Shares of major Covid vaccine manufacturers fell sharply on Friday following a report that U.S. health officials plan to present data to Centers for Disease Control and Prevention (CDC) advisers suggesting a link between Covid vaccines and the deaths of approximately two dozen children. According to The Washington Post, the presentation next week will cite the Vaccine Adverse Event Reporting System (VAERS) to support the connection, focusing on vaccines produced by Pfizer Inc., Moderna Inc., and BioNTech SE.
The news sparked significant market reaction, with Moderna shares dropping as much as 8.7%, Pfizer falling around 3.6%, and BioNTech’s U.S.-traded stock tumbling as much as 14% during trading in New York. The report comes amid growing political scrutiny over Covid vaccines, particularly under the oversight of Health and Human Services Secretary Robert F. Kennedy Jr., who has clashed with former CDC director Susan Monarez, leading to her ouster shortly after taking the role. Kennedy has repeatedly argued that vaccines developed during the Trump administration, while credited with saving millions of lives during the pandemic, may cause serious complications—claims that contradict extensive studies demonstrating that serious side effects are rare.
VAERS, the database cited in the report, collects unverified reports of adverse events following vaccination from the public, including patients, healthcare providers, and caregivers. While it serves as an early warning system for potential safety signals, scientists caution that the data alone cannot establish causal links, as reports may include coincidental health events or duplicate entries. “Overall, a causal relationship cannot be established using information from VAERS report alone,” the CDC notes. The system recorded more than 11,000 death reports in 2021, many of which mentioned Covid vaccines, though the database does not confirm whether the shots caused the fatalities. Some entries describe “breakthrough” Covid infections that may have contributed to the deaths.
FDA Commissioner Marty Makary confirmed that the agency is investigating reports of child deaths following vaccination. “We’re doing a proper investigation. We’re going to release a report in the coming few weeks,” Makary told CNN. Both the FDA and CDC regularly review VAERS and other safety monitoring data, which are discussed publicly through the Advisory Committee on Immunization Practices (ACIP). HHS spokesperson Andrew Nixon emphasized that ongoing analyses are part of standard safety procedures.
Vaccine makers defended the safety of their products. Moderna stated that its Covid vaccine, Spikevax, is “rigorously monitored” by the company, the FDA, and regulators in more than 90 countries. The company affirmed that its safety monitoring systems have not identified any new or undisclosed risks in children or pregnant women, and cited studies demonstrating a favorable risk–benefit profile. A 2022 Lancet study of heart inflammation in adolescents and young adults receiving mRNA Covid vaccines reported no known deaths, with most patients recovering within 90 days. Pfizer and BioNTech did not immediately comment on the report.
The situation comes as Covid hospitalization rates surge nationwide, with the CDC reporting over 15,000 deaths in 2025 through early September. The controversy over vaccine safety is intensifying political debate, particularly as Kennedy and his allies in Congress push for greater focus on vaccine injuries, hosting hearings where families described alleged adverse effects. Meanwhile, the VAERS system remains a point of contention, with Kennedy describing it as insufficient for robust surveillance.
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