Vaccine maker stocks tumble after Trump picks RFK Jr. for health secretary

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Shares of prominent vaccine makers plunged Thursday after President-elect Donald Trump announced his pick of Robert F. Kennedy Jr. to be the next secretary of the Department of Health and Human Services.

An hour before the market closed Thursday, as news reports of Trump’s choice began trickling out, Covid-19 vaccine maker Moderna dipped as much as 6%, and Pfizer fell almost 2%. Novavax, which created a protein-based Covid-19 vaccine, fell almost 6%. Kennedy has been one of the country’s most prominent anti-vaccine conspiracy theorists for years and has frequently spread falsehoods about the safety and efficacy of vaccines.

While Pfizer revenue and profits soared during the peak of the pandemic – generating nearly $57 billion in combined sales in 2022, thanks largely to its Comirnaty Covid-19 vaccine and Paxlovid antiviral pill – the boom subsided by early 2023, and the company slashed its expectations for Covid-related sales. By then, public health agencies already had an effective stockpile of vaccines to treat patients. After Trump made the announcement official, the stocks fell further.

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