British American Tobacco p.l.c.

British American Tobacco p.l.c. is a multinational tobacco company whose primary business is the manufacture and sale of combustible cigarettes, vaping products, and other nicotine delivery systems. Its portfolio includes global brands such as Lucky Strike, Pall Mall, and Dunhill. In 2024, the company reported revenue of £27.7 billion, with the vast majority derived from tobacco and nicotine products.

The company has a significant history of regulatory and legal violations. In April 2023, British American Tobacco agreed to pay more than $629 million in penalties to resolve U.S. government charges that it engaged in bank fraud and violated sanctions by conducting business in North Korea through a third-party company. The U.S. Department of Justice and Treasury Department settlement included a $508 million component for apparent sanctions violations. Separately, the U.S. Federal Trade Commission opened an active investigation in 2020 into British American Tobacco Nigeria Limited and affiliated companies concerning alleged anticompetitive practices.

While the company publicly states a commitment to "building a Smokeless World" and aims to become a "predominantly Smokeless business by 2035," its current financial reliance on combustible cigarettes remains foundational. The strategic transition it describes is ongoing within a core product category—tobacco and nicotine—that is excluded due to its health impacts and addictive nature.