Anheuser-Busch InBev (BUD) CEO Michel Doukeris says emphatically the business of Bud Light is getting back to normal after being thrust into the political sphere a year ahead of the presidential election.

"Today the business [Bud Light] is stable," Doukeris said at the Yahoo Finance Invest conference on Tuesday.

"We had a little bit of everything from people being threatened on the streets, a lot of things being told about the company," Doukeris recalled of the tumultuous period. "At the end of the day, as things settle and the communication continues to flow, people really understand who we are — and who we are in the United States is a company that is here for over 100 years, based in the US, employing American people, sourcing most of the ingredients from American farmers ... 20,000 employees that we employ directly in the US, over 50,000 if we include our wholesalers."

Doukeris is trying to turn the corner from a challenging 12 months.

The company's famed Bud Light brand came under fire in April 2023 after partnering with transgender influencer Dylan Mulvaney to create a promotional Instagram post during the March Madness basketball tournament.

Country musician Kid Rock — among others — ignited a boycott, which was then adopted by many on the right. Bud Light saw stunning sales drops for months after the incident.

While demand has since stabilized, the team at beer industry researcher Bump Williams Consulting tells Yahoo Finance that year-to-date trends remain in decline.

The domestic premium light beer category, however, is under pressure overall, according to the firm's data. The category — which includes Bud Light, Miller Lite, and Coors Light — has seen sales drop 6% year to date. Volume is off by 8% as consumers continue to shift to spirits, hard seltzers, and nonalcoholic beers.

Anheuser-Busch InBev shares are down 3% over the past year, according to Yahoo Finance data, underperforming the S&P 500's 37% gain. Molson Coors shares are up slightly, while Boston Beer is down by 10%.

To ignite the business and stock price, Doukeris has leaned into nonalcoholic beers such as Corona Cero, premium hard seltzer Nutrl, and cost efficiencies.

While total third quarter volumes fell 2.4%, total sales advanced 2.1%. Operating profit margins improved 169 basis points year over year to 36%. Earnings per share increased 14% from the prior year.

The company guided to full-year operating profit growth of 6% to 8%. It also announced a new $2 billion stock buyback plan.

"Anheuser-Busch InBev is on the right track and represents an attractive long-term holding. Commercial momentum and share trends remain positive in key markets, with the U.S. starting to see benefits from lapping the Bud Light controversy and its premiumization push," Evercore ISI analyst Robert Ottenstein said in a client note.