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June 22, 2022 – “This clearly comes as a surprise to the market … we would expect that Juul would appeal the decision, and remain on the market through that process, which would likely take a year or more,” said Vivien Azer, an analyst with Cowen.

The looming verdict comes nearly two years after Juul applied for approval to keep selling e-cigarettes in the country.

The FDA review of the applications was based on whether the e-cigarettes are effective in getting smokers to quit and if so whether benefits to smokers outweigh health damage to new users, including teenagers.

In October, the FDA had allowed a Juul rival, British American Tobacco, to market its Vuse Solo e-cigarettes and tobacco-flavored pods, the first vapor product to get clearance from the health regulator.

The estimated fair value of Altria’s investment in Juul was $1.6bn as of March, a fraction of the $12.8bn it paid in 2018, as a crackdown on vaping has upended the once fast-growing industry. 

more@TheGuardian