axeLast year, Bristol-Myers Squibb said it was cutting some 4,000 jobs as part of a plan to save $1.5 billion. This morning, the company said it’s planning “an additional $1 billion of cost savings by 2012” — suggesting more jobs could get the ax.

The company said details about the plan — which in the upside-down world of corporatespeak is called a “productivity initiative” — would be released by the end of the year.

Bristol has been making some dramatic moves to reshape itself in the face of the daunting problems (generic competition, tough regulatory climate, etc.) facing the industry. The company is in the process of closing half of its manufacturing plants, has been selling off some of its non-core businesses and has sought partners for a few of its promising pipeline drugs.

Future cost cuts could come in part by moving some research overseas, CEO James Cornelius suggested in an interview last year with the WSJ.

“We don’t do any basic research yet in the lower-cost countries, but over the next few years, to be successful you’ll have a constant emphasis on looking for that,” he said.

Bonus Bristol: The company’s cost-cutting measures seem to be having the desired effect on the bottom line. Bristol said this morning that its second-quarter earnings were up 8.2%. Read the full earnings story.

Photo by iStockphoto