BUSINESS

Berkshire Hathaway Invests in Four Large Drugmakers

On Monday, Berkshire Hathaway Inc. said that it has begun betting in pharmaceutical sector by investing in the stocks of four large drugmakers.
As of September 30, Warren Buffett’s Hathaway disclosed $5.7 billion stakes of new healthcare which includes more than $1.8 billion in each of Abbvie Inc., Bristol-Myers Squibb Co., Merck & Co. and $136 million in Pfizer Inc., according to the regulatory filing.
James Armstrong, President, Henry H. Armstrong & Associates, Pittsburgh which owns Berkshire stock said that the COVID-19 pandemic has made situation differently to think about the healthcare industry. “The sector has become more efficient as big drug companies partner with smaller, inventive rivals,” he added. 
During the third quarter, Berkshire Hathaway also took $276 million stake in T-Mobile US Inc. and has sold $1.3 billion stake in Costco Wholesale Corp. the sold stake in Costco Wholesale helped in capital gains as stock prices were up on groceries and home supplies during the Covid-19 pandemic. It pared its holdings in four banks including JPMorgan ChaseWells Fargo , PNC and M&T.

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