Pharmaceutical giant Pfizer is to cut around 500 jobs at its site in Sandwich, Kent.

The company said the move is part of previously announced efforts to slash 3.5 billion dollars (£2.8 billion) worth of costs across the firm.

It said it plans to stop its pharmaceutical sciences small molecule (PSSM) operations at the site, which employs around 940 people.

Sky News reported that the roles will be moved to India and the United States.

The company will see other operations continue at the Kent location “with a different size”, a spokeswoman said.

Last month, Pfizer heavily cut its revenue forecasts in the face of lower-than-expected sales of Covid-19 vaccines and treatment.

The spokeswoman for Pfizer said: “We are proud of our heritage of breakthrough science in the UK and we will retain a scientific presence in the UK including at our Discovery Park location in Sandwich.

“These proposals are now in consultation with the affected colleagues.

“All job-related decisions will be made with transparency, respect, and in compliance with all applicable laws.

“More information around this global programme will be shared over the coming months and as part of the full-year guidance for 2024.”