Vaccine stocks tumble as RFK Jr. steps into health role
According to CNN, the shares of leading vaccine manufacturers plummeted on Thursday after President-elect Donald Trump announced the appointment of Robert F. Kennedy Jr. as Secretary of the U.S. Department of Health and Human Services.
6:43 AM EST, November 15, 2024
On Thursday, November 14, Moderna, a well-known producer of COVID-19 vaccines, dropped by 6%, and Pfizer lost almost 2% before the market closed. CNN reported that Novavax, the company responsible for the protein-based COVID-19 vaccine, also saw a 6% decrease.
Shares of other companies connected to vaccines also felt the effects of the nomination; Germany's BioNTech ended the day with a 7% loss, and Britain’s GSK fell by 2%.
Market reaction to Kennedy's activities
Robert F. Kennedy Jr. has been known for years as one of the leading vaccine opponents in the U.S., having repeatedly spread false information about their safety and efficacy.
Last week, Kennedy announced that he would begin research into vaccine safety. However, he emphasized that he does not plan to "take [them] away from anybody."
The vaccine market after the pandemic
CNN pointed out that American vaccine manufacturers have already been struggling with problems caused by reduced demand after the pandemic's peak.
Over the past year, Pfizer's shares have fallen by 11%, and Moderna recorded a 46% drop. Although Pfizer noted massive profits from the sale of Comirnaty vaccines and the antiviral drug Paxlovid during the pandemic, the boom ended in early 2023.
After the president-elect officially announced Kennedy's nomination, vaccine manufacturers' shares fell even further. "The Safety and Health of all Americans is the most important role of any Administration," Donald Trump stated on platform X.
