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Pfizer is limiting the distribution of some drugs manufactured at its plant in Rocky Mount, North Carolina, after the facility was struck by a tornado last month, the company said in a letter to hospitals.
The letter listed 12 drugs that Pfizer will only distribute through emergency orders “due to their high medical need,” effective “immediately and until further notice.” 
Some injections on the list were already in short supply as of late last month, according to a database from the American Society of Health-System Pharmacists. 

The roof of a Pfizer facility shows heavy damage after a tornado passed the area in Rocky Mount, North Carolina, July 19, 2023.
ABC Affiliate WTVD | via Reuters

Pfizer is limiting the distribution of some drugs manufactured at its plant in Rocky Mount, North Carolina, after the facility was struck by a tornado last month, the company said in a letter to hospitals late Thursday. 
The letter listed 12 injection products that Pfizer will only distribute through emergency orders “due to their high medical need,” effective “immediately and until further notice.” 

Some injections on the list were already in short supply as of late last month, according to a database from the American Society of Health-System Pharmacists. 
That includes a type of sodium chloride injection, which is used to replenish water and salt lost as a result of certain conditions. It also includes an injection used to treat metabolic acidosis, or the buildup of excess acid in the body due to ailments like kidney failure. 
But the list also includes drugs that did not have supply issues as of last month, such as certain versions of heart failure injection dobutamine and dopamine, which is used to treat shock and low blood pressure caused by heart attack, infections or surgery.
Pfizer did not say how much supply of those products comes from its damaged plant.
The company previously said that the facility supplies 8% of all sterile injectable medicines used in U.S. hospitals, including anesthesia, analgesia, therapeutics, anti-infectives and neuromuscular blockers. 

The drugmaker also didn’t say whether it expects the new limits to exacerbate any existing shortages plaguing U.S. hospitals or lead to new ones — a concern for some health experts. 
The nation is already facing an unprecedented shortage of medicine, ranging from ADHD pills to pain medicine to injectable cancer therapies. 
Manufacturing quality-control issues and surges in demand, among other factors, have caused the supply problems.
Pfizer urged hospitals to check the availability of the 12 products with wholesalers or distributors and seek out alternatives before placing emergency orders.
The company added that all other products manufactured at the plant not included on the list are available in the distribution chain. 
“We believe this is the most responsible approach to enable equitable distribution of their remaining inventory as well as support continuity of patient care while we work to restart production,” Meera Bhavsar, Pfizer’s sterile injectables portfolio lead, wrote in the letter. 
CEO Albert Bourla said during an earnings call this week that the drugmaker is still assessing how long it will take to bring the plant back online.
Pfizer said last month that the tornado primarily damaged a warehouse facility, which stored raw materials, packaging supplies and finished medicines waiting for quality assurance.
The company added that there does not appear to be major damage to the drug-manufacturing areas of the plant. More

THREE YEARS AGO, as lockdowns forced consumers to move much of their spending online, a golden age for e-commerce appeared to be dawning. Optimistic investors, convinced that shoppers would keep buying on the internet, lifted valuations of e-merchants to frothy heights. Retailers old and new raced to expand delivery networks.Today those heady days look like a distant memory. On August 3rd Amazon, the world’s largest online retailer, reported 11% year-on-year growth for the second quarter of the year, excluding its cloud-computing division. That was better than expected—and provoked a roughly 10% jump in the company’s share price. Yet it was a fraction of the 42% sales growth that Amazon reported for the same quarter in 2020, and slower than the giant’s pre-pandemic trend. The same day Wayfair, an online purveyor of furniture that surged amid covid-19, reported its ninth consecutive quarter of declining sales.A slowing economy is only partly to blame for the reversal. After spiking in early 2020, the online share of retail spending in America has remained stagnant at around 15%, roughly what it would have been had the pre-pandemic trend continued uninterrupted (see chart). The story is much the same in Britain, France and Germany, according to figures from Euromonitor, a market-research firm.In certain categories, including clothing and furniture, e-commerce penetration in America has tumbled from its pandemic peak, according to TD Cowen, an investment bank. Consumers have flocked back to physical stores to inspect their dresses and dressers in person. The share of American grocery shopping online, which jumped from 4% in 2019 to 7% in 2020, is still edging up—but at a statelier pace. Last year it reached 9%. Many shoppers, it seems, still cherish the human interaction of the till or the butcher’s counter. Few appreciate the squashed or under-ripe produce that arrives in the delivery van, or luck-of-the-draw substitutes for ordered fare that was out of stock. Retailers, for their part, struggle with the tricky economics of selling groceries online. Grocery is a business with wafer-thin operating margins of between 2% and 4%, according to Bain, a consultancy. Adding the cost of personnel picking products from store shelves and drivers ferrying them to customers quickly turns it into a loss-making endeavour. Relying on automated fulfilment centres instead of stores helps only a little; Ocado, a British online grocer following that strategy, oscillates between losses and the slimmest of profits.One solution, notes Stephen Caine of Bain, is to boost margins by selling advertising; plenty of advertisers are happy to pay to show off their wares to e-shoppers. Last year Amazon generated $38bn of sales that way, some 9% of its total, excluding cloud computing. Yet most retailers, Amazon included, rely on added delivery fees to make online grocery delivery stack up. That, in turn, slows adoption. Fully 47% of Americans would do more of their grocery shopping online if delivery fees were lower, according to one survey by McKinsey, another consultancy.For now, much of the growth in online grocery shopping will be in kerbside pickup, reckons Mr Caine, with customers collecting pre-picked goodies from stores to save on delivery fees. Amazon’s $14bn acquisition of Whole Foods, a posh supermarket, in 2017 was an admission that physical stores would remain central to the grocery business for the foreseeable future. Brick-and-mortar retailers, with their vast store networks, continue to dominate the category. Walmart, the mightiest of them all, sells 17% of Americans’ groceries, according to GlobalData, a research firm. Amazon’s share is less than 2%.Meanwhile, competition in more mature areas of e-commerce is heating up. Shein, a Chinese online fast-fashion retailer popular with Gen Z shoppers in the West, is expanding into things like electronics and furniture. This year it launched a marketplace for third-party sellers. Its mobile app already has a third as many monthly active users in America as Amazon’s. Temu, a tendril of Pinduoduo, a rising e-commerce star in China, has also grown rapidly since launching in America last year.Another challenge comes from TikTok, a Chinese-owned short-video app beloved of youngsters. To monetise its users’ hours of scrolling, TikTok lets businesses squeeze ads and live demonstrations into their feeds, with links to purchase products without leaving the app. This model of “shoppable entertainment”, as TikTok calls it, has fuelled the success of Douyin, its sister app in China. Douyin now sells more clothes and accessories than Tmall, the Chinese e-commerce platform operated by Alibaba, a local tech champion.TikTok harbours similar ambitions in the West. Last October it was reported to be readying its own fulfilment network in America. Rumours are swirling that it will soon begin purchasing products from China and selling them to consumers itself; an experiment is already under way in Britain. TikTok’s aspirations would be thwarted if the American government bans it outright on national-security grounds, which many politicians are calling for. In that event, Reels, a TikTok lookalike offered by Meta, a homespun tech giant, could perhaps take the place of the disruptor.A final challenge to the West’s e-commerce incumbents is brands’ growing appetite for selling directly to consumers. Euromonitor reckons that direct-to-consumer sales now account for 16% of e-commerce, a share that has quadrupled over the past eight years. More access to shoppers’ data helps brands to speed up innovation, notes Michelle Evans of Euromonitor. By cutting out the middleman, it also often improves margins. Shopify, a Canadian e-commerce platform, has built a booming business selling tools to make it easy for companies to build online shops. On August 2nd the firm reported an Amazon-trouncing 31% year-on-year growth for the second quarter. Well-known brands like Nike, a sportswear heavyweight, are among those to have embraced the trend. Direct-to-consumer sales have risen from 17% to 42% of its total revenue over the past decade, with more than half of those sales generated online. Upstart brands such as Allbirds and Casper, makers of shoes and mattresses, respectively, have also shunned traditional wholesale arrangements, harnessing the web to sell to customers directly. More recently, though, the newcomers have been opening physical outposts for consumers to touch and feel products. The digitally native brands, too, may be preparing for a world without much more e-commerce. ■ More

Electric truck maker Nikola said on Friday that its CEO, Michael Lohscheller, will step down effective immediately due to a “family health matter.”
The news came alongside Nikola’s second-quarter earnings report in which losses narrowed.
Production of Nikola’s latest model, a longer-range fuel-cell powered version of its Tre semitruck, began July 31; deliveries are expected to begin in September.

Nikola TRE FCEV2
Courtesy: Nikola

Electric truck maker Nikola said on Friday that its CEO, Michael Lohscheller, will step down effective immediately due to a “family health matter.” Nikola’s current board chair, former General Motors vice chairman Steve Girsky, will take over as CEO.
Lohscheller will remain in an advisory capacity until the end of September to support the transition, Nikola said.

The news came alongside Nikola’s second-quarter earnings report. Here are the key numbers, compared with Refinitiv consensus estimates:

Loss per share: 20 cents vs. 22 cents
Revenue: $15.36 million vs. $15.4 million

Nikola’s net loss for the quarter was $217.8 million, or 31 cents per share. That figure includes $77.8 million, or 11 cents per share, related to discontinued operations including the closure of the former Romeo Power battery-pack factory in California. Nikola acquired Romeo Power last year.
A year ago, Nikola lost $173 million, or 41 cents per share. Aside from the discontinued operations, Nikola had no adjustments in the second quarter of 2023; on an adjusted basis, it lost 25 cents per share in the year-ago quarter.
Revenue fell to $15.4 million from $18.1 million in the second quarter of 2022.
Shares of Nikola were down about 5% in premarket trading Friday.

The company raised $233.2 million in cash during the second quarter via sales of stock and some physical assets, and took steps to reduce its cash consumption going forward. It had $226.7 million in cash on hand as of June 30, up from $121.1 million as of March 31. The company on Aug. 3 won approval from shareholders to issue new stock, and is expected to raise additional cash later in the year.
It delivered 45 of its battery-electric semitrucks to dealers during the second quarter. Its dealers sold 66 of the battery-electric trucks to end customers during the period, the company’s best quarterly retail result yet.
Nikola said in May that it would temporarily suspend production of its battery-electric truck while it reconfigured the line to build both the battery-electric and fuel-cell trucks.
Production of Nikola’s latest model, a longer-range fuel-cell powered version of its Tre semitruck, began July 31; deliveries are expected to begin in September.
Nikola currently has orders for a total of 202 fuel-cell trucks for 18 fleet customers, it said earlier this week. More

Electric vehicle startup Fisker on Friday reported a second-quarter loss that was narrower than expected.
Fisker produced just 1,022 Oceans in the second quarter, less than the 1,400 to 1,700 vehicles it had expected to make.
Revenue was just $825,000, as Fisker managed to deliver just 11 Oceans to customers before quarter-end following the production delays.

Fisker began deliveries of its battery-electric Ocean SUV in the second quarter of 2023.
Courtesy: Fisker

Electric vehicle startup Fisker on Friday reported a second-quarter loss that was narrower than expected, despite struggling to get the electric Ocean SUV into full production during the period amid supplier issues.
Fisker produced just 1,022 Oceans in the second quarter, less than the 1,400 to 1,700 vehicles it had expected to make, and it cut its full-year production guidance in light of those lingering supply-chain challenges.

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Fisker now expects its manufacturing partner, Magna International, to build 20,000 to 23,000 Oceans at its contract-manufacturing plant in Austria in 2023. That’s down significantly from 32,000 to 36,000 in its earlier guidance.
Fisker’s net loss for the quarter was $85.5 million, or 25 cents per share, narrower than the 28 cents per share expected by Wall Street analysts, according to Refinitiv consensus estimates.
Revenue was just $825,000, as Fisker managed to deliver just 11 Oceans to customers before quarter-end following the production delays. Wall Street had been expecting revenue to come in at $159.3 million, but CNBC isn’t comparing reported revenue to projections because of thin analyst coverage.
A year ago, Fisker reported a net loss of $106 million, or 36 cents a share, and about $10,000 in revenue.
Fisker had $521.8 million in cash on hand as of June 30, versus $652.5 million as of March 31. The EV maker raised an additional $300 million via a convertible note offering in July.

Fisker didn’t provide an update on the number of reservations it has for the Ocean and its upcoming models. It had about 65,000 reservations for the Ocean when it reported its first-quarter results in May. Fisker’s next model, a low-cost EV called the Pear, is expected to go into production at a Foxconn plant in Ohio in 2025.
Fisker at an event in California on Thursday presented three upcoming battery-electric models: The Pear, a small car expected to start at about $30,000 when it arrives in mid-2025; a high-end luxury sports car called the Ronin with an expected price of $385,000; and a new pickup truck called the Alaska, based on an extended version of the Ocean’s platform and due in 2025 with a starting price just over $45,000.
Fisker had previously announced the Pear and Ronin, but the Alaska was shown for the first time on Thursday. Fisker is now taking reservations for all three of the upcoming models.
The company also previewed a new off-road package for the Ocean, called Force E. It’s expected to be available starting in the first quarter of 2024. Pricing wasn’t announced. More

Hasbro has sold eOne to Lionsgate in a deal worth $500 million.
The Rhode Island-based toymaker plans on using the proceeds to pay down its floating rate debt as it refocuses on its toy and game businesses.
Utilizing third-party studios and distributors to create TV and film content minimizes financial risk for Hasbro, as it will no longer need to invest significantly in production.

A Hasbro Monopoly board game arranged in Dobbs Ferry, New York, Feb. 6, 2022.
Tiffany Hagler-Geard | Bloomberg | Getty Images

Four years after acquiring Toronto-based production studio eOne, Hasbro is selling it off to Lionsgate.
The deal, announced Thursday, is valued at $500 million. That price tag consists of $375 million in cash and the assumption of production financing loans.

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The Rhode Island-based toymaker plans on using the proceeds to pay down its floating rate debt as it refocuses on its toy and game businesses. Without eOne, Hasbro will also return to licensing and partnerships with studios to fund entertainment projects for brands such as Dungeons and Dragons, PlayDoh, Magic: The Gathering and Transformers.
“This announcement is consistent with our expectations, but should be welcomed news (in our opinion) for investors, as we believe the divestiture leads to higher cash flow generation and earnings power for the biz,” wrote Drew Crum, analyst at Stifel, in a research note Thursday.
Hasbro acquired eOne in 2019 for $4 billion, a price tag that included coveted preschool brands such as Peppa Pig and PJ Masks. Hasbro retains ownership of those properties in the wake of the eOne sale. Lionsgate will get access to eOne’s library of nearly 6,500 titles, including “Grey’s Anatomy,” “The Rookie,” “Yellow Jackets” and “The Woman King.”
Hasbro initially sought to sell eOne back in November so it could divest television and film projects that were not directly supporting its brands.
“We had thought Hasbro would have been able to receive a higher price for eOne but are at least glad to have some finality to the sales process and have the company move forward with its Blueprint 2.0 strategy,” wrote Eric Handler, managing director at Roth MKM, in a research note Thursday.

The company noted that the eOne business had been spending about $500 million to $600 million in production dollars annually, an expense Hasbro will not be making going forward.
The sale coincidentally comes amid the writers and actors strike, which has essentially shut down Hollywood. This disruption is expected to push full-year revenue for the toymaker down 3% to 6%, the company said Thursday.
Without eOne, Hasbro will continue to rely on partnerships with studios such as Paramount for theatrical releases and television productions.
“We purposely stated in this release that we’re a leading toy and game company,” said Hasbro CEO Chris Cocks during the company’s earnings call Thursday. “We are squarely focused on that. And I would say the emphasis is on the gaming part of that.”

A focus on toys and games

The asset-light model is the same one that rival Mattel has been implementing since its film division was established in 2018. Utilizing third-party studios and distributors to create content minimizes financial risk for Hasbro, as it will no longer need to invest significantly in production.
Sure, potential box office gains are minimized when a studio is fronting the production money, but positive word of mouth from blockbuster hits can lead to merchandise sales and brand loyalty.
While Mattel saw a dip in dolls sales last quarter, it is forecasting a turnaround following the release of “Barbie.”
“The success of the ‘Barbie’ movie is a milestone moment for Mattel, and it really is a showcase for the cultural resonance of the brand,” said Richard Dickson, chief operating officer at Mattel, during the company’s July earnings call. “As we’ve seen, the success is far beyond the film. We’ve seen [point-of-sale] impacted on our toy business, on our consumer product partner business, which has really begun to accelerate meaningfully.”
The company had more than 165 different consumer product partnerships and experiences tied to the film’s release.
Meanwhile, Hasbro noted a $25 million production asset impairment charge for “Dungeons & Dragons: Honor Among Thieves” even as the film helped drive revenue growth in the company’s franchise division.
In addition to focusing on its IP for film and TV content, Hasbro is also investing heavily in digital gaming. Already, it has found success with “Magic: The Gathering Arena” and is anticipating big gains from the upcoming release of “Baldur’s Gate 3.”
CEO Cocks called the video game “the equivalent of a blockbuster movie release,” noting that the company believes the game has the potential to be a game-of-the-year contender, but a rallying point for the Dungeons and Dragons brand.
“We will likely make more money on ‘Baldur’s Gate 3’ than we have made on all of our film licensing for the last five to 10 years, combined,” he said. More

Electric truck maker Nikola won shareholder approval to issue new stock, the company said late on Thursday.
The vote paves the way for Nikola to raise additional funds to support the launch of its fuel-cell-powered electric Tre semitruck and the buildout of a hydrogen refueling network in the U.S. and Canada.
The company’s founder and former chairman and CEO, Trevor Milton, had lobbied against the proposal.

Nikola Tre BEV
Courtesy: Nikola

Electric truck maker Nikola won shareholder approval to issue new stock, the company said late on Thursday.
The vote paves the way for Nikola to raise additional funds to support the launch of its fuel-cell-powered electric Tre semitruck and the buildout of a hydrogen refueling network in the U.S. and Canada.

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Nikola was forced to adjourn its annual meeting in June, and again in July, after the total votes fell short of the number required to pass the proposal. The company’s founder and former chairman and CEO, Trevor Milton, had lobbied against the proposal in a series of social media posts.
Milton resigned in 2020, but he still owns about 7.5% of Nikola’s shares and has the right to vote another 5.8% via an investment vehicle he co-owns. He was convicted in October on three counts of fraud related to his time at Nikola and is due to be sentenced on Sep. 22.
Milton tried to block a similar share-increase proposal last year. That proposal also passed, but not until after Nikola adjourned last year’s annual meeting three times to drum up more votes.
Under the law in Delaware, where Nikola is incorporated, the measure originally required approval by owners of at least 50% of the company’s outstanding shares to pass. However, that law changed on Aug. 1, and now only a simple majority of shares voted is required to approve an increase in authorized shares.
Nikola had originally asked shareholders to approve the proposal ahead of its June 6 annual meeting. While the proposal was supported by 77% of those who voted, the total number of shares voted fell short of the 50% threshold then required by Delaware law. A second attempt on July 6 fell short as well.

With Thursday’s passage, Nikola said it can now increase its total shares outstanding from 800 million to 1.6 billion, giving it added flexibility to raise cash by issuing new shares as needed.
The company recently began production of the long-awaited hydrogen fuel cell version of its Tre electric semitruck and expects to make its first deliveries later this year. As of Aug. 2, it had over 200 orders in hand for the new truck.
With approval to issue new shares in hand, Nikola is expected to raise additional cash to help fund the new truck’s production ramp and to expand its hydrogen refueling network in the U.S. and Canada.
Nikola will report its second-quarter results before the U.S. markets open on Friday, Aug. 4. More

Secondhand luxury watch prices are near a two-year low, falling more than 31% since their peak in March 2022. 
Resale prices for Rolex, Patek Philippe and Audemars Piguet have seen particular declines in the last year, but are still well above levels from three years ago.
Prices are likely to stabilize, fueled by strong demand from younger generations.

A tray of Rolex watches are seen on a dealer’s stand at the London Watch Show on March 19, 2022 in London, England.
Leon Neal | Getty Images

Prices for luxury watches are near a two-year low on the secondhand market, reversing a rally that brought timepieces like Rolex, Patek Philippe and Audemars Piguet to record highs during the pandemic.
The average price of a watch sold secondhand has fallen 31% since March 2022, according to WatchCharts, a luxury watch price tracker. At the market’s peak, the average price of a luxury watch sold secondhand soared to $45,108, with buyers paying up to five times the retail value for in-demand watches.

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“It was an unprecedented time in history where people were home captive. You also had a little bit of cryptocurrency and bitcoin run-up,” said Paul Altieri, CEO of watch resale site Bob’s Watches. “What’s going on now is a happy, healthy correction.”
During the pandemic, many people who were stuck at home and flushed with stimulus cash took to luxury spending. With so many watch models unavailable at retail, enthusiasts flocked to the secondhand market.
“It was interesting that the price hike mainly happened among three family-owned brands: Rolex, Patek Philippe and Audemars Piguet. But we did not see this for most of the other brands last year,” said Tim Stracke, CEO of Chrono24, a German-based online marketplace for pre-owned watches. 
Now, individuals have been flooding the market with the very same inventories, dragging down overall prices. The downturn was particularly stark for iconic models like Rolex’s Daytona, Patek Philippe’s Nautilus and Audemars Piguet’s Royal Oak, according to Stracke. 

“When prices reach these super high levels, that also attracts a lot more sellers, so the supply of the most iconic pieces from the three brands tripled within just five or six months,” said Stracke. 

Market correction

Experts have been warning that a luxury watch bubble could burst along with cryptocurrency and other trendy pandemic booms.

The biggest brands have slumped in the last year, with average secondhand Rolex prices falling 12% from a year ago, average Patek Philippe prices falling 19% and Audemars Piguet falling 17%, according to WatchCharts.
But the recent declines appear to mark a stabilization.
The secondhand market is still well above price levels three years ago. Overall price is about 20% higher since August 2020, with average Rolex prices up 26%, average Patek Philippe prices up 94% and Audemars Piguet up 100%, according to WatchCharts.
The Rolex Cosmograph Daytona 116500 model, for example — among the most heavily weighted watches on the WatchCharts index, is currently listed at around $29,000, nearly double its original price. A Patek Philippe Nautilus 5711 Stainless Steel model will demand $103,357, on average, a threefold increase from its retail listing of $34,890, according to WatchCharts.
“There’s definitely been some landings in 2023, but we see that the prices overall have definitely stayed much higher than they were pre-pandemic. I don’t think it’s a burst of a bubble,” said Pierre Dupreelle, managing partner at Boston Consulting Group. “I think as the economy stabilizes, you can see the prices stabilizing or maybe starting to rise again.”
And the relatively lower prices may present a buying opportunity for a new generation of shoppers and collectors.
Millennials and Generation Z are developing an appetite for the luxury watches and status symbols. A recent BCG report found that 54% of Gen Z and millennial buyers said they had increased their spending on luxury watches in the past two years.
“I would love to buy another Rolex. Seeing the price of them fall kind of makes it less like a risky investment. You don’t want to pay more for something if you could just wait and pay less,” said Brian Burns, a millennial adventure guide and owner of a Rolex Submariner.
“Personally, I really appreciate the craftsmanship of watches,” said Chan Hirunsri, a 20-year-old student at Penn State University. “I bought a Grand Seiko SBGA407 in May when prices were relatively low, and I am waiting to explore Rolex.” More

AB InBev’s core profit rose 5% year on year, well above expectations despite a boycott that led to a sharp fall in sales of Bud Light beer.
The world’s largest brewer reported 7.2% revenue growth despite a drop in volumes as it hiked prices.
Bud Light in May lost its spot as the top-selling beer in the United States after a social media-driven response to the brand’s brief sponsorship partnership with transgender influencer Dylan Mulvaney.

Bud Light, made by Anheuser-Busch, sits on a store shelf on July 27, 2023 in Miami, Florida.
Joe Raedle | Getty Images

Anheuser-Busch InBev, the world’s biggest brewer, on Thursday smashed profit expectations during a quarter that saw a social media-driven boycott of its bestselling Bud Light beer in the U.S.
The Belgium-based Budweiser owner said its second-quarter revenue rose by 7.2% globally, as price hikes offset a 1.4% fall in volumes. The company said organic growth in earnings before interest, taxes, depreciation and amortization (EBITDA) was 5%, above a consensus forecast of 0.4%.

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AB InBev also reiterated its full-year and medium-term profit outlook. Last month, the company announced hundreds of job cuts impacting various areas of the business.
AB InBev shares were 3.6% higher at 2:08 p.m. CEST (8:08 a.m. ET).
The Bud Light boycott was a response led by high-profile online personalities to the brand’s brief product placement with transgender influencer Dylan Mulvaney, who was sent a bottle of the beer to promote in a video at the start of April.
The partnership sparked one of the most talked-about marketing furors in recent years, with Bud Light in May losing its spot as the top-selling beer in the United States to Constellation Brands’ Modelo, as sales fell 25%. AB InBev’s U.S. revenues were down 10.5% in the second quarter, according to its results, as core profit fell 28.2%.
The company then faced criticism for failing to support Mulvaney in the wake of the controversy, which attracted political attention and led to the reported leave of absence of the marketing executive who oversaw the partnership.

Zak Stambor, senior analyst at Insider Intelligence, said AB InBev “managed to alienate both conservatives and progressives in one fell swoop” and noted the importance of marketing to a brand which is “not a markedly different product from other macrobrewed light lagers.”
In its earnings statement, AB InBev said research conducted on its behalf through a third-party firm showed 80% of 170,000 consumers surveyed were “favorable or neutral” toward the Bud Light brand.
The company did not specifically mention the Bud Light boycott

The Thursday earnings highlight that the Bud Light declines meant AB InBev underperformed the industry in sales to retailers. In revenue terms, the drop was partially offset by the double-digit growth of its “mainstream portfolio” in South Africa and Colombia.
China was another area of strength, with regional volumes up by 11% in the second quarter.
Analysts at Royal Bank of Canada said they were “pleasantly surprised” by the results, but forecast an organic volume decline of 1.1% for the year, incorporating an assumption of no recovery in Bud Light.

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AB InBev share price. More