Vaccine stocks tumble as Trump appoints RFK Jr. to cabinet
According to CNN, the stocks of leading vaccine manufacturers plummeted on Thursday after President-elect Donald Trump announced the selection of Robert F. Kennedy Jr. as the Secretary of the U.S. Department of Health and Human Services.
On Thursday, November 14, Moderna, known for its COVID-19 vaccines, fell by 6%, and Pfizer lost almost 2% even before the market closed. Novavax, responsible for the protein-based COVID-19 vaccine, also experienced a 6% drop, CNN reported.
The stocks of other vaccine-related companies were also affected by the nomination— Germany’s BioNTech ended the day down by 7%, and British GSK dropped by 2%.
Market reaction to Kennedy’s activities
Robert F. Kennedy Jr. is known for years as one of the leading opponents of vaccinations in the U.S., frequently spreading misinformation about their safety and effectiveness.
Last week, Kennedy announced that he would start research on vaccine safety. However, he promised that he did not intend to “take them away from anybody.”
Vaccine market after the pandemic
CNN indicated that U.S. vaccine manufacturers had already been dealing with issues caused by decreased demand following the pandemic's peak.
Over the past year, Pfizer's stocks have fallen by 11%, and Moderna recorded a 46% drop. Although during the pandemic, Pfizer reported huge profits thanks to the sale of Comirnaty vaccines and the antiviral drug Paxlovid, the boom ended at the beginning of 2023.
After the official announcement of Kennedy’s nomination by the President-elect, vaccine manufacturers’ stocks fell even more. "The Safety and Health of all Americans is the most important role of any Administration," stated Donald Trump on platform X.
