AB InBev, the parent company for Bud Light, revealed that the company has lost some $1.4 billion in revenues as a result of a boycott movement against the beverage.

Brand managers for the beverage solicited a partnership last year with Dylan Mulvaney, a male social media influencer who claims to be a woman, who brandished a custom Bud Light can with his likeness in a video that caused backlash from consumers. Sales for Bud Light and other brands controlled by the Anheuser-Busch subsidiary have consistently declined in recent months, causing Bud Light to lose the position of the most popular beer in the nation.

AB InBev reported some $15.1 billion of North American revenues in 2023, marking a decline from $16.6 billion in 2022 and therefore $1.4 billion in lost revenues after currency translation.

The company noted that their volume of beverages sold in the United States last year declined by 12.7% relative to the previous year “primarily due to the volume decline of Bud Light.” The share of the beer market controlled by AB InBev has “seen continued gradual improvement” since last May as the boycott effort lost some steam, while the firm plans to leverage advertising deals with sports leagues such as the NFL, MLB, PGA, and UFC to help their brands recover.

The partnership between Mulvaney and Bud Light caused an immediate backlash from consumers frustrated with the choice to back transgenderism. Some left-wing consumers of Bud Light also boycotted the product after Mulvaney claimed that Anheuser-Busch failed to protect him from “bullying and transphobia” resulting from the advertising effort.

Bud Light was displaced last year by Modelo Especial as the most popular beer in the United States, ending a two-decade run with the distinction for the former. Anheuser-Busch previously said they would offer sales incentives to wholesalers, as well as credits and reimbursements for freight charges, to help them deal with the financial fallout from the boycott movement.