Altria operates exclusively in the US, where it is the largest cigarette manufacturer, selling over 100 billion sticks in 2019. Although the company’s cigarette volume sales declined by 12.7% between 2017 and 2019, the
company is still reliant on high-risk product categories – cigarettes, cigars, and pipe tobacco – for 90% of total
tobacco value sales in 2019. Altria has made significant investments in reduced-risk products, notably its
35% stake in JUUL Labs. However, the company later wrote-down two-thirds of the value of its investment
citing the intensifying regulatory scrutiny surrounding vaping in the US and internationally. Its reduced-risk
performance is supported by sales of Swedish-style snus and, more recently, non-tobacco nicotine pouches,
and heated tobacco after FDA authorizations granted in 2019.