Philip Morris, Altria Shares Decline Following FDA's Juul Ruling

By Denny Jacob

Shares of tobacco companies Philip Morris International and Altria Group declined after the Food and Drug Administration authorized Juul Labs to keep its e-cigarettes on the U.S. market.

Philip Morris edged down 2.6% to $178.52, while Altria was lower by 2.3% to $57.52 in early afternoon trading Thursday.

The FDA's decision will serve as a catalyst for the vaping company after a 2022 federal ban pushed it to the brink of bankruptcy. It also comes five years after Juul first submitted its products for federal review.

Marlboro maker Altria Group, which in 2018 paid $12.8 billion for a minority stake in Juul, divested its holdings in 2023 at a near-total loss. It also stopped selling its NJOY Ace e-cigarettes, after the U.S. International Trade Commission sided with rival Juul Labs in a patent dispute.

Write to Denny Jacob at denny.jacob@wsj.com