Sunday February 1, 04:58 PM
Drugs giant GSK 'to slash thousands of jobs'
LONDON (AFP) - British drugs giant GlaxoSmithKline (LSE: GSK.L - news) will announce it is cutting up to 10,000 jobs when it posts full-year results this week, reports said on Sunday.
Sky News reported the group had confirmed it would cut thousands of jobs when it publishes its results on Thursday.
The Sunday Telegraph reported that 6,000 jobs would go, while the Observer put the figure at 10,000, which would represent 10 percent of the group's worldwide workforce.
The global pharmaceuticals giants are facing a growing commercial challenge from cheap, generic drugs as dozens of high-selling medicines lose patent protection.
GSK's rival AstraZeneca (LSE: AZN.L - news) said on Thursday it would axe more than 6,000 jobs by 2013, extending a cost-cutting programme that had already shed about 8,000 positions since 2007.
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