Glaxo to cut more jobs as generics bite-reports

* To cut up to 4,000 jobs-Sunday Times

* GSK declines to comment

LONDON, Jan 31 (BestGrowthStock) – GlaxoSmithKline (GSK.L: ),
Britain’s biggest drugs company, plans to cut more costs with
the loss of several thousand jobs as competition from new
generic drugs weighs on sales, newspapers reported on Sunday.

The Sunday Times said up to 4,000 jobs could go as part of
an effort to re-focus on fast-growing emerging markets.

GlaxoSmithKline, which doesn’t typically disclose the number
or location of job losses, declined to comment. The company
employs 99,000 staff worldwide.

Glaxo has been hit by lower than expected demand for its
Pandemrix swine flu vaccine this year as concerns over the
pandemic fade. [ID:nLDE60D0C4]

It also faces new competition from generic versions of its
Valtrex herpes treatement after the drug’s U.S. patent expired
last month.

The company, created from the 2000 merger of Glaxo Wellcome
and Smithkline Beecham, has said it aims to identify 1.7 billion
pounds ($2.77 billion) of savings every year.

Rival drugmaker Astrazeneca last week said it planned to cut
8,000 jobs, or 12 percent of its workforce, to counter the
impact of new generic drugs. [ID:nLDE60Q0K3]

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(Reporting by Myles Neligan; additional reporting by Ben

Glaxo to cut more jobs as generics bite-reports