The Food and Drug Administration has approved a generic version of Teva Women's Health's Plan B One-Step, an emergency contraceptive that is availble over-the-counter without a prescription for women age 17 and older.

Watson Pharmaceuticals announced Friday that the FDA approved its Next Choice ONE DOSE, a lower-cost generic version that will launch "immediately," according to a press release.

Plan B One-Step sales took in $88 million for the 12 months ending May 31, according to IMS Health Data.

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