Drug maker GlaxoSmithKline, which has cut hundreds of Triangle jobs in recent years, will announce another round of layoffs Thursday when it reports quarterly earnings, a British newspaper reports.
The London-based corporation employs about 5,000 people in this region, mostly at its North American headquarters in Research Triangle Park. GSK has been slashing expenses under CEO Andrew Witty to offset slowing sales of blockbuster drugs amid increasing competition from cheaper, generic medicines.
Now the company is preparing to announce plans to eliminate 4,000 jobs, nearly half at its research centers, the Sunday Times of London reports. GSK "will scale down activities at research facilities in Britain, across Europe and in the United States as it builds its activities in emerging markets," the newspaper reports.
GSK's ongoing layoffs could hurt the Triangle's economy, as more highly paid researchers and scientists are thrown out of work. The company employs about 100,000 worldwide.
Company spokeswoman Mary Anne Rhyne declined to comment on the Sunday Times report, citing the "quiet period" prior to announcing financial results on Thursday. "We have said that we are continuously seeking to simplify our business and ensure that we are positioned to meet the current and evolving needs of the marketplace," she added.
GSK announced a first cost-cutting initiative in Oct. 2007 that eliminated thousands of jobs worldwide, and then expanded that effort in Feb. 2009.
Other large drug makers have taken similar steps. Last week rival AstraZeneca announced plans to slash another 8,000 workers.
Read the full Sunday Times report here.