Philip Morris shares fall as FDA delays review of nicotine pouches for U.S. sale

Philip Morris International's stock dropped significantly after reports indicated that the U.S. Food and Drug Administration (FDA) has delayed its fast-track review of certain nicotine pouches. These nicotine pouches are a crucial product for the company, and the delay in FDA approval could impact their market expansion in the U.S. The delay raises uncertainty about the timeline for these products to be legally sold, affecting investor confidence and potentially the company's revenue growth in this segment.