Warren Buffett’s Berkshire Hathaway “plowed billions of dollars” into big pharma in the third quarter, revealing stakes in Pfizer, Merck and others. This according to a recent article in Business Insider.

In a regulatory filing released last week, Berkshire disclosed stakes worth more than $1.8 billion in each of AbbVie, Bristol Myers Squibb, and Merck, as well as $136 million in Pfizer stock, the article reports.

The article states: “Buffett and his team may be betting that ‘big pharma’ companies will play an increasingly important role in the global economy during and after the coronavirus pandemic. Indeed, Pfizer announced last week that its COVID-19 vaccine had proven extremely effective in a late-stage trial, raising hopes of a faster return to normal than expected.”

Those who follow Berkshire closely are expecting “significant changes to Buffett’s portfolio,” the article reports, adding that the sizeable bets on pharma stocks signal a “bullish turn for Buffett and his team.”