Philip Morris Shares Drop 7.5% as Nicotine Pouches Await FDA Approval
Popular nicotine pouch products have yet to be cleared for sale in the United States despite a fast-track Food and Drug Administration scheme as scientists at the agency hesitate to authorize them due to potential risks to new users, including children, three sources told Reuters. Shares of Philip Morris (PM) are down $12.38, or 7.5%, to $152.97 in early Wednesday trading. Other publicly traded makers of tobacco products include Altria Group (MO), British American Tobacco (BTI) and Imperial Brands (IMBBY).
