Pfizer, Inc. ( PFE ) shares moved higher on Wednesday. The sector has seen volatility amid Robert F. Kennedy Jr.’s nomination as the secretary of the Department of Health and Human Services.

The Details: According to NBC, the Senate Finance Committee voted 14-13 along party lines to pass Kennedy’s nomination to the full chamber for a final vote. Sen. Bill Cassidy (R-La.), who ultimately voted to advance the nomination, initially struggled with his decision.

Cassidy, who is a doctor and the chair of the Health, Education, Labor and Pensions Committee, voted to forward the nomination for a final vote after meeting with Kennedy and Vice President JD Vance.

Kennedy committed to collaborating with the senator if confirmed. Cassidy said, “Mr. Kennedy and the administration committed that he and I would have an unprecedentedly close collaborative working relationship if he is confirmed. We will meet or speak multiple times a month.”

In addition, Kennedy pledged to keep the Centers for Disease Control and Prevention’s immunization advisory committee intact and to leave the agency’s statements affirming that vaccines do not cause autism on its website.

The volatility in the sector may stem from investors’ concerns about Kennedy’s potential impact if confirmed as secretary. Specifically, investors might worry about changes in vaccine policies or regulations, which could affect the profitability of companies like Pfizer ( PFE ).

What Else: Pfizer ( PFE ) reported earnings for the 2024 fiscal year fourth quarter on Tuesday after the market closed. It reported adjusted earnings per share of 63 cents, beating the analysts’ estimate of 47 cents and sales of $17.76 billion, beating analysts’ estimate of $17.40 billion.

Pfizer ( PFE ) reaffirmed its guidance for 2025 fiscal-year revenue of $61 billion to $64 billion, compared to the analysts’ estimate of $63.02 billion. The company guided adjusted earnings per share from $2.80 to $3, versus analysts estimate of $2.94.

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PFE Price Action: At the time of writing, Pfizer ( PFE ) stock is closed 2.08% higher at $26.44, according to data from Benzinga Pro.