GlaxoSmithKline to Slash Workers: Reports

LONDON -- British drugmaker GlaxoSmithKline(GSK Quote) will cut thousands of jobs when it announces full-year results this week, two newspapers reported.

The Sunday Telegraph said up to 6,000 posts would be eliminated around the world. The Observer said as many as 10,000 jobs, or 10% of the company's global work force, could go.

A company spokesman wouldn't comment on the reports, but said the company had "an ongoing restructuring program."

Major pharmaceutical manufacturers are facing increasing competition from generic rivals to their best-selling drugs.

Like its rivals, Glaxo has already been cutting jobs to help make savings. The company aims to shave 700 million pounds ($1 billion) off its annual cost base by 2010.

Last week, rival AstraZeneca(AZN Quote) confirmed plans to slash another 6,000 jobs, bringing its total cut to 15,000. Pfizer(PFE Quote) also has cut almost 15,000 jobs over the last two years.