PMI to Record £220 Million Loss on Vectura Sale

Philip Morris International expects to record a record loss of about £220 million ($198 million) on the sale of its inhaled-therapeutics Vectura Group unit to Molex Asia Holdings in the third quarter, reports The Wall Street Journal, citing a securities filing.

On Sept. 17, PMI’s pharmaceutical subsidiary, Vectura Fertin Pharma, announced it would sell its Vectura Group business to Molex. The company acquired Vectura Group in 2021 for $1.24 billion as part PMI’s drive to diversify beyond nicotine.

The company now says that “unwarranted opposition” to its transformation has affected Vectura Group’s engagement with the scientific community and its commercial relationships.

The remaining units of Vectura Fertin Pharma will continue to operate under a new corporate identity and develop oral consumer health and wellness offerings, as well as inhaled prescription products for pain management and cardiovascular emergencies.