BRISTOL-MYERS SQUIBB COMPANY
NET SALES FROM CONTINUING OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 2004
($ in millions)

											Percentage Change
	2004					2003					Including			Excluding
Quarter-to-Date	Amount		% of Total			Amount		% of Total			Foreign Exchange			Foreign Exchange
Pharmaceuticals	$	4,129		80.1	%	$	4,082		80.4	%		1	%		-3	%
US Pharmaceuticals		2,242		43.5	%		2,254		44.4	%		-1	%		-1	%
Primary Care		1,721		33.4	%		1,801		35.4	%		-4	%		-4	%
Oncology/Virology		351		6.8	%		374		7.4	%		-6	%		-6	%
Neuroscience		170		3.3	%		79		1.6	%		115	%		115	%
Latin America/Canada		287		5.6	%		292		5.8	%		-2	%		-5	%
Europe and Middle East Medicines		1,219		23.6	%		1,195		23.5	%		2	%		-9	%
Asia/Pacific Medicines		333		6.5	%		320		6.3	%		4	%		-1	%
Nutritionals		505		9.8	%		526		10.4	%		-4	%		-4	%
Other Healthcare		523		10.1	%		468		9.2	%		12	%		7	%
ConvaTec		266		5.1	%		241		4.8	%		10	%		3	%
Medical Imaging		154		3.0	%		129		2.5	%		19	%		18	%
Consumer Medicines		103		2.0	%		98		1.9	%		5	%		4	%
Total Company	$	5,157		100.0	%	$	5,076		100.0	%		2	%		-1	%

											Percentage Change
	2004					2003					Including			Excluding
Quarter-to-Date	Amount		% of Total			Amount		% of Total			Foreign Exchange			Foreign Exchange
Pharmaceuticals	$	15,482		79.9	%	$	14,925		80.0	%		4	%		—
US Pharmaceuticals		8,351		43.1	%		8,325		44.6	%		—			—
Primary Care		6,017		31.0	%		6,427		34.4	%		-6	%		-6	%
Oncology/Virology		1,780		9.2	%		1,618		8.7	%		10	%		10	%
Neuroscience		554		2.9	%		280		1.5	%		98	%		98	%
Latin America/Canada		1,041		5.4	%		998		5.4	%		4	%		2	%
Europe and Middle East Medicines		4,721		24.4	%		4,341		23.3	%		9	%		-2	%
Asia/Pacific Medicines		1,174		6.1	%		1,063		5.7	%		10	%		3	%
Nutritionals		2,001		10.3	%		2,023		10.8	%		-1	%		-1	%
Other Healthcare		1,897		9.8	%		1,705		9.2	%		11	%		7	%
ConvaTec		954		4.9	%		843		4.5	%		13	%		5	%
Medical Imaging		589		3.1	%		508		2.8	%		16	%		15	%
Consumer Medicines		354		1.8	%		354		1.9	%		—			-2	%
Total Company	$	19,380		100.0	%	$	18,653		100.0	%		4	%		—

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 2004
(DOLLARS IN MILLIONS)

QUARTER-TO-DATE

													Consumer			Continuing
	WW Medicines			Nutritionals			Convatec			Medical Imaging			Medicines			Operations
Price Increases(Decreases)		-3	%		5	%		—			5	%		-8	%		-1	%
Foreign Exchange		4	%		—			7	%		1	%		1	%		3	%
Volume		—			-9	%		3	%		13	%		12	%		—
Total Change		1	%		-4	%		10	%		19	%		5	%		2	%
Total 2004 Period to Date Sales	$	4,129		$	505		$	266		$	154		$	103		$	5,157
Total 2003 Period to Date Sales	$	4,082		$	526		$	241		$	129		$	98		$	5,076

YEAR-TO-DATE

													Consumer			Continuing
	WW Medicines			Nutritionals			Convatec			Medical Imaging			Medicines			Operations
Price Increases(Decreases)		-1	%		6	%		-1	%		6	%		-2	%		—
Foreign Exchange		4	%		—			8	%		1	%		2	%		4	%
Volume		1	%		-7	%		6	%		9	%		—			—
Total Change		4	%		-1	%		13	%		16	%		—			4	%
Total 2004 Period to Date Sales	$	15,482		$	2,001		$	954		$	589		$	354		$	19,380
Total 2003 Period to Date Sales	$	14,925		$	2,023		$	843		$	508		$	354		$	18,653

BRISTOL-MYERS SQUIBB COMPANY
2004 FOURTH QUARTER REVIEW
CONTINUING OPERATIONS
($ in Millions)

Corporate Overview

Revenues:	2004			% of Total			2003			% of Total			%Var.
Pharmaceuticals	$	4,129			80.1	%	$	4,082			80.4	%		1	%
Nutritionals		505			9.8	%		526			10.4	%		-4	%
Other Healthcare		523			10.1	%		468			9.2	%		12	%
ConvaTec		266			5.1	%		241			4.8	%		10	%
Medical Imaging		154			3.0	%		129			2.5	%		19	%
Consumer Medicines		103			2.0	%		98			1.9	%		5	%
		5,157			100.0	%		5,076			100.0	%		2	%
Expenses:				% of Sales						% of Sales			%Var.
COGS		1,665			32.3	%		1,525			30.0	%		9	%
MS&A		1,390			27.0	%		1,251			24.6	%		11	%
Adv. & Promo.		424			8.2	%		414			8.2	%		2	%
R&D		677			13.1	%		715			14.1	%		-5	%
In-process R&D		—			0.0	%		—			—			—
Gain on sale of businesses		(4	)		-0.1	%		—			—			—
Provision for restructuring and other items		29			0.6	%		8			0.2	%		*
Litigation settlement expense/(income)		16			0.3	%		265			5.2	%		-94	%
Equity in net income of affiliates		(69	)		-1.3	%		(27	)		-0.5	%		-156	%
Other (Inc)/Exp		(10	)		-0.2	%		2			—			*
		4,118			79.9	%		4,153			81.8	%		-1	%
Earnings from Continuing Operations Before Minority Interest and IncomeTaxes		1,039			20.1	%		923			18.2	%		13	%
Provision for income taxes		766						292
Minority interest, net of taxes		134						125
Earnings from Continuing Operations		139			2.7	%		506			10.0	%		-73	%
Net Earnings from Discontinued Operations		—						—						—
Net Earnings	$	139			2.7	%	$	506			10.0	%		-73	%
Earnings Per Common Share
Basic
Continuing Operations	$	0.07					$	0.26						-73	%
Discontinued Operations		—						—						—
Earnings Per Share	$	0.07					$	0.26						-73	%
Diluted
Continuing Operations	$	0.07					$	0.26						-73	%
Discontinued Operations		—						—						—
Earnings Per Share	$	0.07					$	0.26						-73	%
Average Shares — Basic		1,943						1,937
Average Shares — Diluted		1,976						1,973

						Change in U.S.
	Worldwide					Rx Demand
Selected Products	Sales		%Var.			4Q04 vs. 4Q03
Plavix	$	959		19	%		19	%
Pravachol		710		-3	%		-16	%
Taxol		256		7	%		N/A
Avapro/Avalide		259		13	%		14	%
Enfamil		224		11	%		N/A
Paraplatin		27		-87	%		N/A
Sustiva		172		24	%		3	%
Abilify (total revenue)		191		139	%		62	%
Ostomy		152		7	%		N/A
Reyataz		148		*			88	%
Cardiolite		108		35	%		N/A
Wound Therapeutics		111		18	%		N/A
Videx/Videx EC		67		-1	%		-10	%
Monopril		68		-42	%		-81	%
Zerit		67		-12	%		-29	%
Cefzil		89		-24	%		-35	%
Erbitux		88		—			N/A
Coumadin		76		41	%		-14	%
Glucovance		7		-94	%		-85	%

Other (Income)/Expense
	2004			2003
Interest Expense	$	91		$	70
Interest Income		(39	)		(18	)
Foreign Exchange		(30	)		13
Other - net		(32	)		(63	)
		($10	)	$	2

* in excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY
2004 TWELVE MONTH REVIEW
CONTINUING OPERATIONS
($ in Millions)

Corporate Overview

Revenues:	2004			% of Total			2003			% of Total			%Var.
Pharmaceuticals	$	15,482			79.9	%	$	14,925			80.0	%		4	%
Nutritionals		2,001			10.3	%		2,023			10.8	%		-1	%
Other Healthcare		1,897			9.8	%		1,705			9.2	%		11	%
ConvaTec		954			4.9	%		843			4.5	%		13	%
Medical Imaging		589			3.1	%		508			2.8	%		16	%
Consumer Medicines		354			1.8	%		354			1.9	%		—
		19,380			100.0	%		18,653			100.0	%		4	%
Expenses:				% of Sales						% of Sales			%Var.
COGS		5,989			30.9	%		5,406			29.0	%		11	%
MS&A		5,016			25.9	%		4,620			24.8	%		9	%
Adv. & Promo.		1,411			7.3	%		1,415			7.6	%		—
R&D		2,500			12.9	%		2,279			12.2	%		10	%
In-process R&D		63			0.3	%		—			—			—
Gain on sale of businesses		(320	)		-1.7	%		—			—			—
Provision for restructuring and other items		104			0.5	%		26			0.1	%		*
Litigation settlement expense/(income)		420			2.2	%		199			1.1	%		-111	%
Equity in net income of affiliates		(273	)		-1.4	%		(151	)		-0.8	%		-81	%
Other (Inc)/Exp, net		52			0.3	%		179			0.9	%		-71	%
		14,962			77.2	%		13,973			74.9	%		7	%
Earnings Before Minority Interest and Income Taxes		4,418			22.8	%		4,680			25.1	%		-6	%
Provision for income taxes		1,519						1,210
Minority interest, net of taxes		521						373
Earnings from Continuing Operations		2,378			12.3	%		3,097			16.6	%		-23	%
Net Earnings from Discontinued Operations		10						9						11	%
Net Earnings	$	2,388					$	3,106						-23	%
Earnings Per Common Share
Basic
Continuing Operations	$	1.23					$	1.60						-23	%
Discontinued Operations		—						—						—
Earnings Per Share	$	1.23					$	1.60						-23	%
Diluted
Continuing Operations	$	1.21					$	1.59						-24	%
Discontinued Operations		—						—						—
Earnings Per Share	$	1.21					$	1.59						-24	%
Average Shares - Basic		1,942						1,937
Average Shares - Diluted		1,976						1,950

						Change in U.S.
	Worldwide					Rx Demand
Selected Products	Sales		%Var.			YTD 04 vs. YTD 03
Plavix	$	3,327		35	%		24	%
Pravachol		2,635		-7	%		-10	%
Taxol		991		6	%		N/A
Avapro/Avalide		930		23	%		15	%
Enfamil		859		6	%		N/A
Paraplatin		673		-26	%		N/A
Sustiva		621		14	%		4	%
Abilify (total revenue)		593		110	%		103	%
Ostomy		551		8	%		N/A
Reyataz		414		*			*
Cardiolite		406		25	%		N/A
Wound Therapeutics		391		23	%		N/A
Videx/Videx EC		274		3	%		-4	%
Monopril		274		-42	%		-77	%
Zerit		272		-23	%		-29	%
Cefzil		270		-17	%		-30	%
Erbitux		261		—			N/A
Coumadin		255		-16	%		-17	%
Glucovance		169		-60	%		-51	%

Other (Income)/Expense
	2004			2003
Interest Expense	$	310		$	277
Interest Income		(105	)		(65	)
Foreign Exchange		5			23
Other - net		(158	)		(56	)
	$	52		$	179

* in excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE SALES BY PRODUCT
FOR THE THREE MONTHS ENDED DECEMBER 31, 2004
($ in millions)

	WORLDWIDE							INTERNATIONAL *							DOMESTIC *
	2004		2003		% growth			2004		2003		% growth			2004			2003		% growth
Total Company - Continuing Operations	$	5,157	$	5,076		2	%	$	2,347	$	2,198		7	%	$	2,810		$	2,878		-2	%
PHARMACEUTICALS		4,129		4,082		1	%		1,874		1,815		3	%		2,255			2,267		-1	%
Cardiovascular		2,150		2,027		6	%		668		680		-2	%		1,482			1,347		10	%
Plavix		959		808		19	%		143		120		19	%		816			688		19	%
Pravachol		710		729		-3	%		277		322		-14	%		433			407		6	%
Avapro/ Avalide		259		230		13	%		105		79		33	%		154			151		2	%
Monopril		68		118		-42	%		59		63		-6	%		9			55		-84	%
Coumadin		76		54		41	%		7		8		-13	%		69			46		50	%
Capoten/Captopril		42		50		-16	%		42		50		-16	%		—			—		—
Oncology		427		509		-16	%		335		327		2	%		92			182		-49	%
Taxol		256		239		7	%		249		238		5	%		7			1		*	**
Paraplatin		27		204		-87	%		39		41		-5	%		(12	)		163		-107	%
Erbitux		88		—		—			—		—		—			88			—		—
Virology		454		332		37	%		196		143		37	%		258			189		37	%
Sustiva		172		139		24	%		69		57		21	%		103			82		26	%
Reyataz		148		49		*	**		49		3		*	**		99			46		115	%
Videx/ Videx EC		67		68		-1	%		42		41		2	%		25			27		-7	%
Zerit		67		76		-12	%		36		42		-14	%		31			34		-9	%
Infectious Diseases		353		387		-9	%		248		238		4	%		105			149		-30	%
Cefzil		89		117		-24	%		29		28		4	%		60			89		-33	%
Maxipime		54		48		13	%		54		48		13	%		—			—		—
Tequin		50		65		-23	%		11		11		—			39			54		-28	%
Affective (Psychiatric) Disorders		239		136		76	%		59		44		34	%		180			92		96	%
Abilify**		191		80		139	%		21		1		*	**		170			79		115	%
Sinemet		28		34		-18	%		20		23		-13	%		8			11		-27	%
Metabolics		53		225		-76	%		5		6		-17	%		48			219		-78	%
Glucovance		7		109		-94	%		—		2		-100	%		7			107		-93	%
Glucophage		21		19		11	%		4		3		33	%		17			16		6	%
Glucophage XR		20		89		-78	%		1		1		—			19			88		-78	%
Metaglip		5		8		-38	%		—		—		—			5			8		-38	%
NUTRITIONALS		505		526		-4	%		262		235		11	%		243			291		-16	%
Infant Formulas		362		332		9	%		126		109		16	%		236			223		6	%
Enfamil		224		201		11	%		70		61		15	%		154			140		10	%
Other Nutritional Products
Toddler/Children’s Nutritionals		120		108		11	%		120		108		11	%		—			—		—
OTHER HEALTHCARE		523		468		12	%		229		209		10	%		294			259		14	%
CONVATEC PRODUCTS		266		241		10	%		179		160		12	%		87			81		7	%
Ostomy		152		142		7	%		105		97		8	%		47			45		4	%
Wound Therapeutics		111		94		18	%		72		60		20	%		39			34		15	%
MEDICAL IMAGING		154		129		19	%		26		18		44	%		128			111		15	%
Cardiolite		108		80		35	%		13		9		44	%		95			71		34	%
CONSUMER MEDICINES		103		98		5	%		24		31		-23	%		79			67		18	%

*	This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales for International and for Domestic do not tie to the Total Company International and Domestic sales shown above.
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.
***	In Excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE SALES BY PRODUCT
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004
($ in millions)

	WORLDWIDE							INTERNATIONAL *							DOMESTIC *
	2004		2003		% growth			2004		2003		% growth			2004		2003		% growth
Total Company - Continuing Operations	$	19,380	$	18,653		4	%	$	8,767	$	7,997		10	%	$	10,613	$	10,656		—
PHARMACEUTICALS		15,482		14,925		4	%		7,036		6,494		8	%		8,446		8,431		—
Cardiovascular		7,740		7,160		8	%		2,657		2,487		7	%		5,083		4,673		9	%
Plavix		3,327		2,467		35	%		494		382		29	%		2,833		2,085		36	%
Pravachol		2,635		2,827		-7	%		1,215		1,222		-1	%		1,420		1,605		-12	%
Avapro/ Avalide		930		757		23	%		368		283		30	%		562		474		19	%
Monopril		274		470		-42	%		240		242		-1	%		34		228		-85	%
Coumadin		255		303		-16	%		27		26		4	%		228		277		-18	%
Capoten/Captopril		176		197		-11	%		176		197		-11	%		—		—		—
Oncology		2,155		2,100		3	%		1,278		1,196		7	%		877		904		-3	%
Taxol		991		934		6	%		960		882		9	%		31		52		-40	%
Paraplatin		673		905		-26	%		136		136		—			537		769		-30	%
Erbitux		261		—		—			1		—		—			260		—		—
Virology		1,581		1,253		26	%		687		553		24	%		894		700		28	%
Sustiva		621		544		14	%		257		210		22	%		364		334		9	%
Reyataz		414		88		*	**		109		5		*	**		305		83		*	**
Videx/ Videx EC		274		267		3	%		168		158		6	%		106		109		-3	%
Zerit		272		354		-23	%		153		180		-15	%		119		174		-32	%
Infectious Diseases		1,230		1,322		-7	%		919		900		2	%		311		422		-26	%
Cefzil		270		327		-17	%		109		93		17	%		161		234		-31	%
Maxipime		193		181		7	%		193		181		7	%		—		—		—
Tequin		169		208		-19	%		45		39		15	%		124		169		-27	%
Affective (Psychiatric) Disorders		773		593		30	%		198		168		18	%		575		425		35	%
Abilify**		593		283		110	%		39		3		*	**		554		280		98	%
Sinemet		106		108		-2	%		85		85		—			21		23		-9	%
Metabolics		336		948		-65	%		21		19		11	%		315		929		-66	%
Glucovance		169		424		-60	%		4		5		-20	%		165		419		-61	%
Glucophage		68		118		-42	%		15		11		36	%		53		107		-50	%
Glucophage XR		67		395		-83	%		1		2		-50	%		66		393		-83	%
Metaglip		32		11		191	%		1		1		—			31		10		*	**
NUTRITIONALS		2,001		2,023		-1	%		1,035		938		10	%		966		1,085		-11	%
Infant Formulas		1,405		1,284		9	%		494		432		14	%		911		852		7	%
Enfamil		859		808		6	%		274		239		15	%		585		569		3	%
Other Nutritional Products
Toddler/Children’s Nutritionals		468		421		11	%		468		421		11	%		—		—		—
OTHER HEALTHCARE		1,897		1,705		11	%		837		760		10	%		1,060		945		12	%
CONVATEC PRODUCTS		954		843		13	%		653		566		15	%		301		277		9	%
Ostomy		551		512		8	%		384		348		10	%		167		164		2	%
Wound Therapeutics		391		319		23	%		261		210		24	%		130		109		19	%
MEDICAL IMAGING		589		508		16	%		91		77		18	%		498		431		16	%
Cardiolite		406		324		25	%		45		39		15	%		361		285		27	%
CONSUMER MEDICINES		354		354		—			93		117		-21	%		261		237		10	%

*	This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales for International and for Domestic do not tie to the Total Company International and Domestic sales shown above.
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.
***	In Excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES
EXCLUDING SPECIFIED ITEMS

	2003
	Q1			Q2			Q3			Q4		TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	1,160		$	1,242		$	1,355		$	923	$	4,680
Specified items:
Provision for restructuring / other		26			4			55			110		195
Litigation (recoveries) / charges		(21	)		(41	)		(4	)		265		199
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	$	1,165		$	1,205		$	1,406		$	1,298	$	5,074

	2004
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	1,464		$	771		$	1,144		$	1,039		$	4,418
Specified items:
Gain on sale of businesses		(295	)		(18	)		(3	)		(4	)		(320	)
In-process research and development		—			62			1			—			63
Provision for restructuring / other		34			42			115			76			267
Litigation reserves		—			455			36			16			507
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	$	1,203		$	1,312		$	1,293		$	1,127		$	4,935

BRISTOL-MYERS SQUIBB COMPANY
DILUTED EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS
EXCLUDING SPECIFIED ITEMS

	2003
	Q1			Q2			Q3 *		Q4		TOTAL YEAR *
Diluted Earnings per Common Share from Continuing Operations	$	0.41		$	0.46		$	0.47	$	0.26	$	1.59
Specified items:
Provision for restructuring / other		0.01			—			0.02		0.04		0.07
Litigation (recoveries) / charges		(0.01	)		(0.01	)		—		0.13		0.11
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items *	$	0.41		$	0.45		$	0.48	$	0.43	$	1.78

	2004
	Q1			Q2			Q3		Q4		TOTAL YEAR
Diluted Earnings per Common Share from Continuing Operations	$	0.49		$	0.27		$	0.38	$	0.07	$	1.21
Specified items:
Gain on sale of businesses		(0.09	)		(0.01	)		—				(0.10	)
In-process research and development		—			0.03			—				0.03
Provision for restructuring / other		0.01			0.02			0.04		0.03		0.10
Litigation reserves		—			0.15			0.01				0.16
Tax items		—			—			0.01		0.29		0.30
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items*	$	0.41		$	0.46		$	0.44	$	0.39	$	1.70

* amounts may not add due to rounding of individual calculations.

BRISTOL-MYERS SQUIBB COMPANY
SELECT ADDITIONAL FINANCIAL INFORMATION

	($ in Millions)
	December 31,			December 31,
	2004			2003
Balance Sheet Items
Cash, cash equivalents and marketable debt securities	$	7,391		$	5,457
Receivables, net of allowances		4,373			3,660
Short-term borrowings		1,800			127
Long-term debt		8,463			8,522
Stockholders’ equity		10,202			9,786
Other Items
For the three months ended December 31, 2004:
Quarterly Dividend	$	0.28
Gross Margin		67.7	%
Capital Expenditures and Capitalized Software	$	199	million

BRISTOL-MYERS SQUIBB COMPANY
2005 DILUTED EPS FROM CONTINUING OPERATIONS
IMPACT OF PROJECTED SPECIFIED ITEMS

	Diluted EPS
	Impact
Anticipated restructuring/relocation	$	(0.06	)
Licensing milestones		(0.02	)
Total	$	(0.08	)

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF SELECTED PRODUCTS
IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL

	As of
	December 31,
	2004
Plavix		0.8
Pravachol		0.8
Taxol		0.7
Avapro/Avalide		0.7
Paraplatin		1.2
Abilify		0.7
Sustiva		0.6
Reyataz		0.6
Glucophage Franchise		0.9
Videx/Videx EC		0.6
Zerit		0.7
Monopril		0.8
Coumadin		0.8
Tequin		0.6

*

The Company determines the above months on hand estimates by dividing the estimated amount of the product in the wholesaler distribution channel by the estimated amount of out-movement of the product over a period of one month calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers.

Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals. The Company determines the amount of out-movement of a product over a period of one month by using the most recent prior four weeks of out-movement of a product as provided by these third parties.