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Nikkei Markets

Lupin swings to quarterly loss after US lawsuit costs

Rival Indian drugmaker Cipla's profit exceeds expectations

Lupin's net loss for the quarter ended in September was 1.27 billion rupees ($18 million). Revenue grew more than 10% to 43.6 billion rupees.

MUMBAI (NewsRise) -- Indian drugmaker Lupin swung to a loss in the second-quarter, hurt by a one-time expense related to the settlement of a lawsuit in the U.S.

Lupin has grappled with mounting regulatory troubles and slowing sales in the U.S., where the Food and Drug Administration hastened its approval rate for generics. The company has been cutting down costs and keeping a lid on its research and development expenses in a bid to expand its margins, even as growth remained muted. Meanwhile, its competitor Cipla posted a better-than-expected net income in the same period.

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