Berkshire Bets on Vaccine Makers in Pandemic, Cuts Banks
- Firm has new stakes in Merck, AbbVie, Pfizer, Bristol-Myers
- Company slashes stake in JPMorgan, trims Wells Fargo
Warren Buffett
Photographer: Scott Eells/Bloomberg
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Warren Buffett’s Berkshire Hathaway Inc. is betting on big pharma as the industry’s fortunes swing on the development of a Covid-19 vaccine and therapeutics.
Berkshire disclosed new investments in Merck & Co. and Pfizer Inc. during the third quarter, while also adding bets on AbbVie Inc. and Bristol-Myers Squibb Co., according to a regulatory filing Monday. Meanwhile, Buffett’s conglomerate continued to cut stakes in financial companies, including Wells Fargo & Co. and JPMorgan Chase & Co.