Molson Coors beers like Coors Light and Miller Lite are devouring Bud Light’s market share amid ongoing fallout from the Dylan Mulvaney marketing campaign.

On Tuesday, Molson Coors reported an 11.8% surge in net sales over the second quarter and a 5% jump in financial volumes, with U.S. increases reflecting a shift in consumer purchasing behavior.

"We are seeing share and market improvement everywhere, and more consumers are reaching for our beers than our competitors’ beers," Molson Coors CEO Gavin Hattersley said in an earnings call Tuesday.

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"Coors Light and Miller Lite are now 50% bigger than Bud Light by total industry dollars," Hattersley said. "Last year, Bud Light was bigger than both. Retailers are making space for our brands as demand increases."

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Molson Coors increased volume and net sales in all its largest markets, including the U.S., Canada and the U.K., while reaching its best quarterly brand volume trend since 2008. 

The company also added 12,000 new tap handles for its growing consumer base, with some distributors reporting as much as 50% in growth throughout the quarter. 

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"We will invest heavily in our momentum," Hattersley said on the call.

With a new stake in market share, Molson Coors lifted its 2023 financial guidance and expects a high single-digit increase in net sales versus 2022 on a constant currency basis. The previous guidance predicted a low single-digit increase.

Molson Coors shares are up roughly 30% year to date.

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In stark contrast, shares of Bud Light parent company Anheuser Busch are roughly 10.7% lower than the last quarter and almost 5.3% in the red since Jan. 1.