Berkshire Exited Merck Before COVID Pill Boost; Trimmed Holdings In AbbVie, Bristol Myers In Q3

Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) cleared its stake in Merck & Co Inc MRK in Q3, right on the eve of a significant stock price boost thanks to the Phase 3 success of its Ridgeback Biotherapeutics-partnered COVID-19 pill molnupiravir.
The molnupiravir data sent Merck's share price from about $75 apiece the previous day to as high as about $84.
Molnupiravir's first authorization by U.K. regulators further increased Merck's price to above $90 before falling below $82 the next day on the news of Pfizer Inc's PFE stronger data for its COVID drug.
Before Q3 Merck withdrawal, Berkshire already halved its holding in the company to 9.16 million shares in Q2.
At that time, Berkshire also reported a stake of 1.55 million shares in Organon & Co OGN.
Berkshire also exited that stake in the women's health specialist during Q3.
Meanwhile, Berkshire also continued to reduce its ownership in AbbVie Inc ABBV and Bristol Myers Squibb & Co BMY, a securities filing shows.
Berkshire owned about 14.4 million shares in Abbvie in Q3, down from roughly 20.5 million shares in Q2 and nearly 22.9 million shares in Q1.
AbbVie's stock had been trending primarily upward in 2021 until the FDA unveiled that it would add an updated boxed warning for JAK inhibitors.
The FDA scrutiny dragged AbbVie's stock price down to around $107 at the end of September from about $120 in August.
Berkshire reduced its stake in BMY to 22 million.