Nicotine Capital retweeted
The FDA has authorized 24 new 4 mg Velo (BAT) nicotine pouch products, citing lower levels of harmful constituents compared to cigarettes and smokeless tobacco $BTI
Read more:
🔗 tobaccoinsider.com/pmta-prem…
To date, FDA has authorized 67 nicotine pouches
Nicotine Capital retweeted
Enough nicotine to satisfy cravings can help a product replace lethal cigarettes and save lives. More nicotine does not automatically mean more harm.
My new article examines why confusing nicotine delivery with smoking-related harm matters so much.
cliffdoug.substack.com/p/nic…
$BTI $BATS Because of the stock price moving up this has now compressed to ~11.4%. Still too high. Expect further move towards £50 per share.
$BTI $BATS trades at ~11.6% owners earnings yield here.
Assumptions for that are:
1. The dividend will be raised by 2% in Feb 2027 (same as before)
2. Buybacks will be raised by £200m in Feb 2027 (same as before)
3. APFO growth of 4.5% vs 4.0% in 2027 (inline with CEO's commentary)
I wouldn't be surprised if the company exceeds one, two or all of these assumptions, delivering a slightly higher owners earnings yield.
Nicotine Capital retweeted
Modern portfolio theory promises diversification, a sensible trade-off between risk and return, and protection in a crash.
I depart from some of its rules without sacrificing what it is meant to achieve. Here’s how.
Nicotine Capital retweeted
Highly misleading. FDA has authorised two flavoured vapes, which are not available yet. Young people buy Chinese (not tobacco industry) flavoured vapes on the black market - created by FDA - and most would otherwise be smoking. Aren’t you meant to be about stopping cancer?
"The Politics of Acceptable Addiction" - sounds like a book I need to read!
"This book began, improbably enough, in a Starbucks. I was waiting for a coffee when I noticed a young man at the counter. He had the kind of carefully cultivated beard that signals membership in a certain urban tribe. He ordered easily, chatted with the barista, and looked entirely at ease. Then, almost as an afterthought, he slipped a small white pouch into his mouth."
👇
Caffeine gets a coffee shop. Nicotine gets a moral panic.
Smoking kills. Confusing nicotine with smoke is indefensible.
My book, The Politics of Acceptable Addiction, is out now. It takes aim at the double standard.
cambridgescholars.com/produc…
$BTI $BATS trades at ~11.6% owners earnings yield here.
Assumptions for that are:
1. The dividend will be raised by 2% in Feb 2027 (same as before)
2. Buybacks will be raised by £200m in Feb 2027 (same as before)
3. APFO growth of 4.5% vs 4.0% in 2027 (inline with CEO's commentary)
I wouldn't be surprised if the company exceeds one, two or all of these assumptions, delivering a slightly higher owners earnings yield.
Nicotine Capital retweeted
The FT brings the Australian policy failure into sharp focus.
Illicit booming. Excise revenues collapsing. Hard won public health achievements reversed.
This is a catastrophic policy failure.
The solution is simple, pragmatic and would deliver a win:win:win.
Sadly, dogma prevails; common sense abandoned.
Read the full article here: ft.com/content/d2916f8b-c53b…
#Omni #SmokelessWorld #Transformation #ABetterTomorrow
Cars are also hazardous. So regulators and industry have successfully worked together to develop seat belts, airbags and countless other safety innovations.
Modern cars remain hazardous even today - over 100 years after their invention - but these safety innovations have dramatically reduced the risk of harm.
The same principle applies to tobacco harm reduction: modern nicotine alternatives aren't risk-free, but evidence shows that they are substantially less harmful than cigarettes. Just like seat belts, air bags and smart safety systems in cars, tobacco harm reduction could save millions of lives during the remainder of the 21st century and beyond.
If over the next 30 years cigarette smoking gets entirely replaced by these modern nicotine delivery systems, the prize will arguably be the largest public health victory ever.
Regulators across the world should work with industry to drive innovation and reduce total harm to society - not pretend all risks are equal and hang onto outdated views or ideologies.
Follow the science and common sense logic!
Hazard: could this cause harm?
Risk: how likely is harm, under real conditions of exposure?
A distinction explored in the new Omni™ 2026 Edition, and critical to evidence-based regulation.
Omni™ is intended for scientists, public health authorities, regulators, policymakers, and investors only, and is not intended for consumers.
From our Group Head of Scientific Affairs, Danni Tower: asmokelessworld.com/gb/en?ut…
Nicotine Capital retweeted
Hazard: could this cause harm?
Risk: how likely is harm, under real conditions of exposure?
A distinction explored in the new Omni™ 2026 Edition, and critical to evidence-based regulation.
Omni™ is intended for scientists, public health authorities, regulators, policymakers, and investors only, and is not intended for consumers.
From our Group Head of Scientific Affairs, Danni Tower: asmokelessworld.com/gb/en?ut…
Nicotine Capital retweeted
Japan Tobacco $JAPAY has introduced PERLZ, fully dissolvable sublingual nicotine pearls, in the UK, expanding its oral nicotine portfolio beyond conventional nicotine pouches.
Available in 1 mg/g and 2 mg/g strengths, PERLZ comes in 30-pearl dispensers and 10-pearl sachets, offering a new nicotine delivery format and packaging options.
#JAPAY #JTI #PERLZ #NicotinePearls #OralNicotine #NicotineInnovation #UK #SmokeFree #2Firsts
2firsts.com/news/product--jt…
$BTI $BATS Late last week I submitted a question to investor relations & management of BAT. I'm sharing it for transparency - it might be useful to others:
--- Question ---
During the H1 2026 results call on 30 July 2026, the CEO stated, in reference to slide 32: "As we build on our momentum, we see a clear pathway to improved growth in 2027."
However, I didn't note any similar statement regarding the 2027 growth outlook during the recent CMD presentations.
Could you please clarify whether the previously stated "clear pathway to improved growth in 2027" remains unchanged? If there has been a change in the outlook, I would appreciate any further explanation you can provide.
--- IR/Mgmt Response ---
Our CMD was focused on BAT's longer-term Horizon 2030 strategy and commitments rather than providing updated guidance for individual financial years. Horizon 2030 sets out our clear commitment to sustainable growth and shareholder value creation.
Accordingly, the absence of a specific reference to 2027 should not be interpreted as a change in our previously communicated outlook. Our confidence continues to be supported by the increasing contribution of New Categories and the strength of our U.S. business.