WASHINGTON — Altria said Thursday that its heat-not-burn cigarette, iQOS, probably won’t be back in U.S. stores for at least a year.
The maker of Marlboro cigarettes updated investors on the heated tobacco device, which is a key pillar of its plan to switch its business away from traditional tobacco products.
Despite the setback, Altria reported better-than-expected for the last quarter of 2021.
The company's performance was mainly driven by increased prices for Marlboro, Parliament and other brands.
Altria has been working for years to move its business away from cigarettes amid steady declines in smoking. But the company was forced to remove iQOS from the market due to a patent dispute.