Nike, Anheuser-Busch Stand by Lance Armstrong After '60 Minutes' Expose

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Despite alarming new doping accusations, Nike says it is still “proud to work with” the cyclist and the beer company calls him an "extraordinary athlete."

A day after a shocking 60 Minutes report claimed that Lance Armstrong took performance enhancing drugs, Nike has released a statement supporting the cyclist.

"Our relationship with Lance remains as strong as ever,” the company tells The Hollywood Reporter in a statement. “We are proud to work with him and support his foundation. Nike does not condone the use of banned substances and Lance has been unwavering on that position as well."

A rep for Anheuser-Busch tells THR that Armstrong will continue to be a spokesperson for Michelob Ultra.

"Lance has performed as an extraordinary athlete in a demanding sport, making him admired by millions who lead active lifestyles.  That was our opinion when we signed him and that is our opinion today," the company says in a statement.

At least three of Armstrong’s ex-teammates say the cyclist used PEDs. Tyler Hamilton, Armstrong's fellow cyclist for the first three of his seven Tour de France victories, said he even witnessed Armstrong inject the blood-boosting drug EPO.

"You saw Lance Armstrong inject EPO?" correspondent Scott Pelley asked Hamilton, to which he replied, "Yeah, like we all did, like I did many, many times."

Armstrong has long denied doping charges. He has posted a statement on his publicist's website, He accuses the CBS News report of being “replete with broken promises, false assurances and selective reliance on witnesses upon whom no reputable journalist would rely."