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| Philip Morris continues to test reduced-risk cigarettes10 September 2004 15 3 Source »»»Altria Chief Financial Officer Dinyar Devitre said in remarks made at Prudential Equity's Back-To-School Conference in Boston that any reduced-risk product would be measured against standards for harm reduction established by the Institute of Medicine. Philip Morris USA has said it plans to test market a reduced-risk cigarette in the second half of this year. During the presentation, Devitre said Philip Morris USA plans to test market the cigarette first without reduced-risk claims to gauge consumer interest in the product based on other factors such as taste. The idea behind so-called reduced-risk cigarettes is to eliminate some of the harmful components. Such a product could have fewer carcinogens and other toxins that have been linked to certain illnesses. Ahead of Devitre's comments, Altria reiterated its earnings forecast for 2004. The New York company, which also is the parent of Kraft Foods, said it expects to hit the high end of its forecast range of full-year earnings of $4.50 to $4.60 a share. Last year, Altria earned $4.52 a share. Devitre also reviewed several key lawsuits pending against the U.S. tobacco business such as the Engle case in Florida, the Price "lights" cigarette case in Illinois and the upcoming Department of Justice racketeering suit, which is scheduled to go to trial Sept. 21.
By Christina Cheddar Berk; Dow Jones Newswires
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