WVS NEWS: Njoy momentum reflects Altria’s focus on expanding reduced-risk-product offering

by – Antonia Di Lorenzo || ECigIntelligence

Altria’s third-quarter results underscored significant growth in its reduced-risk portfolio, with the Njoy brand leading the way.

During the presentation of its financial results, the company said that Njoy’s consumables shipment volume surged by 15.6% to 10.4m units, while device shipments doubled year-over-year to reach 1.1m units. Njoy also broadened its retail footprint, achieving a 6.2% market share for consumables in US multi-outlet and convenience channels, an increase of 2.8 share points over the prior year. For the first nine months, Njoy posted 33.8m units in consumables and 3.9m units in device shipments, holding a solid 5.3% market share in key retail channels. This growth reflects Altria’s strategic focus on Njoy as a central component of its expansion in reduced-risk products (RRPs).

Alongside Njoy, Altria’s On! nicotine pouch brand continued to perform well, growing its share of the US oral tobacco category to 8.9%, a 2.0-point gain from the previous year. Altria remains well-positioned within the fast-growing nicotine pouch segment, which now comprises 43.9% of the US oral tobacco category. While On!’s share within this category decreased slightly to 20.3% year-over-year, it posted sequential growth of 0.9 percentage points, showcasing its resilience and consumer appeal in a highly competitive market.

CEO Billy Gifford credited both brands’ momentum as a reflection of Altria’s commitment to leading in the RRP sector. Reinforcing this focus, Altria reaffirmed its Njoy momentum reflects Altria’s focus on expanding reduced-risk-product offering full-year 2024 guidance, projecting adjusted diluted earnings per share (EPS) growth of 2.5% to 4%, supported by continued gains in smoke-free products and shareholder value initiatives.