Health stocks experienced a significant decline after President-elect Donald Trump announced his selection of Robert F. Kennedy Jr. to lead the Department of Health and Human Services.
Kennedy's views on vaccines and criticism of the pharmaceutical industry could have a substantial impact on health policy in the upcoming administration.
Shares of France's Sanofi SA, a producer of influenza vaccines, and London's GSK Plc, known for its Shingrix shingles vaccine, both dropped over 4% in early European trading. The market's reaction reflects concerns about potential changes in health policy under Kennedy's leadership.