Altria to assign IQOS U.S. rights to PMI for $2.7B cash, effective April 2024

ALTRIA GROUP, INC.

Altria receives $1B immediately and $1.7B (plus 6% interest) by July 15, 2023 from PMI subsidiary Triaga.
IQOS exclusive U.S. commercialization rights assigned to PMI effective April 30, 2024.
IQOS currently unavailable in U.S. due to ITC import ban; PMI targets supply resumption in H1 2023.
Altria will record $2.7B as deferred gain in Q4 2022, recognized in earnings upon assignment.
Altria gains flexibility to invest in other smoke-free products; expects to finalize two product designs by end of 2022.

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