2004 — A TRANSFORMING YEAR

FINANCIAL HIGHLIGHTS
  Summary of Operations
  Financial Position

LETTER TO SHAREHOLDERS
  Financial Results Confirm Strategy
  Building Sustainable Businesses
  Responsibility to Patients Worldwide
  A Strong, Global Infrastructure
  Choosing Priorities
  Approach to Growth
  The Work Ahead

A FUTURE OF HOPE

BUILDING A SUSTAINABLE FUTURE
  Developing an Oncology Franchise
  Expanding Product Uses & Markets
  Driving Growth Worldwide

FOCUSED MEDICAL AREAS
  Genetics/Diagnostics
  Gentic Diseases
  Renal Disease
  Orthopaedics
  Oncology/Endochrinology
  Transplant/Immune Diseases

GENETIC DISEASES
  Growth in Our LSD Franchise
  Building Sustainable Health

RENAL DISEASE
  Strong Foundation for Growth
  A First-Line Therapy
  Expanding Access
  Broadening Renal Care

ORTHOPAEDICS
  New Opportunities with Synvisc
  Next-Generation Carticel

ONOCLOGY
  Comprehensive Oncology Franchise
  Products & Pipeline
  Cancer & Endochrinology

TRANSPLANT/IMMUNE DISEASES

GENENTICS/DIAGNOSTICS

A FUTURE OF INNOVATION
  Late-Stage Clinical Programs
  Progress Across Medical Areas
  Genetics/Diagnostics Pipeline
  Product Development Pipeline

A FUTURE OF COMMITMENT

A FUTURE OF GROWTH