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GlaxoSmithKline to Cut 1,000 Sales Jobs in U.S.

Third quarter profits dropped 21%

GlaxoSmithKline said on Nov. 5 that it will cut 12% of its U.S. sales workforce, which amounts to 1000 jobs. The U.S. sales team will now number 7,500.

While the total amount of jobs losts will be 1,800, some workers would be transferred into the vaccines division.

The pharmaceutical sector faces increasing competition from generic drugmakers, and as a result many companies are looking to cut costs. GSK is the latest drugs giant to announce job losses after similar announcements this year by Merck and Schering-Plough.

GSK revealed last month that third-quarter net profits sank heavily owing partly to competition from generic drugs. Net profits dived 21.6% to 1.03 billion pounds (US$ 1.68 billion) in the three months to the end of September, compared with the same period of 2007. Sales increased by 7.4% 5.882 billion pounds during the third quarter.

Copyright Agence France-Presse, 2008

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