The stock prices of three pharmaceutical companies heavily involved in vaccine production fell drastically by market close on Thursday, November 14, 2024. This decline followed President-elect Donald Trump's announcement that he was appointing Robert F Kennedy Jr. to head the Department of Health and Human Services (HHS).

Axios reported that the pharmaceutical company Moderna saw a 5.6% decline in its stock, while BioNTech’s dropped by 7.1%, and Novavax’s fell by 7.2% before the market closed on Thursday. All three companies had earned significant revenue from COVID-19 vaccines.

Moderna’s stock has declined since it peaked in 2021 during the COVID-19 vaccine rollout. However, the sharp drop in its value coincided with Trump’s announcement. Two hours after the market opened on Friday, 15 November 2024, Moderna’s stock was down over 7%, BioNTech’s stock fell by 3.80%, and Novavax's stock was down by 2.35%.

Trump officially announced Kennedy's appointment to the Department of Health and Human Services (HHS) in a tweet on Thursday. This announcement followed speculation about what role Kennedy would hold in the upcoming Trump administration, as he had shown strong support for the president-elect after ending his election bid. However, Kennedy faced criticism following the announcement, with several corporate media outlets criticising his views on public health issues, particularly regarding the effects of vaccines.

Kennedy has been a long-time vocal sceptic of certain vaccines, especially the COVID-19 vaccine, which led to his removal from Instagram in 2021. Together, he and Donald Trump have pledged to "Make America Healthy Again" by tackling public health issues, including the consumption of unhealthy foods and the rising rates of adult obesity.

"It’s finally turning the page and saying, 'We want a health system, not a disease system,'" Dr. Robert Redfield, former director of the Centres for Disease Control and Prevention, said. "For 50 years, we built a disease system."

RFK Jr. initially ran for president as a third-party candidate but ended his campaign in August to endorse Trump. In an October 2024 podcast interview with Joe Rogan, the president-elect mentioned that major pharmaceutical companies were not "thrilled" about his collaboration with RFK Jr. Additionally, members of Kennedy's family have criticised his endorsement of Trump.

The Kennedy campaign, Moderna, and BioNTech did not immediately respond to a request for comment, and Novavax declined to comment.

15/11/2024

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