On July 13, Perrigo Company (NYSE: PRGO) announced that regulators at the U.S. Food and Drug Administration (FDA) had given the green light for its Opill birth control pill to be sold over the counter (OTC). The OTC-approved formulation will hit the shelves sometime in 2024, so after the first quarter of next year is the earliest that investors might see the boost to its earnings.

But will that boost be enough to warrant investors buying Perrigo's stock? Let's investigate what the approval might actually do for this company's financial performance to find out. 

In Q1, Perrigo generated $1.1 billion in sales from its collection of OTC consumer health products like sleep aids, allergy pills, and non-steroidal painkillers. $41 million of that sum came from its existing sales in the women's health segment, which grew by around 95% on a constant currency basis compared to a year prior.

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Source Fool.com