Philip Morris International: ZYN Ultra Rollout Following FDA Guidance

Goldman Sachs reiterates its Buy rating on Philip Morris International following new FDA guidance that paves the way for a near-term rollout of the ZYN Ultra nicotine pouch line.

Key Takeaways

• 1.New FDA industry guidance suggests PM will be able to roll out ZYN Ultra soon, as the agency will not prioritize enforcement against nicotine pouch products with pending PMTAs.
• 2.ZYN Ultra is expected to reaccelerate brand trends, offering moist pouches with higher nicotine strengths (9mg+) compared to the existing dry portfolio.
• 3.Retailer sentiment is strongly positive, with approximately 80% of surveyed retailers planning to increase shelf space for ZYN this year.

Table of Contents

• PM Valuation & Risks
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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