At 95, Buffett will step down by year-end; Berkshire’s cash reserves hit a record $381.7 billion—what market signal does this send amid elevated U.S. equity valuations?

Berkshire Hathaway posted Q3 net income of $30.796 billion (≈ RMB 219.267 billion)! Its cash reserves exceeded $381.7 billion (≈ RMB 2.71 trillion), setting another record! At age 95, Buffett will step down as CEO by year-end. By Jinghe Zhang, Every News Editor On November 1, Berkshire Hathaway (BRK.A, share price: $715,740; market cap: $1.03 trillion), led by Warren Buffett, released its Q3 2025 financial results. The report shows that the company’s Q3 2025 net income was $30.796 billion, up 17% year-on-year from $26.251 billion. Operating profit for Q3 2025 reached $13.49 billion, up 34% year-on-year from $10.09 billion. Q3 2025 revenue totaled $94.972 billion, versus $92.995 billion a year earlier and above the market expectation of $91.55 billion. Berkshire Hathaway’s cash reserves stood at $381.7 billion (≈ RMB 2.71 trillion), a new record high. For the first nine months of 2025, Berkshire’s total revenue amounted to $277.212 billion, up 0.25% year-on-year; net income totaled $47.993 billion, down over 30% year-on-year. In its earnings release, Berkshire Hathaway noted that, for many years, its equity investments have been concentrated in a small number of companies.

Pfizer: The Price of Delay

As early as 2019, Pfizer took the lead in initiating clinical development of oral, small-molecule GLP-1 receptor agonists. However, its in-house pipeline candidates—Lotiglipron and Danuglipron—were both terminated due to hepatotoxicity concerns, causing Pfizer to miss the explosive growth of the weight-loss drug market. Faced with repeated setbacks in internal R&D, acquisition became the preferred strategy. Metsera’s core pipeline includes MET-097i, an ultra-long-acting GLP-1 receptor agonist enabling once-monthly injection, now poised to enter Phase III trials; MET-233i, an ultra-long-acting amylin analog achieving up to 8.4% weight loss within 36 days; and MET-224o, an oral GLP-1 receptor agonist currently in early-stage clinical development. Although expensive, this acquisition comprehensively fills Pfizer’s pipeline gaps across multiple obesity therapeutic modalities—and more importantly, grants access to Metsera’s key proprietary technology platforms for developing GLP-1 receptor agonists and amylin analogs. At $10 billion, the deal may well be worth every penny. Recently, Dave Denton, Pfizer’s CFO, stated at the Jefferies Healthcare Conference that following the Metsera acquisition, “we may further expand this portfolio via small-molecule drugs,” with plans to prioritize oral therapeutics in building its global obesity business. Currently, the weight-loss market is dominated by two oligopolists—Eli Lilly and Novo Nordisk—with long-acting injectables prevailing. Oral small-molecule GLP-1 drugs face high development hurdles, and none has yet received regulatory approval. In the race toward oral small molecules and even longer-acting formulations, Pfizer may still carve out a promising future. Similar to the obesity space, Pfizer also missed the immunotherapy checkpoint inhibitor field—the very arena that birthed blockbuster ‘drug kings.’ Earlier this year, CEO Albert Bourla publicly emphasized making oncology and obesity top priorities for 2025. In next-generation anti-cancer therapies, Pfizer rapidly built out its ADC (antibody-drug conjugate) pipeline through its acquisition of Seagen. This $43 billion deal not only brought multiple late-stage clinical assets but also added commercial products—including Padcev and Adcetris—as new growth drivers. Moreover, Seagen’s technology platform continues supporting Pfizer’s exploration of next-generation ADCs. Yet against Daiichi Sankyo’s Enhertu (DS-8201), Pfizer may still need an ADC with superior structural properties, a higher DAR (drug-to-antibody ratio), and broader target coverage—such as its PD-L1-targeting ADC, now a key focus of subsequent R&D—to gain competitive advantage in the emerging IO+ADC combination therapy landscape. Another major strategic priority for Pfizer is PF-08634404 (SSGJ-707), a PD-1/VEGF bispecific antibody licensed from Simcere Pharmaceutical. On November 10, Pfizer held a dedicated clinical development strategy meeting for PF-08634404. Already this year, seven clinical trials have been rapidly launched—including head-to-head studies against Keytruda aimed at replacing standard-of-care regimens, combination trials with Pfizer’s own ADCs, and expansion into additional lines of therapy. Pfizer expects that by the end of 2026, the number of global, multicenter clinical trials for PF-08634404 will exceed 20, covering more than ten indications—positioning it as a cornerstone product anchoring its broader pipeline network.

Valhi Announces Third-Quarter Earnings Release Date for November 5

Oct 14, 2026

Valhi Inc. announced it will release its third-quarter 2026 earnings after market close on November 5, 2026. The chemical and real estate operator confirmed the schedule pending quarter-end closing procedures.

Valhi Announces Expected Third Quarter 2026 Earnings Release Date

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Valhi Announces Expected Third Quarter 2026 Earnings Release Date

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