Lupin hopes for more U.S. approvals as earnings drop 35%

Indian drug giant Lupin said it hopes to see more of its drugs approved by the U.S. FDA before the end of the year, according to a report by Reuters. Company officials said they were "upbeat on the pace of approvals" and the company's managing director, Nilesh Gupta, said in a statement that it expects the FDA to approve its copy of best-selling heartburn drug Nexium "anytime now," Reuters reported. Indian drug makers have seen a lull in FDA approvals in recent quarters, Reuters said, after the agency changed its processes and have been trying to expand regionally by buying other products or companies. Lupin in July bought GAVIS Pharmaceuticals for $880 million, Reuters reported. Lupin also said its profit for the quarter ended September fell 35% to $62.97 million. Report