Our pipeline is the richest it has ever been, offering the promise of sustained growth.

As we celebrate our 25th anniversary, our pipeline is more abundant than ever before, with 16 phase 3 and more than 20 phase 1 or 2 clinical trials underway or scheduled to begin in 2006. Moreover, the programs in our pipeline are diversified across our five medical areas.

This remarkable level of productivity is due to several related factors. Our science organization is widely recognized for its excellence, and it is aligned with our business units to support our strategy of diversification. We employ a wide range of technology platforms to identify the most promising approach to a particular problem, and we actively use our scientific expertise to expand indications for existing products. Finally, because we do not limit ourselves to internally developed product candidates, but rather seek collaborations, we have been able to manage our pipeline to achieve the balance we have today among programs at all stages of development.