Pfizer and Moderna Shares Fall After Report That Administration Plans to Link 25 Child Deaths to COVID Vaccines

Shares of Pfizer Inc. and Moderna Inc. tumbled Friday after a media report said officials in the administration of President Donald Trump plan to present data next week that would link the deaths of 25 children to COVID-19 vaccines.

Pfizer shares fell about 3.9% and Moderna dropped roughly 7.4% on the session, according to market data, as investors reacted to the prospect that the planned presentation to the Advisory Committee on Immunization Practices, the Centers for Disease Control and Prevention’s vaccine advisory panel, could affect recommendations that determine insurance coverage and administration settings for the shots.

The report said the administration’s presentation drew on reports submitted to the Vaccine Adverse Event Reporting System, known as VAERS, a federal database that accepts unverified accounts of adverse events following vaccination from anyone, including patients, clinicians and family members. Federal and public health officials and outside experts say VAERS is a screening tool for signals that requires follow-up review to determine whether a vaccine caused an event.

A spokesperson for the Department of Health and Human Services said that Food and Drug Administration and CDC staff routinely analyze VAERS and other safety monitoring data and that reviews are shared through the established ACIP process. The spokesperson added that until such information is presented publicly, reports about the content of internal briefings should be considered speculative.

The presentation was described in the report as not yet final. It is scheduled to be shown next week to ACIP, which advises the CDC on vaccine policy. ACIP guidance can determine whether private insurers and public programs must cover vaccines and whether the shots can be widely administered in pharmacies and physicians’ offices.

The prospective briefing comes amid a broader shake-up of federal vaccine policy. In May, Health and Human Services Secretary Robert F. Kennedy Jr. directed that health officials stop recommending COVID-19 vaccines for healthy children, saying that only those at high risk or adults over 65 should routinely receive them. Kennedy also replaced all members of the CDC’s vaccine advisory panel earlier this year and canceled nearly $500 million in research funding for mRNA vaccines, according to reports.

The changes prompted several senior CDC officials to resign in late August, with some citing concerns that established research was being disregarded and that vaccine safety work was being politicized. The CDC has since advised parents to consult their physicians when deciding about COVID-19 vaccination for children.

Public health groups differ on pediatric vaccination guidance. The American Academy of Pediatrics recommends annual COVID-19 vaccination for children ages 6 through 23 months and for older children, saying the shots are safe and effective in protecting against serious outcomes.

Moderna and Pfizer did not immediately respond to requests for comment about the report. The development added to market uncertainty over vaccine demand and potential policy shifts that could affect sales and reimbursement for COVID-19 shots.

Investors and public health officials will be watching the ACIP meeting and any accompanying safety analyses closely. ACIP deliberations and the CDC’s subsequent guidance can influence both clinical practice and the commercial dynamics for vaccine makers, particularly if recommendations alter eligibility or payer coverage.

Reporting of adverse events to VAERS remains an important surveillance tool, but public health experts emphasize that causation requires careful epidemiological investigation beyond initial reports. Any formal changes to recommendations would follow public presentation and internal reviews by federal health agencies, according to HHS comments.