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^{( 1 )}The pipeline chart reflects the Company's research pipeline as of February 15, 2005.
^{( 2 )}Preclinical areas shown are those where the Company has initiated Good Laboratory Practices studies in compounds with mechanisms distinct from those in Phase I and II.
^{( 3 )}Candidates shown in Phase I and II include the most advanced compound with a specific mechanism in a given therapeutic area. Back-up compounds, regardless of their phase of development, additional indications in the same therapeutic areas and additional line extensions or formulations for in-line products are not shown.
^{( 4 )}Candidates shown in Phase III include specific products.

Selected licensing partners
Merck has hundreds of collaborations with companies, institutions, academics and others. Here are some examples of disclosed arrangements completed in 2002-2004.

Partner/Licensor	Target/Descriptor
Acumen	Alzheimer's disease
Actelion	Hypertension
Albany Molecular Research	Chemistry
Alnylam	RNAi - ophthalmic
Alnylam	RNAi technology
Amrad	Respiratory
Arena	Cardiovascular
Benitec	RNAi technology
Bristol-Myers Squibb	Diabetes
Cambridge Antibody Technologies	Antibody technology & library
Celera	Genome databases
Celera Diagnostics	Alzheimer's disease
Celera Diagnostics	Cancer diagnostics
deCODE	Obesity
deCODE	Pharmacogenomics
DOV Pharmaceuticals	Depression
Exelixis	High-throughput screening
GenPath	Cancer
Genetronics	DNA vaccine technology
Intercell	Bacterial vaccines
Kalypsys	High-throughput screening
Kinexis	Sleep disorders
Kyorin	Infection
Lundbeck	Sleep disorders
MerLion	Natural products
Metabasis	Hepatitis C
MethylGene	Antibacterials
Nastech	Obesity
Neurogen	Pain
NicOx SA	NO compounds
Norak	Cell lines
Ono	Stroke
Pierre Fabre	Cancer
Rigel	Cancer
Robarts	Imaging technology
Scynexis	Antifungals
Sunesis	Alzheimer's disease
Sunesis	Antivirals
Symyx	High-throughput screening
Taisho	Neuroscience
TransTech	Diabetes
University of Edinburgh	Schizophrenia
University of Dundee	Kinase consortium
Vertex	Cancer

 We remain committed to changing the drug discovery and development process by making use of the scientific revolution now under way and by implementing innovative practices at every stage. We are increasing the probability of success in the labs and accelerating both early- and late-stage development efforts.

 In addition to more rapidly advancing compounds through our pipeline, we are bringing in an increased number of new mechanisms through our own research and external licenses and alliances.

 The results have been impressive. And this section charts much of the progress.