Despite soaring profits British pharmaceuticals giant GlaxoSmithKline is soon going to announce a cut up to 4,000 more jobs. The worst hit will be United States and Europe.

On Thursday GSK’s Anglo-Swedish rival AstraZeneca stated that it would cut down 8,000 more jobs through out the world by 2014. These companies say that they are doing this to initiate cost cutting.

GSK is turning to emerging markets to find growth as it plans to develop new drugs.

On one hand 2000 jobs have been cut in the U.S. while on the other hand 1500 have been added in China. 

GSK performance remains not much reflective this year based on the key growth aspects like its swine flu products and the weakness of the pound. Analysts at the Jefferies said, “GSK still shows low revenue and earnings growth with the underlying business remaining pressured by generics in 2010.”