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In 2018, for example, the company kicked off a global campaign called The Future of Brands that argued against so-called excessive regulation, including plain packaging, which has been shown to reduce tobacco use

22 out of the 37 included studies had a low risk of bias

With shares off 40% over the past five years as of mid-2019, the tobacco giant's stock has suffered even in the aftermath of its merger with Reynolds American, largely because of the continued decline in smoking and the strength of the U.S