American Depository Receipts (ADRs) of AB InBev (BUD) fell 5% Thursday morning as the world’s largest brewer missed sales estimates due to a surprise drop in beer volumes.

The maker of brands including Budweiser and Stella Artois reported third-quarter organic revenue growth of 2.1% year-over-year to $15.05 billion, below consensus expectations of $15.57 billion dollars from analysts surveyed by Visible Alpha. Underlying earnings per share (EPS) of $0.98 was higher than expected.

Total volumes fell 2.4%, compared to estimates for a gain of 0.11%. Beer volumes fell 3.1%. Volumes excluding beer increased by 0.6%.

The company said its revenue was boosted by its “megabrands,” which saw a 3.1% gain. These were led by Corona’s 10.2% jump outside its domestic market.

U.S. sales increase for first time since Bud Light boycott

U.S. sales rose 1.8%, the first year-over-year increase since the first quarter of 2023, as AB InBev was hit by a boycott of its Bud Light brand linked to the company’s relationship with transgender influencer Dylan Mulvaney. The protest led to Bud Light losing its title as the best-selling beer in the United States to Constellation Brand (STZ) Special model.

Brewers board approves $2 billion investment share buyback program to be executed over the next 12 months.

Including today’s drop, AB InBev’s ADRs have lost about 8% of their value this year.