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

The company said the move is part of previously announced efforts to significantly reduce 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.

The job cuts come as part of a larger £2.8billion cost-reducing programme after reporting lower-than-expected sales of its Covid vaccine and treatment.

A spokesman for Pfizer said: “The company has made the difficult decision to propose a discontinuation of our PSSM operations at Sandwich, Kent, impacting approximately 500 roles.

“Under the proposals, other functions at our Sandwich site will continue with a different size.

“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.”