By Melodie Warner Watson Pharmaceuticals Inc.'s (WPI) generic version of Teva Pharmaceutical Industries Ltd.'s (TEVA, TEVA.TV) Plan B One-Step emergency contraceptive obtained U.S. Food and Drug Administration approval. Plan B One-Step, sometimes called the "day-after pill," is used to prevent pregnancy following unprotected intercourse or a known or suspected contraceptive failure. Watson said it plans to immediately launch its product as Next Choice One Dose. The company said market-researcher IMS Health puts U.S. sales of Plan B One-Step at $88 million for the year ending May 31. In April, Watson reported its first-quarter earnings rose 22% as it recorded sharply higher revenue with a boost from new generic drugs and as its branded pharmaceuticals and distribution business also posted double-digit growth. -Write to Melodie Warner at melodie.warner@dowjones.com
