher and management described offtake as flat to slightly growing. Read case