Stocks Linked to Big Pharma Drop Following Robert F. Kennedy Jr.’s Nomination for Health Secretary
Stocks of major pharmaceutical companies have seen a significant dip following the announcement of Robert F. Kennedy Jr.’s nomination as the next U.S. Secretary of Health and Human Services. Kennedy, known for his outspoken stance against the pharmaceutical industry, was chosen by President-elect Donald Trump for the key health position. His views on health, including his opposition to certain vaccines and Big Pharma practices, have raised concerns within the pharmaceutical sector.
Kennedy, part of the Kennedy political dynasty, has long criticized the lack of regulation in the food and health industries, particularly regarding pesticides, processed foods, seed oils, and vaccines. His nomination to head the Department of Health and Human Services (HHS) has prompted fears of a shake-up in the industry, leading to noticeable drops in stock prices for several major pharmaceutical companies that manufacture vaccines.
Among the companies affected was Moderna, which saw a 5.62% drop in its stock price on Wednesday, closing at $39.77, down from the previous day’s price of $42.14. The decline continued on Thursday, with the stock price further dropping to $38.47.
Pfizer also experienced a significant dip, losing 2.62% on Wednesday, closing at $26.02, down from $26.72 the day before. By Thursday morning, Pfizer shares fell to approximately $24.75.
Novavax, another major vaccine manufacturer, experienced a sharp drop of 7.02% on Wednesday, and the price continued to slide further on Thursday morning, opening at $7.15 after closing the previous day at $8.44.
BioNTech, the German company that partnered with Pfizer to produce the COVID-19 vaccine, also saw its stock fall by 7.10% on Wednesday, with a further decline on Thursday, dropping to $99.75 at the market’s opening.
The British pharmaceutical giant GSK, known for producing flu vaccines, also experienced a dip, falling 2.05% on November 14, closing at $34.39, down from $35.11, with the price dropping further to $32.83 on Thursday morning.
The downturn in pharmaceutical stocks coincides with the increased public attention on Kennedy Jr.’s anti-vaccine stance and his critiques of the health industry. Although he does not hold a medical degree, Kennedy built a prominent anti-vaccine nonprofit, Children’s Health Defense, which has become a leading voice in the movement.
His remarks at a 2021 event, calling it “criminal medical malpractice” to administer certain vaccines to children, have further fueled his reputation as a staunch critic of the vaccine industry.
In his role as Health Secretary, Kennedy has vowed to tackle what he describes as corruption in health agencies, including plans to overhaul the National Institutes of Health (NIH) and the U.S. Food and Drug Administration (FDA). He has suggested replacing hundreds of employees at both agencies and removing entire departments that he believes are aligned with pharmaceutical interests.
Kennedy Jr.’s nomination has sparked uncertainty about the future of key health agencies, which may have contributed to the drop in pharmaceutical stocks. Trump, in endorsing Kennedy, criticized what he termed the “industrial food complex” and drug companies for their role in public health issues, pledging that Kennedy would have the freedom to make sweeping changes if confirmed.
As the pharmaceutical industry responds to the potential changes, Kennedy’s appointment remains a hot topic, with many wondering how it might reshape the nation’s health policies and the regulatory landscape for Big Pharma. Newsweek has reached out to Kennedy for comment but has yet to receive a response.
