Europe shares fall for 4th straight week

* FTSEurofirst 300 falls 1.1 pct; fourth week of losses

* Drugmakers suffer on bleak outlook

* Financials slip; uncertain corporate earnings weigh

* Energy shares track weaker oil prices

By Brian Gorman

LONDON, July 10 (Reuters) - European shared closed lower on Friday, notching up a fourth straight week of losses on worries about corporate earnings and the pace of economic recovery, with drugmakers and banks suffering most.

The FTSEurofirst 300 .FTEU3 index of top European shares fell 1.1 percent to 814.29 points, its lowest close since April 28. Over the week, it fell 3.4 percent, but is still up more than 26 percent from the record low it hit on March 9.

Drugmakers were among the biggest losers. GlaxoSmithKline (GSK.L), Novartis (NOVN.VX), Shire (SHP.L), AstraZeneca (AZN.L), Roche (ROG.VX) and Sanofi-Aventis (SASY.PA) fell between 1.1 and 2.4 percent.

Next week, Novartis will be the first of the sector's major players to report second-quarter earnings.

Pharmas initially fared better in the downturn than other sectors but have begun to underperform, and bleak prospects of more competition, problems getting new drugs to market and cheaper medicines are looming on investors' radars. [ID:nL7666329]

U.S. consumer sentiment soured in early July, slipping to its weakest since March, when confidence in the financial sector and economy were at a low ebb, the Reuters/University of Michigan Surveys of Consumers showed on Friday.

Consumers' escalating concerns about an extended economic downturn, job security and erosion of wealth were the main factors depressing sentiment, the survey said.

Its preliminary index of confidence for July fell to a reading of 64.6 from the final reading for June of 70.8. [ID:nOSL010777]

"The Michigan number was a bit of a disappointment," said Mike Lenhoff, chief strategist at Brewin Dolphin Securities, in London.

"But second-quarter earnings have become more important than ever, as the market is focused on recovery. Expectations have been revised down so much, that earnings may end up surprising some people on the upside."