Big Tobacco is turning into Big Nicotine
January 22, 2026 by ft.com
Big Tobacco is turning into Big Nicotine
British American Tobacco shocked investors two years ago with a £27bn writedown of its US cigarette brands, causing its shares to fall amid declining cigarette sales and political pressure on vaping. Contrary to expectations, the company’s shares have since risen nearly 90%, lifting its market value to £92bn and making it the UK’s sixth most valuable company. This performance has outpaced even Nvidia over the past year, while rival Imperial Brands has also grown to a £24bn market capitalisation.
