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Industry Initiatives & Sustainability Efforts Environmental Claims: Philip Morris and British American Tobacco promote HEETS and TEREA as part of their sustainability strategy, highlighting smoke and litter reduction

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The broker pointed to a recent worsening of BATS' share of the US cigarette market, upcoming rule changes to menthol and nicotine products by the Food and Drug Administration, the status of its premarket tobacco application decision, a patent dispute in one of its vape businesses, and its recent full-year results as being reasons for skepticism