Anti-Vax Hysteria and Trump’s FDA Picks Crash Biotech Stocks

Shares of Moderna and BioNTech have crashed 95% and 78% from their 2021 peaks, wiping out billions from their founders’ fortunes. Back in 2021, Forbes counted eight billionaires from the companies, but today their combined wealth has shrunk by two-thirds, with only five still in the billionaire ranks.

Source Forbes

Declining demand for boosters, anti-vax sentiment, and political moves under Donald Trump have worsened the outlook. Only 34% of Americans received a booster in 2023, dropping to just 23% in 2024. Moderna still derives 95% of its revenue from Covid-19 vaccines, while BioNTech remains 88% reliant on them.

Both companies are trying to diversify: BioNTech is investing in oncology, while Moderna bets on an RSV vaccine. Still, their heavy dependence on Covid-19 products and unpredictable US policy make them highly vulnerable going forward.