Investor Presentaiton
2021 Cigarette Industry Dynamics
We expect 2021 cigarette industry volume trends to be most influenced
by (i) adult smoker stay-at-home practices, (ii) unemployment rates, (iii)
fiscal stimulus, (iv) cross-category movement, (v) the timing and breadth
of COVID-19 vaccine deployment and (vi) adult smoker purchasing
behavior following the vaccine.
Due to the uncertain timing and magnitude of each of these dynamics,
we're not providing a cigarette industry outlook.
We believe the degree of cross-category movement will be influenced by
several factors, including adult smoker perceptions of the relative risks of
noncombustible products compared to cigarettes, FDA determinations on
PMTA filings and legislative actions.
21 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY
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