GLAXOSMITHKLINE (GSK) is set to cut hundreds of research and development jobs as it cuts costs and abandons some areas of research — including depression — joining a growing band of big drugmakers taking a knife to previously sacrosanct drug discovery work.
GSK, which employs 16,000 in the UK, has already cut more than 2,000 jobs around the world since 2007 as part of a restructuring drive.
The move should improve research productivity and help protect profit margins as a temporary boost from swine flu starts to dwindle, Europe’s biggest drugmaker said yesterday.
Glaxo yesterday beat expectations with a 33 per cent jump in fourth-quarter earnings, helped by a lower tax rate, a one-off accounting gain from a HIV joint venture with Pfizer, and record sales of H1N1 vaccines and flu drug Relenza.
Chief executive Andrew Witty said GSK was focusing on reducing risk.