Pharmaceutical stocks continued to fall Friday after President-elect Donald Trump’s controversial nomination of vaccine skeptic Robert F. Kennedy Jr.Germany-based BioNTech shares plunged 5.9% and British pharma company GSK shares dropped 2.9%.
The stocks had started to fall in the final hour of trading on Thursday as reports emerged of Trump’s contentious pick.Pfizer, Moderna and Novavax have struggled to match the profits seen during the pandemic as Americans have pulled back on receiving COVID shots. If RFK Jr. – son of the attorney general and US senator who was assassinated in 1968 – is confirmed as the head of HHS, he will oversee 80,000 employees, a $1.7 trillion budget and a network of health-related agencies.
Though Kennedy pledged he would not “take away” anyone’s vaccines, he has been a vocal, longtime critic of the vaccination of children.In May 2023, Kennedy, then a presidential candidate running as an independent, claimed “pesticides, cellphones, ultrasound” could be causing an upswing in Tourette syndrome and peanut allergies,CNN anchor Jake Tapper – who previously dismissed RFK Jr. as a “conspiracy theorist” – joked about his nomination as the news broke Thursday evening.
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