Shares of Pfizer Inc. (PFE) tumbled around 5% in pre-market trading on Friday after President-elect Donald Trump nominated longtime anti-vaccination activist Robert F. Kennedy Jr. to lead the Department of Health and Human Services (HHS).
Kennedy, an environmental activist, has been highly critical of the pharmaceutical industry and public health agencies, accusing them of being corrupted by corporate influence. He has also expressed skepticism about the safety and efficacy of vaccines, fueling concerns about the future direction of healthcare policies under the new administration.
The news sent shockwaves through the broader pharmaceutical sector, with other vaccine makers like Moderna Inc. (MRNA) and Novavax Inc. (NVAX) also experiencing significant declines in their stock prices. Shares of Moderna fell over 2%, while Novavax dropped nearly 2% in pre-market trading.
Kennedy's nomination has raised major questions about the future of the healthcare system, particularly regarding vaccine mandates and the approval process for new drugs and treatments. His stance on vaccines and his criticism of the Food and Drug Administration (FDA) have fueled concerns that he could push for significant changes to the agency's operations and potentially undermine public confidence in vaccine safety.
While Kennedy has stated that he does not plan to "take away" vaccines, his appointment as the head of HHS is likely to face intense scrutiny and opposition from public health experts and a significant portion of the scientific community.
