President Trump has nominated Nicole Saphier as Surgeon General, and she has revealed her investment portfolio, which includes tobacco stocks Philip Morris International (PM), Altria Group (MO), and British American Tobacco (BTI). If confirmed in the hearing scheduled for Sept. 16, Saphier would divest these holdings no later than 90 days after her confirmation, as part of an ethics agreement. This clearly avoids conflicts of interest with the role’s public health mandate.
Meanwhile, the tobacco market is transforming, with smoke-free products gaining prominence. Bank of America’s four‑week scanner data through May 30 showed that most U.S. tobacco categories continued to lose volume, while oral nicotine products remained the sector’s strongest growth area.
