Investing.com -- Shares of major vaccine makers, including Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA), declined sharply Friday after President-elect Donald Trump selected Robert F. Kennedy Jr. as his nominee for Secretary of Health and Human Services (HHS).
The move raised concerns about the future of public health policy, given Kennedy's history of promoting vaccine skepticism and criticizing the U.S. Food and Drug Administration (FDA).
Kennedy, a vocal critic of vaccines, has pledged to overhaul the FDA. In a recent statement, he accused the agency of catering to pharmaceutical companies and declared that the FDA's war on public health is about to end.
The announcement prompted a sell-off in vaccine stocks, with Pfizer falling over 3% and Moderna declining by more than 7% on Friday. The broader SPDR S&P Biotech (NYSE:XBI) ETF is currently down nearly 4%. Meanwhile, GSK and AstraZeneca (NASDAQ:AZN) are down 2% and 3%, respectively.
The Pharmaceutical (TADAWUL:2070) Research and Manufacturers of America, a major industry lobbying group, said in a statement it wants to work with the Trump administration to enhance the health of patients.