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Vaccine Stocks Slide After FDA Memo Alleging Child Deaths and Tougher Approval Standards

The internal note draws criticism over its reliance on unverified VAERS reports.

Overview

  • An internal memo from CBER director Vinay Prasad asserted at least 10 child deaths occurred after and because of COVID-19 vaccination based on 2021–2024 VAERS reports, without case-level details or peer-reviewed publication.
  • Scientists and former FDA officials challenged the memo’s methods and conclusions, with ex-vaccine chief Peter Marks calling it a troubling mixture of misrepresentation and lies.
  • Prasad outlined proposals to tighten vaccine reviews, including rethinking annual flu shots, demanding clinical pneumonia reduction beyond antibody titers, and adding stricter requirements for products targeted to pregnancy.
  • Shares fell on Monday following the reports, with Moderna down about 6–7% and declines also hitting BioNTech, Pfizer, Novavax, and Vaxcyte.
  • The memo surfaced ahead of a CDC vaccine advisory committee meeting on the childhood schedule and follows leadership changes under HHS Secretary Robert F. Kennedy Jr. that have introduced regulatory uncertainty.