Perrigo Company (NYSE:PRGO) shares moved higher after the provider of over-the-counter (OTC) health and wellness solutions announced that its daily progestin-only contraceptive pill Opill has been approved by the U.S. Food and Drug Administration (FDA) for OTC use, allowing women to purchase birth control without a prescription for the first time in the country.
Opill was first approved as a prescription drug by the FDA in 1973 and will become available for purchase without a prescription at drug stores, convenience stores, grocery stores, and online, the regulator said.
Perrigo said Opill will be available in stores and online at retailers across the U.S. in the first quarter of 2024.
“Today’s approval marks the first time a nonprescription daily oral contraceptive will be an available option for millions of people in the United States,” FDA Centre for Drug Evaluation and Research director Dr. Patrizia Cavazzoni said in a statement.
“When used as directed, daily oral contraception is safe and is expected to be more effective than currently available nonprescription contraceptive methods in preventing unintended pregnancy.”
Perrigo CEO Patrick Lockwood-Taylor added that the approval was truly momentous for women's health nationwide.
"Opill has the potential to radically transform women's access to contraception and is a true testament of Perrigo's unwavering commitment to deliver impactful solutions that truly make lives better,” Lockwood-Taylor said.
After spiking as much as 6% in pre-market trading, Perrigo's Nasdaq-listed shares were up 1.6% at US$33.60 on Thursday afternoon.
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