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Buffett’s Berkshire cuts stakes in U.S. drugmakers, invests in drug royalty company -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Warren Buffett is the chairman of Berkshire Hathaway Inc. He walks the floor as Berkshire Hathaway Inc shareholders gather in the exhibition hall. The meeting was held in Omaha, Nebraska on May 4, 2019. REUTERS/Scott

(Reuters) – Warren Buffett’s Berkshire Hathaway (NYSE:) Inc said on Monday it eliminated its investment in Merck & Co and reduced its stakes in Abbvie Inc and Bristol-Myers Squibb (NYSE:) Co, as it pared its overall stock market investments.

These changes were made public in a regulatory filing that listed Berkshire’s U.S.-listed holdings at Sept. 30, 2018.

Berkshire also disclosed new investments in Royalty Pharma Plc, which buys pharmaceutical royalties, and flooring retailer Floor & Decor Holdings (NYSE:) Inc.

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