Teva boosted by Warren Buffett investment

Pharmaceutical firm Teva has seen its value soar after Warren Buffett revealed he had bought a stake in the company.

The billionaire revealed this week that he had bought USD 350 million (GBP 249 million) worth of stock in the firm, having recently stated he wanted to help cut the cost of healthcare for consumers in the US. 

Mr Buffett's announcement sent the value of Teva stock soaring by ten percent on Thursday (February 15th).

Since suffering from the fall in the prices of generic products in the US, Teva has been working to turn its fortunes around, an endeavour Mr Buffett's intervention has given positive momentum to.  

In a note to investors, Elliot Wilbur, an analyst at Raymond James & Associates, said: "Drug costs continue to escalate, Trump is all over prices, and Teva, along with the rest of the generics industry, is part of the solution." He said this understanding is likely to have prompted the Buffett investment.
 
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Image: iStock, June 03