Anheuser-Busch InBev (ABI) is grappling with a “Bud Light crisis” after a controversial social media partnership in April between the Bud Light brand and transgender influencer Dylan Mulvaney sparked backlash, including boycotts of the beer.

The marketing executive responsible for the partnership is reportedly on leave. HSBC analyst Carlos Laboy has downgraded the beverage stock to hold, stating that ABI has “deeper problems than it admits.”

Laboy questioned the company’s leadership in his Wednesday note: “Is ABI’s leadership getting the brand culture transformation right? It’s mixed. At Ambev, we think the answer is ‘yes;’ in the US, we think it’s ‘no.’ The way this Bud Light crisis came about a month ago, management’s response to it and the loss of unprecedented volume and brand relevance raises many questions.”

Laboy also cited a Beer Marketer’s Insights note indicating a possible drop of over 25% in beer sales in April.

Although the Budweiser parent company, which owns Corona and Stella Artois, has seen its stock rise more than 5.7% this year, it has fallen more than 4.8% this quarter.

Shares were down 1.3% in Wednesday premarket trading.

Sales of Bud Light have reportedly plummeted 23.4% compared to last year, according to The New York Post.

Bump Williams Data revealed a 21.4% drop in sales the week before and a 26% drop in in-store sales for the week ending April 22.

The backlash against Anheuser-Busch appears to be affecting other brands under the company’s umbrella. Michelob Ultra, another successful beer brand under Anheuser-Busch, has experienced a 4.4% sales decline in recent weeks, according to Bump Williams Data.

Additionally, less prominent beer brands such as Natural Light and Busch Light have seen sales declines of 5.2% and 1.8%, respectively.

The New York Post reported that Bud Light and Budweiser are the only beers in the U.S. top 10 that have experienced sales declines.

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Bump Williams warned of the need for urgency: “If Bud Light doesn’t fix its trend by the end of this month, it will continue to lose market share because it will lose Memorial Day. That kicks off the summer season. There has to be a sense of urgency for InBev to correct these trends.”

Meanwhile, Budweiser rivals Miller Lite and Coors Light have seen sales increases amid the ongoing backlash after partnering with transgender influencer Dylan Mulvaney, according to Beer Business Daily.

Laboy questioned the company’s approach, asking, “If Budweiser and Bud Light are iconic American ideas that have long brought consumers together, why did these marketers fail to invite new consumers without alienating the core base of the firm’s largest brand?”

Despite the challenges in the U.S., Laboy pointed out that some strength abroad is helping the stock.

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