There remains a narrative that Altria is far behind in next-gen nicotine delivery, and thus must fully lean into a strategy wholly oriented to new products. But such a perspective fails to appreciate the value drivers of its legacy product portfolio, and revamping its stance risks eroding the parts of the business the company already excels in. This is not to say that the company should not or will not pursue new avenues. It has and continues to. Instead, it ought to keep lean on the cost side, and devote itself to ensuring its sharecount becomes ever leaner too.