Fifty years. That's how long it's been since the U.S. Food and Drug Administration (FDA) first approved Opill, a daily oral contraceptive. The birth control pill is manufactured by Perrigo's (NYSE: PRGO) France-based HRA Pharma unit. 

On Thursday, the FDA added another huge approval for Opill. It became the first oral contraceptive to receive a green light from the agency to be prescribed over the counter (OTC).

Perrigo's shares initially jumped nearly 8% on the news before giving up most of the gains. But is the pill maker's stock set to soar going forward?

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Source Fool.com