Perrigo (NYSE:PRGO) stock is rising on Friday as investors react to the company’s over-the-counter birth control pill getting Food and Drug Administration (FDA) approval.
This is a major win for Perrigo stock as it marks the first time that the FDA has approved a daily over-the-counter birth control pill. The Opill progestin-only pill’s approval makes it so that women can use it as a form of birth control without having to first get a prescription.
Frederique Welgryn, global vice president for women’s health at Perrigo, said this about the approval:
“Today’s approval is a groundbreaking expansion for women’s health in the U.S., and a significant milestone towards addressing a key unmet need for contraceptive access. I want to thank the FDA and its advisory panels, the Free The Pill coalition, the numerous medical organizations and advocacy groups, and all those who wholeheartedly supported this enormous undertaking that has made today a giant leap for women’s empowerment.”
Perrigo notes that an over-the-counter option for birth control opens contraceptives up to women without insurance. The company says it will have the pills available to the commercial market early in the first quarter of 2024.
PRGO Stock Movement on Friday
PRGO stock is seeing a fair amount of movement today in reaction to the birth control news. As of this writing, more than 761,000 shares have changed hands. That’s closing in on its daily average trading volume of about 1.1 million shares.
PRGO stock is up 2.5% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.