Annual Report 2005 - Boehringer Ingelheim

Value through Innovation
Annual Report 2005
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Financial Highlights
Boehringer Ingelheim group of companies
Amounts in millions of EUR, unless otherwise indicated 2005 2004 Change
Net sales 9,535 8,157 17 %
by region
Europe 33 % 32 %
Americas 48 % 48 %
Asia, Australasia, Africa 19 % 20 %
by business area
Human Pharmaceuticals 96 % 96 %
Animal Health 4 % 4 %
Research and development 1,360 1,232 10 %
Personnel costs 2,671 2,443 9 %
Average number of employees* 37,406 35,529 5 %
Operating income 1,923 1,372 40 %
Operating income as % of sales 20.2 % 16.8 %
Income after taxes 1,514 908 67 %
Income after taxes as % of sales 15.9 % 11.1 %
Shareholders’ equity 4,609 4,363 6 %
Return on shareholders’ equity 34.2 % 23.1 %
Cash flow 2,069 1,430 45 %
Investments in tangible assets 532 427 25 %
Depreciation of tangible assets 439 377 16 %
* including the total number of employees
in joint ventures included in the consolidation

Contents
2 The Shareholders’ Perspective
4 Key Aspects of 2005
8 Our Caring Culture
10 Our Commitment
12 For Our Neighbours
14 For Our People
18 For Our Environment
22 Our R&D Drive
26 “HIV is Being Played Down”
28 Our Strength in R&D + Medicine
Business Development
Prescription Medicines
40 A New Quality of Treatment, a New Quality of Life
44 Overview Prescription Medicines
Consumer Health Care
56 Let’s Talk About it
60 Overview Consumer Health Care
Biopharmaceuticals and Chemicals
62 Time is Critical
66 Overview Biopharmaceuticals and Chemicals
Animal Health
70 Helping the Heart
74 Overview Animal Health
77 Group Management Report
Consolidated Financial Statements 2005
90 Overview of the Major Consolidated Companies
92 Consolidated Balance Sheet
93 Consolidated Profit and Loss Statement
94 Cash Flow Statement
95 Statement of Changes in Group Equity
96 Notes to the Consolidated Financial Statements
114 Auditor’s Report
116 Glossary
Flap Comparison of Balance Sheet/Financial Data 1996–2005

8 22 40 56 62 70
Our Company
Boehringer Ingelheim is a research-driven group of companies
dedicated to researching, developing, manufacturing and marketing
pharmaceuticals that improve health and quality of life.
Our business consists largely of Prescription Medicines, Consumer Health
Care, Biopharmaceuticals and Animal Health. We focus on the production
of innovative drugs and treatments that represent major therapeutic
advances.
Excellence in innovation and technology guides our actions in all areas.
Our products have long been highly successful in the treatment
of respiratory, cardiovascular, central nervous system, urological and
virological disorders. In addition we have intensified our research into
the immune system, metabolic diseases and cancer.
Boehringer Ingelheim, which currently has almost 37,500 employees,
has 143 affiliated companies spread around the globe. We have research
facilities in nine countries and production plants in more than 20.
Our pharmaceuticals research and development spending corresponds
to about 18 % of net sales in Prescription Medicines.
Our headquarters is at Ingelheim, the German town where the company
was founded in 1885.

Value through Innovation
Our vision drives us forward.
It helps us to foster value creation
through innovation throughout
our company and to look to the
future with constantly renewed
commitment and ambition.

The Shareholders’ Perspective
The importance of family-owned companies in
Germany is repeatedly given prominence in the
public debate over significant economic policy
issues, for instance, regarding the labour market
situation or taxation policy. Family-owned
companies represent a peculiarity in the German
system. Of the 50 largest European companies of
this type, more than half come from Germany.
The results of investigations lead to the conclu-
sion that such companies are, in terms of both
revenues and earnings development, more than
competitive compared with companies listed on
the stock exchange. Looking into the reasons for
this, you find features like long-term orientation
combined with higher attention to risk, personal
commitment of the owners as well as a strong
employee focus. These aspects also apply to
Boehringer Ingelheim, which serves as a positive
example with its successful business and
corporate development.
We are frequently described as a company that
is “different” to its competitors. What is meant
by that? The criteria which mark us out and
form Boehringer Ingelheim’s identity are our
orientation towards values, such as reliability
and predictability, the close alignment with the
needs of patients and physicians, the awareness
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
of the importance of our employees, and our
long-term thinking and commitment. Our
strength is founded on our stability. As a
family-owned company, we can transform the
parameters mentioned above into a well-
balanced strategic approach along with a market-
orientated growth strategy. We are not under
pressure from the short-term demands of
anonymous investors or the capital market.
This does not, however, mean that we do not
comply with standards and norms that apply to
companies listed on the stock market. In this
respect, we share the approach of those compa-
nies perceiving themselves as Good Corporate
Citizens. Social commitment, openness and
transparency are of utmost importance for us.
The principle of sustainability – applied to the
long-term, stable development of the company’s
value, applied to the selection and targeted
promotion and fair treatment of our employees,
and applied to environment-friendly and socially-
orientated economies – is reflected in our
Leitbild, the guiding principles for our corporate
behaviour. For us, sustainability is the basis of
stability and success.
Our company is growing dynamically. Indeed, in
the last few years, it has clearly outpaced average
growth of the pharmaceutical market. In 2005,
the successful development continued once
again. Once more we are in the top ranks of
the pharmaceutical companies with the strongest
growth. We have succeeded in providing new
therapeutic options for our patients with a row

of innovative medications. Our expectations for
2005 have been achieved or were exceeded in a
whole number of areas. On all of these grounds,
the Shareholders of Boehringer Ingelheim are
very satisfied with the course and results of the
business year.
Nevertheless, we must not ignore the potential
risks the pharmaceutical industry is facing.
Developing new, innovative medicines is a
protracted and expensive process. Only a few
research approaches end up as new medicines
and make it to market approval. The healthcare
policy environment in most countries, which is
afflicted with ever-increasing uncertainties and
continuously deteriorating, represents a
considerable burden for our industry. For capital
expenditure creating new jobs or developing
innovative medicines, we win many public
plaudits. Sadly, these fine-sounding words are in
reality not often followed by corresponding
deeds.
Instead of strengthening the power to innovate –
for which an appropriate risk premium is a
pre-condition, that is to say, reasonable prices
and adequate protection of innovations against
imitation – the precise opposite is happening.
Prices are being forced down, reimbursement
opportunities restricted and parallel imports
encouraged. In our opinion, supporting
economic progress in combating disease looks
different. When making future investment
decisions we will also have to take such aspects
into consideration.
In spite of such limitations, 2005 was once again
a successful business year. The Shareholders and
the Board of Managing Directors of Boehringer
Ingelheim took or prepared the decisions to
achieve the goals we have set in close coopera-
tion and coordination with the Advisory
Board. The decisions concerned the company’s
strategic direction, important business matters or
decisions on capital expenditure.
In regular joint sessions, the Advisory Board,
the Shareholders’ Committee and the Board of
Managing Directors have discussed the short
and medium-term development of the company
and the necessary decisions entailed.
The Shareholders of Boehringer Ingelheim thank
all employees, the Board of Managing Directors
and the Advisory Board for their successful work
and commitment in 2005. The path Boehringer
Ingelheim has taken as an independent family-
owned company also promises us growth and
success for the future.
Dr Heribert Johann
Chairman of the Shareholders’ Committee
The Shareholders’ Perspective

Key Aspects of 2005
We are a research-driven pharmaceutical
company that invests about 18 % of net sales of
our Prescription Medicines business every year in
the research and development of medicinal
products. Our goal is to serve mankind through
research into different diseases and to create the
drugs and therapies to treat them. This principle
guides all our business activities. Our success
to date and our future prospects are measured by
the degree of innovation of our new medicines
now available to patients and by the innovative
potential of our product pipeline. We are proud
that in 2005 four million of patients worldwide
affected by chronic obstructive pulmonary
disease could benefit from our spiriva® and live
a better life.
For some years now, Boehringer Ingelheim has
been one of the fastest-growing companies in the
pharmaceutical industry. In 2005 again, we
maintained a fast pace of dynamic growth.
According to the market analysts IMS, employed
by all pharmaceutical companies, we achieved
the strongest growth of the top 20 pharma-
ceutical companies. We also outpaced the
average for the pharmaceutical market in all
major regions of the world. This takes us to
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
position No. 14 worldwide in terms of sales,
with a market share of 2 %.
Strong international brands
In 2005, our net sales rose by around 17 % to EUR
9.5 billion. Currency effects played a secondary
role compared with previous years.
Our growth was primarily driven by our pre-
scription medicines products. spiriva®, for the
treatment of chronic obstructive pulmonary
disease, and mobic®, for the treatment of arthri-
tis, both passed the blockbuster threshold of
more than USD 1 billion annual net sales.
micardis®, our product for the treatment of
hypertension, and sifrol®/mirapex®, to treat
Parkinson’s disease, were significant growth
drivers too. flomax®/alna®, our drug for benign
prostatic hyperplasia, also contributed to the
successful sales development.
To measure our development in financial results
is one thing. But of ultimate importance for us
is the benefit we offer to the millions of patients
whom we have supported with our above
mentioned drugs and for people infected with
HIV. Since it was first introduced in 1996, we
have helped a million patients with our drug
viramune®. And the success of our viramune®
Donation Programme to prevent the mother-to-
child transmission of HIV in developing

countries since 2000 encourages us to put even
greater emphasis on our efforts to create value
for patients and society. The launch of our new
HIV drug aptivus® in 2005 is thus another step
towards fulfilling our commitment to ‘Value
through Innovation’.
Prescription Medicines, by far our largest busi-
ness area, accounting for 76 % of total net sales,
increased its turnover by more than 17 % to
total EUR 7.2 billion. The share of our product
portfolio which still enjoys patent protection or
exclusivity rights rose to 59 %.
Our other business areas also achieved signifi-
cant growth. In Consumer Health Care (CHC),
our self-medication business, net sales rose
by 8.5 % to almost EUR 1.1 billion. This was
mainly attributable to our flagship brands and
leading products in the cough & cold and gastro-
intestinal indications, such as bisolvon®,
mucosolvan®, dulcolax® and buscopan®.
In addition, pharmaton®, our well-established
international brand for the improvement and
maintenance of vitality and well-being, held the
second strongest position in our CHC product
portfolio.
Members of the Board
of Managing Directors:
Dr Hans-Jürgen Leuchs
Dr Andreas Barner
Dr Alessandro Banchi
Prof. Marbod Muff
(from left to right)
For some years, Boehringer Ingelheim has
been one of the world’s largest manufacturers
of biopharmaceuticals for industrial customers.
We also market our own biotech products,
metalyse® (heart attack) and actilyse® (stroke).
Our overall biopharmaceuticals business,
which grew by 40 % in 2005 to EUR 548 million,
is expected to play an increasingly important
role in combating many major and developing
diseases.
Our Animal Health business, which accounts for
4 % of our net sales, has also grown above the
market average in recent years. In 2005, sales
rose by almost 8 % to EUR 361 million.
A key factor for Boehringer Ingelheim’s sustained
success is our well-distributed presence in all
important world markets. Our products are sold
in some 150 countries. The USA, again by far
the most important market in 2005, generated
36 % of our total net sales. Our US sales grew
by 17 % to EUR 3.4 billion. Japan (+8 % to EUR
1.2 billion) and Europe (+19 % to EUR 3.1 billion)
also posted excellent development. Europe as a
region contributed 33 % of our total net sales.
The healthy business development of the past
business year led to a 40 % rise in operating
income (broadly comparable to EBIT), totalling
EUR 1.9 billion and reflecting an operating
margin of more than 20 %.
Key Aspects of 2005

Our successful business activities go hand in
hand with increasing effectiveness in cost
management through all areas of the corporation.
Cost-effective pharmaceutical manufacture is
one of the key factors in attracting new partners
for third-party manufacture.
Patented drugs or drugs with exclusivity con-
tinue to drive our growth. Our product pipeline
includes a number of promising substances
in major indication areas such as respiratory,
cardiovascular and inflammatory diseases,
virology, urology and CNS. In addition, good
progress was made with development candidates
in oncology, metabolism and immunology. Our
areas of research are divided across the four main
research sites in Germany (Biberach), Austria
(Vienna), the USA (Ridgefield) and Canada
(Laval), in line with their defined key areas.
In addition, our activities and projects are
supported by strategic alliances and in-licensing
of new technologies. In 2005, we moved various
candidates into predevelopment and develop-
ment with promising prospects for the future.
In a continued move to support this strong
growth, we took the opportunity to increase our
manpower by 5 % to total 37,400 employees in
the past year, mainly in the USA, Germany and
Spain.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Outlook
The gratifying development of our business in
2005 reflects the strengths of our company.
However, yesterday’s successes are today’s history
and the way ahead is uphill. The pharmapolitical
measures in a number of important countries,
starting with Germany, pose an increasing
barrier to innovation and to patient’s access to
new and better therapies. Developing medicines
is a lengthy, costly and risky process. Short patent
lifetimes, frequent regulatory interventions,
rigorous price containment measures and fierce
competition make it all the more difficult to
guarantee the financial basis required for R&D.
We once again expect to grow faster than the
pharmaceutical market in 2006, although we are
unlikely to match the growth rates posted in
2005. mobic®, for example, is expected to face
competition of the first generic versions in the
USA in 2006. However, our product portfolio
contains numerous branded medicines with
medium to long-term patent protection which
still have significant potential for growth.
We are also pleased to have a number of interest-
ing drug candidates for various indications
in our promising pipeline. All in all, Boehringer
Ingelheim is optimistic about the future.
Dr Alessandro Banchi Dr Andreas Barner Dr Hans-Jürgen Leuchs
Prof. Marbod Muff

Shareholders’ Committee
Dr Heribert Johann
Chairman of the
Shareholders’ Committee
Albert Boehringer
Christian Boehringer
Christoph Boehringer
Ferdinand von Baumbach
Hubertus von Baumbach
Dr Mathias Boehringer
Advisory Board
Prof. Michael Hoffmann-Becking
Attorney at Law, Düsseldorf
Chairman of the Advisory Board
Dr Rolf-E. Breuer
Chairman of the Supervisory Board
Deutsche Bank AG,
Frankfurt (Main)
Prof. Fredmund Malik
Chairman of the Board
Managementzentrum
St. Gallen Holding AG
Prof. Axel Ullrich
Director of the Max Planck Institute
for Biochemistry, Martinsried
Dr Heinrich Weiss
Chairman of the Board
SMS AG, Düsseldorf
Board of Managing Directors
Dr Alessandro Banchi
Corporate Board Division
Chairman of the Board
Corporate Board Division
Pharma Marketing and Sales
Dr Andreas Barner
Vice-Chairman of the Board
Corporate Board Division
Pharma Research,
Development and Medicine
Dr Hans-Jürgen Leuchs
Corporate Board Division
Operations
Corporate Board Division
Animal Health
Prof. Marbod Muff
Corporate Board Division
Finance
Corporate Board Division
Human Resources
Key Aspects of 2005

Our caring culture
The caring culture to which Boehringer Ingelheim has been committed
for well over a century embraces a broad range of stakeholders from
our patients, our employees and their families through neighbouring
communities and society at large to our natural environment.
Corporate responsibility as practised by our company takes many forms. Of paramount
importance for us are the needs of our patients. It is the quest for innovation and medical
breakthrough which drives all our activities. We understand that the importance of our
company directly depends on the value of the therapies which we can present to those in
need of medical help. And we fully grasp the central role of our employees in all our
endeavours.
Boehringer Ingelheim has been always regarded as an excellent employer. From the very
beginning, it has focused on providing employees with an attractive place to work, a place
in which they feel their contribution is fully recognised and properly rewarded. But our
sense of responsibility does not stop there. It has always reached out far beyond our factory
gates and today addresses many issues of a truly global nature.
Boehringer Ingelheim complies with the intention and basic principles of corporate
governance and corporate social responsibility as proposed by international organisations,
such as the United Nations (UN), the World Health Organization (WHO), the Organisation
for Economic Co-operation and Development (OECD) or the European Union (EU).
We regard ourselves as a good corporate citizen in all countries in which we operate, or
where our products are available. We fully comply with the principles set out in the Global
Compact in 1999 under a United Nations initiative.
Such principles are already fully integrated into our business activities around the world
and guide our strategy, corporate culture and day-to-day operations. Our aim is to provide
full transparency concerning our business and corporate conduct within the framework of
our annual report and other publications.
In order to sustain our corporate responsibility, we depend on our business success, driven
by product innovation and the morale of our people.
Photo: Young tsunami survivors gather at new school-cum-village hall in Krueng Raya, Indonesia,
supported by Boehringer Ingelheim.
Our caring culture

10
Our commitment
We have committed ourselves to the goal of serving mankind through
research into diseases and the development of new drugs and therapies.
In this endeavour the future of the Corporation will depend on its innovative
capability. Boehringer Ingelheim strives for medical breakthroughs and
invests heavily in research, development and medicine for therapies which
fulfil unmet medical needs.
In improving access to anti-AIDS drugs,
Boehringer Ingelheim acknowledges its special
responsibility as a research-driven pharma-
ceutical company in the war on the pandemic.
It is engaged in wide-ranging initiatives to
combat AIDS. The company has increased efforts
in HIV/AIDS research, in supplying anti-AIDS
drugs free of charge to treat the transmission of
the disease from mother-to-child during birth,
or providing them at substantially reduced prices
to developing countries for chronical treatment.
It has furthermore increased its activities supply-
ing knowledge and training and supporting
philanthropic initiatives via its affiliates in areas
strongly affected by HIV/AIDS.
Since 2000, Boehringer Ingelheim has given free
access to single-dose viramune® (nevirapine),
to be used alone or in combination with other
drugs, to prevent mother-to-child transmission
of the HI virus during birth. The company
currently donates the product to some 140
programmes in around 60 countries in Africa,
Asia, Latin America and Eastern Europe. In total
some 700,000 mother and child pairs have been
treated so far.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Boehringer Ingelheim strives to facilitate the
access to life-saving nevirapine. Five voluntary
licenses to manufacture and market generic
nevirapine have been granted to companies in
South Africa, Nigeria, Egypt and Kenya.
Moreover, as a founding partner of the Accelerat-
ing Access Initiative (AAI), Boehringer Ingelheim
offers developing countries considerable dis-
counts in order to enable access to viramune®.
Some 6,000 of Papua New Guinea’s 5.3 million
inhabitants are infected with HIV and the infec-
tion rate is 1,000 per year. Very few infected
people go to healthcare centres so the figures are
likely to be vastly underestimated. Apart from the
viramune® Donation Programme, Boehringer
Ingelheim in partnership with other pharmaceu-
tical companies, the Catholic Aids Office, the
Australasian Society for HIV Medicine (ASHM)
and the government of Papua New Guinea
(PNG), have designed and implemented a pilot
project to train healthcare workers under the
auspices of the Collaboration for Health in Papua
New Guinea.
Unlike other programmes, this model used a
multi-disciplinary approach to train teams of
healthcare workers rather than doctors only.

Uganda has made strong progress in reducing the prevalence
rate of HIV. The key to this success has been public openness,
at all levels of society, in addressing the issue. Here, people
living with HIV in Uganda demonstrate their support
for treatment at the opening of a free AIDS clinic in Masaka,
close to where the pandemic is thought to have begun.
The teams consisted of physicians, nurses,
counsellors, social workers and technicians
working in healthcare centres. Topics covered in
workshops included basic infection control,
infection prevention, record keeping, diagnosis
and management of opportunistic infections.
The collaboration for Health in PNG is an initia-
tive of a group of pharmaceutical manufacturers
committed to the treatment and care of people
living with HIV/AIDS.
Addressing infrastructure needs
As improving access to treatment remains
seriously limited in many developing countries
due to local structural problems in healthcare,
Boehringer Ingelheim has also engaged increas-
ingly in projects to improve education and
relevant infrastructure.
In addition to donation and increasing access to
drugs, the company continues to explore ways
to partner governments and NGOs to improve
healthcare in developing countries.
Initiatives the company has already undertaken
in South Africa include the “Turning the Tide”
programme of training and education for health
professionals in HIV and its management. This
has been extended into Swaziland and Botswana
and now reaches over 1,000 healthcare workers.
In 2005, Boehringer Ingelheim opened discus-
sions with healthcare organisations in Uganda
with a view to possibly replicating schemes
which have been successful in other parts of
Africa.
Among other initiatives was the Student
Education Programme in collaboration with the
University of Cape Town, South Africa, which
provides full financial support from Boehringer
Ingelheim for medical students from disadvan-
taged backgrounds. The Boehringer Ingelheim
Lung Institute at the same university has been set
up as a centre of excellence to support clinical
trial activities in the country with research
facilities in infectious and respiratory diseases.
In 2005, the Boehringer Ingelheim Training and
Facilitation Unit was opened in Botswana.
Our commitment 11

1
For our neighbours
We are fundamentally committed to fostering economic and social wellbeing
in the countries and communities where we operate. Working together
as a corporate entity and as individuals using their own time, we seek in a
people-orientated and inspirational way to deliver value through innovation
in all we do. We contribute actively to communities, charitable organisations,
research, science, education, healthcare, environmental protection
and cultural projects.
As 2005 began, the world was becoming aware of
the enormous scale of the devastation wreaked
by the tsunami that struck Southeast Asia.
People from our operation in Indonesia reacted
immediately, sending donations of clothes,
food, medication and toys to the Aceh region of
Sumatra. A crisis team made up of volunteer
employees also went to Aceh to see how best to
further support the local population.
Among the displaced in Aceh were more than
150,000 children, many traumatised by the
disaster. The company crisis team therefore
decided to fund the construction of a trauma
centre, which also serves as a school and village
hall in Krueng Raya village. Aksari Ibnu, who
co-headed the Boehringer Ingelheim Indonesia
tsunami task force, commenting on the school
opening in July, said: “The smiling faces of young
children and the people of Krueng Raya was a
huge reward for our team who had all dedicated
themselves to this worthwhile project.”
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
The company made substantial donations
through its international and local organisations
to aid agencies involved in the 2005 disasters,
the Asian tsunami and the devastating earth-
quake that hit Kashmir in October. In response
to the hurricane Katrina disaster in September,
the company’s US organisation also funded a free
mobile clinic to treat people in New Orleans in
addition to making financial and product contri-
butions through MAP International to disaster
relief efforts in the USA and elsewhere.
Our people taking the initiative
Our wide range of charitable activities in the
USA heavily involves volunteering by employees.
A “Day of Caring” sponsored by the company,
gives employees at our Ridgefield, Connecticut,
USA, site the opportunity to volunteer for tasks
to help the aged and deprived. In many ways,
from decorating homes to reading to children at
day care centres. Our US employees also partici-
pate in numerous sponsored events to raise funds
for good causes. At our Roxane, Ohio, USA, site
employees help the Salvation Army buy and
distribute Christmas presents for poor families.

In the Philippines, our employees stepped in to
help families made homeless when their shanties
burned down at Baseco Compound in Tondo.
Not only did the employees donate funds to build
eight new row houses for the homeless, they also
helped with the construction work in their free
time. The homes, built in cooperation with an
organisation dedicated to eradicating homeless-
ness, were handed over to their new occupants in
June.
Promoting equal opportunity
In Latin America, the company has a long,
solid tradition of charitable activities. In Brazil,
Boehringer Ingelheim launched a two-year social
responsibility programme, “Conectar”, directed at
disabled people to help them prepare for jobs
market (many have never been employed). An
employment assistance programme in the favelas
of São Paulo is another example of how we
actively promote fairness and equal opportunity.
The company’s human resources professionals,
voluntarily and in co-operation with those of
other organisations, provide youngsters with
poor prospects hands-on training and support in
employment counselling, identifying ways to
move forward and ensuring professional and
emotional back-up.
In Venezuela, the company gives training to the
doctors at the respiratory care centres in Chacao
neighbourhood and the Hospital Pérez de León
in Caracas. The hospital also receives free medi-
cines and equipment.
Employees at Boehringer Ingelheim Portugal volunteered to
build houses for two families in need in Braga in the north of
the country in association with the humanitarian organisation
Habitat for Humanity. Miguel Moreira, Area Manager for
Prescription Medicines in Portugal, an active volunteer, said:
“I am very proud that the company where I work shares the
same concern: helping the ones most in need.”
In Colombia, we not only contribute to health-
care and schooling for people in our immediate
community, but also support two foundations:
the Padre Luna Farms, which help battered
children and teach agricultural labourers; and
Fundafidro, an organisation working with health-
related issues in deprived neighbourhoods.
Despite the extraordinary challenges of the
tsunami disaster, Boehringer Ingelheim
Indonesia succeeded in October in continuing its
established community-awareness programme,
giving general medical treatment to hundreds of
needy people near the company’s Bogor plant as
well as fostering educational improvement.
For our neighbours 1

1
For our people
To achieve our corporate objectives we deploy flexible, mobile, self-confident
employees prepared to accept responsibility and capable of thinking and acting
globally. Our internal principles guide employee selection and assessment.
To attain continuous innovation in all we do, we apply our employees’ and
managers’ creativity, capability, commitment and willingness to learn and
change. The Corporation in this regard delegates responsibilities to employees
and acknowledges their success, performance and commitment in meeting
agreed goals. Remuneration and classification are based on the task,
performance, achievement and competitive comparison.
Successfully pursuing our vision, Value through
Innovation, calls for the dedication, passion and
continuous powers of renewal of our more than
37,000 employees. They are our unique source of
strength and inspiration.
Our persistent, combined efforts and resulting
achievements in pharmaceutical innovation have
enabled us to maintain growth and create new
jobs. In many countries we have generated a
significant volume of employment opportunities,
led by the USA, with a total of 1,000 new jobs.
The increased employment prospects we offer
have been greeted extremely favourably in
countries where lowering unemployment is a
national challenge.
On employment, Boehringer Ingelheim has
received numerous accolades. In 2005, we were
awarded first price in “Arbeitsplätze absolut” for
being the company which generated the highest
number of new jobs in Germany. We also gained
considerable public recognition in Germany for
continuing to increase the number of apprentice-
ships which rose from 623 to 698. The relatively
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
large number of apprentices in our extensive
vocational programmes has won widespread
praise as a powerful encouragement to the labour
market.
Great place to work
We are proud of the attractive working environ-
ment that we have created and the status that we
enjoy as a preferred employer. Authoritative,
independent workplace surveys in many coun-
tries have confirmed our position among the top
companies in this area so vital to recruiting and
maintaining high quality employees (see box on
page 17, list of awards).
Such positive recognition of our company as
a great place to work spurs us on to enhance
our distinctive company culture still further.
Ever responsive to the changing needs of our
employees, we at the same time call for everyone
to be personally engaged in improving our
working environment at the heart of which are
mutual respect, fairness, openness and space for
both personal and professional development.

Development opportunities
Our aspiration to continuously innovate requires
firm commitment from everyone in the company.
Ongoing dialogue between our employees and
their supervisors is also essential to allow all
parties to participate in our achievements and
development. And our ability to progress coher-
ently towards realising our vision by developing
and leveraging the immense diversity within the
company is pivotal to our success.
Our annual employee – supervisor dialogue
(Mitarbeitergespraech – MAG) is at the core of
our performance and development culture.
Engaging and stretching performance objectives
are mutually agreed and career aspirations and
perspectives for professional development are
addressed. Every individual is expected to have a
valid and forward-looking development plan to
meet the qualification needs of our rapidly
changing business and work environment.
Career aspirations and prospects are also embed-
ded in our global succession planning process.
Here we seek to guarantee a strong pipeline of
leadership talent for local and international key
positions. Talent reviews linked to the succession
planning support the identification and develop-
ment of leadership talent across the corporation.
Teamwork is a key element of Boehringer
Ingelheim’s corporate culture. In Istanbul,
our Turkish employees are here celebrating
the 2005 launch of Lead & Learn with
its implications for improved teamwork.
International assignments are an integrated part
of our succession planning process and our
business and capability development.
Our international assignees represent a large
number of our organisations and are uniformly
distributed throughout our geographical regions.
While the focus groups and purpose of the
assignment might differ from strategic positions
to development measures or knowledge transfers,
these moves serve clearly as a vehicle to enhance
cultural understanding and broadening a global
mindset.
The Boehringer Ingelheim Academy, encompass-
ing a variety of development courses and
approaches in numerous countries, is designed to
support and strengthen our core values and
capabilities. Everyone at the company can access
local and international development information
on our intranets. The Boehringer Ingelheim
Academy offers a wide spectrum of options from
vocational subjects to leadership development
programmes.
00 2004 2003 2002 2001
Personnel costs in millions of EUR 2,671 2,443 2,252 2,175 1,916
Personnel costs as % of net sales 28.0 29.9 30.5 28.7 28.6
Number of employees (incl. apprentices) 37,406 35,529 34,221 31,843 27,980
For our people 1

1
We foster good leadership at all levels. Carefully
tailored local and international development
approaches are applied to help our current and
potential leaders to discover ways to create a
context in which our people can excel and all of
us can continuously enhance our outcomes.
Our third consecutive International Management
Development Programme, launched in 2005,
marked the beginning of 14 months of interna-
tional, interdisciplinary learning and working for
some 100 potentials. The programme involves
participants in hands-on work on 14 strategically
relevant projects, close professional mentoring
and frequent exposure to senior management in
various countries.
Benefits
Our benefits programmes, which vary from
country to country, include, amongst others,
retirement benefits, health coverage, insurance
cover, company restaurants, kindergartens, child-
care centres and access to a variety of personal
and family support services.
Numerous additional initiatives and programmes
are available for our employees and their fami-
lies. These include international clubs, our Inter-
national Cultural Student Exchange programmes,
local internships for family members and sum-
mer camps for children.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
A key benefit for many employees is the provision by
the company of day care facilities for their children.
Here, (left) toddlers enjoy a meal at the kindergarten
in Ingelheim, Germany, set up in cooperation
with the local community. In the US, construction of
the Child Development Center on the Ridgefield,
USA, campus is in full swing.
The way we work together
From the mid-1990s, our corporate culture has
built on our vision Value through Innovation
(VTI), which has given direction to all our activi-
ties. An annual VTI Day brings our organisations
together to celebrate our achievements in line
with our vision and encourages and inspires our
employees to participate in realising it in practi-
cal ways.
Value through Innovation has guided and will
continue to guide our way of working together. It
helps us build on our strength and make the most
of our distinctive character, enabling us individu-
ally and collectively to achieve great success.
In 2005, Lead & Learn was introduced to outline
ways in which we can enhance our culture of
working together to realise and deliver Value
through Innovation. The core principles of Lead
& Learn encourage increased questioning and
seizing opportunities while fostering a culture of
shared leadership and learning.
VTI teams that fairly represent the diversity of
our employees, together with our line manage-
ment, have commenced their challenge to
explore and realise complementary new ways to
support our aspired cultural development
throughout the corporation.

Awards 00
Country Ranking Survey
Austria 1 Great Place to Work
Belgium 11 Great Place to Work
Brazil < 1 0 Great Place to Work: The best companies to work for in Brazil
Brazil Great Place to Work: The best companies to work for in Latin America
Brazil < 0 Great Place to Work: The best companies to work for women
Denmark 11 Denmark’s Best Place to Work
Germany 1 Germany’s Best Employers (VAA)
Germany 1 Germany’s Best Employers (Capital)
Germany Germany’s Best Employers with more than 5,000 employees (Capital)
Netherlands non given The 49 Preferred Employers in the Netherlands
Mexico Great Place to Work
United Kingdom 1 100 Best Companies to Work for (Sunday Times)
USA (Roxane) Business First Places to Work in Central Ohio
“Great Place to Work”®, USA, is an international initiative that has been undertaken for many years
in various countries to evaluate the world of work and employee satisfaction.
For our people 1

1
For our environment
In all our activities we will protect our employees, the facilities and the
environment from harmful influences, conserve natural resources and promote
environmental awareness.
These tenets, which are firmly established in our
guiding principles (Leitbild) and formulated in
our Principles on Safety, Quality and Environ-
mental Protection, are put into practice through
systematic environmental protection, health
and safety (EHS) management. Global standards
are defined and enforced wherever they are
indicated. Goals are set annually, while our
EHS status is checked regularly by Corporate
Headquarters. In 2005 alone, this involved
twelve audits at various sites. Every plant
undertakes to set up a local management system
and is free to have this certified or not. For fur-
ther details of our EHS management please visit
www.boehringer-ingelheim.com/ehs.
With our declared support for the concepts of
the Responsible Care® Initiative of the chemical
industry, we have undertaken to exceed the
minimum legal requirements wherever we
consider it appropriate. Consequently, each site
draws up its own programme for continuous
improvements in the EHS field.
Frequently it is not only our employees and the
environment that benefit, but measures taken
can also have an economic impact, as illustrated
by the example of our wood-fired power station
in Ingelheim, Germany, described below. Other
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
examples show that we accept responsibility for
our products and attach great value to EHS,
not only at our own plants but also at those of
our business partners.
Climate protection
In the wake of disasters, such as those caused
by the hurricanes Wilma and Katrina in 2005,
the subject of climate protection moved to centrestage
in public debate.
By converting the power station at our Ingelheim
site to burn a renewable source of energy, waste
wood, Boehringer Ingelheim has already made
an active contribution to improving the carbon
dioxide (CO2) balance. Compared with the two
Work accidents
■ Frequency rate =
accidents x 1 million hours / total labour hours
■ Severity rate =
lost labour days x 1 million hours / total labour hours
4
3
2
1
’01 ’02 ’03 ’04 ’05
80
70
60
50
40

The safety checklist for vehicles carrying hazardous materials to
and from company sites is longer as that for a passenger
aircraft. Here the tyres on a truck are being examined at the
Ingelheim site in Germany as part of the comprehensive checks
made before it may leave the plant.
previous years, the balance has improved by
about 60,000 tonnes, or a quarter of the Corpo-
ration’s total CO2 emissions.
A secondary benefit of the conversion has been a
major reduction in emissions of sulphur dioxide,
a contributor to acid rain.
In a move to reduce emissions of gases detrimen-
tal to the global climate, in accordance with the
Kyoto Protocol, the European Union introduced
the Emissions Trading Scheme for CO2 in 2005.
Boehringer Ingelheim has joined this scheme.
Our heating power station in Ingelheim was
issued trading certificates on the basis of the
emissions in 2000–2002. Following the switch
to wood, a CO2-neutral power source, we can
now trade any certificates that we no longer need.
This project has allowed us to pursue both
ecological and economic goals at the same time.
Water
■ Water consumption (in millions of m 3 )
■ Water consumption index (in %)
10
8
6
4
2
’01 ’02 ’03 ’04 ’05
120
100
80
60
Another example of our responsible approach to
climate protection came within the framework of
a programme run by the Swiss national energy
authorities in 2003. Our Swiss site undertook to
reduce CO2 emissions by 10 % by the year 2010
and has already met interim goals.
Pharmaceuticals in the environment
We are not only responsible for clean production,
but also for ensuring our products have minimal
impact on the environment.
An environmental risk assessment is now
required when registering new products. This is
prepared on the basis of studies on environmen-
tal impact and ecotoxicological effects. We also
assess the environmental data for products
already on the market and, where necessary, run
further voluntary studies to assess the ultimate
impact.
Energy
■ Energy consumption (in millions of gigajoules)
■ Energy consumption index (in %)
5
4
3
2
1
’01 ’02 ’03 ’04 ’05
140
120
100
For our environment 1

0
Assessments to date show that our substances
present no risk to man.
Business partners
Our EHS management system guarantees that
all Boehringer Ingelheim sites satisfy set require-
ments and make constant improvements.
However, we also attach great value to ensuring
that our business partners likewise meet our
expectations in terms of EHS, while satisfying
minimum requirements, in order to ensure the
continuity of our own business. For this reason,
we increasingly check EHS aspects as well as
quality during qualification of suppliers and
contract manufacturers.
Awards
In 2005, a number of sites were again awarded
prizes by external agencies for their efforts in
EHS. For the 6th time running, our site in
Colombia won an award for its excellent contri-
bution to long-term development. The local
agencies awarded the site in Toride, Japan, a
prize for its exemplary efforts in the storage of
hazardous goods and fire safety, while the site in
Petersburg, Virginia, USA, was given an award
for its modern wastewater treatment plant.
Our French chemical plant received first place
in a countrywide external safety audit conducted
to international standards.
Carbon dioxide (CO2)
■ CO2 by energy purchased (in 1,000 tonnes)
■ CO2 by process emissions (in 1,000 tonnes)
■ CO2 emissions index, direct emissions (in %)
(without company car park)
500
400
300
200
100
’01 ’02 ’03 ’04 ’05
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
120
100
80
60
Incidents
Our local and global crisis management
allows us to react rapidly to potential incidents.
No major incidents occurred in 2005.
Our performance
The graphs show the EHS performance figures
for the last five years.
Performance in the field of safety at work is
measured by the number of accidents and their
rate adjusted for the number of employees.
As can be seen from the graph (page 18), the rate
of accidents has fallen again since 2004.
Our environmental impacts are shown both
as absolute values and relative to production –
represented in our production index. The index
represents our overall production in all business
areas and is weighted to compensate for differ-
ences in environmental impact. Our baseline year
is 1995. Since 2005 the figures include the values
for the company microParts, Germany, which
was acquired in 2004. They do not include
SSP Co., Ltd. , Japan, which has also not been
included in previous years.
Over the last few years, most indicators have
reached a relative stable level because many
prior technical or organisational improvements
resulted in a high performance standard. This is
Volatile organic carbon (VOC)
■ VOC emissions, non-halogenated (in tonnes)
■ VOC emissions, halogenated (in tonnes)
■ VOC emissions index (in %)
1,000
800
600
400
200
’01 ’02 ’03 ’04 ’05
80
60
40

eflected clearly in the respective indices com-
pared with 1995. The production-adjusted
amount of pollutants in wastewater produced
has been reduced by 60 %, solvent emissions
(volatile organic hydrocarbon – VOC) have been
halved and water consumption lowered by a
quarter. Our recycling rate has stabilised at a very
high level of about 80 %. Many of our ongoing
efforts are therefore no longer reflected as
clearly as in earlier years. For a more detailed
explanation of the individual graphs, please visit
www.boehringer-ingelheim.com/ehs
Our goals
We are aware that there is further potential for
optimisation in terms of solvent emissions (VOC)
into the air. We are making changes at our chemi-
cal site in Spain, where VOCs will be eliminated
in future through thermal oxidation rather than
by scrubbing with aqueous media. In Ingelheim,
Germany, too, additional plants are to be con-
nected to the existing incinerator. Our goal for
2008 is to reduce VOC emissions by at least 50 %.
Our wastewater treatment plants are already
performing on a very high level. To maintain and
further improve this level and to adapt to
increasing loads, we started a major investment
in our Ingelheim wastewater treatment plant.
An additional state-of-the art treatment step will
make the process more effective, will increase
Wastewater — chemical oxygen demand (COD)
■ COD load before treatment (in tonnes)
■ COD load after treatment (in tonnes)
■ COD load (after treatment) index (in %)
8,000
6,000
4,000
2,000
’01 ’02 ’03 ’04 ’05
80
60
40
20
nitrogen removal by improving the nitrification/
denitrification process, and will also target the
specific halogen-containing wastewater which
can be difficult to treat when using only conven-
tional technology.
Our chemical sites in Malgrat, Spain, and
Fornovo, Italy, are seeking to have their environ-
mental management systems certified in 2006
in accordance with ISO 14001.
This report only mentions some of the activities
we engage in to fulfil our responsibilities.
Please visit the internet for further details about
our product responsibility, the safe handling
of highly potent substances in production and
other examples of our many safety activities.
www.boehringer-ingelheim.com/ehs
Disposed waste
■ Domestic waste (in tonnes)
■ Hazardous waste (in tonnes), incl. pharmaceutical waste
■ Disposed waste index (in %)
■ Recycling rate (in %)
20,000
15,000
10,000
5,000
’01 ’02 ’03 ’04 ’05
100
90
80
70
For our environment 1

Our R&D drive
Holger Pfister has been treated with almost all of the 22 currently
available HIV drugs. “But my doctors never managed to bring my viral
load under the detectable limit,” says Holger. The viral load, the number
of virus particles in the blood, measures a person’s HIV / AIDS status.
Owing to the failure to treat Holger’s virus effectively, it has become
resistant in his body to almost all AIDS medications. Resistance is
a very serious HIV issue. In 2003, Holger took part in the resist clinical
study for Boehringer Ingelheim’s novel protease inhibitor (PI) aptivus®
(tipranavir). “Since then I’ve been under the measurable limit for the
first time ever,” he says. Continuing the treatment, he is in good mental
and physical health.
Professor Schlomo Staszewski from Frankfurt university, a leading AIDS expert and the
first person in Germany to hold a professorship in HIV infections, hails aptivus®,
launched in the first markets in 2005, as “the most efficacious protease inhibitor so far”.
And it is not just a question of efficacy. “Tipranavir is the largest antiretroviral development
to date,” says Dr Paul Carter, who coordinated the project at Boehringer Ingelheim.
“This project has clearly shown that our closely integrated development network, which
links our R&D centres around the world, together with our well established interactions
with clinical investigators, gives us access to all the capabilities necessary to achieve
successful and timely development of even the most challenging drugs,” he notes. In only
five years, tipranavir was taken from a promising candidate to a potent new drug.
Tipranavir, in-licensed in phase II development from the former Pharmacia-Upjohn in
2000, is a non-peptidic PI. It works by inhibiting protease, an enzyme needed to complete
the HIV replication process. Based on available clinical and in vitro data, tipranavir is
active against most strains of HIV-1 that are resistant to commercially available protease
inhibitors. Tipranavir does not cure HIV infection/AIDS or prevent the transmission of HIV
to others. What it importantly offers is a treatment that benefits patients with limited
therapeutic options.
Our R&D drive

AIDS drug resistance — a big issue
Since the initial detection of AIDS in the early
1980s, viral resistance to drugs treating HIV has
become a crucial issue. The pharmaceutical
industry has thus sought to constantly develop
new drugs. To date, a total of over 20 are avail-
able. However, the HI virus has proved to be a
very dangerous master of metamorphosis, always
finding ways to change its genetic pattern and
thus ward off the attacks of antiviral drugs.
A recent six-year study demonstrated a high
prevalence of drug-resistant virus in a European
group of patients under treatment for HIV-1
infection. Data from the United Kingdom indi-
cate that the transmission of drug-resistant virus
is on the rise, with 47 % of patients resistant to at
least one PI. The estimated prevalence of people
with drug resistant virus in a recent large-scale
study in the United States was 78 % (Richmann et
al., 2001). For all of HIV infected, new and potent
drugs, like aptivus®, are a last resort.
The RESIST clinical programme
In 2003, the first patients were recruited for the
resist pivotal trial programmes. These involved
the most clinically advanced population ever
studied and included 1,500 patients with highly
resistant virus in 270 hospitals in 21 countries.
Recruitment was completed in just eight months.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Since Holger Pfister was diagnosed with human
immune deficiency virus (HIV) infection in 1986, he has
been fighting AIDS (acquired immune deficiency
syndrome). “I am one of the few who survived,” he says.
The resist programme examined the treatment
response of tipranavir boosted with ritonavir
versus a comparator group in which patients
received one of several marketed ritonavir-
boosted PIs. The comparator PI was lopinavir,
indinavir, saquinavir or amprenavir. In addition,
patients received in both arms a personally
optimised background regimen of another
antiretroviral.
The results of the resist studies demonstrated
that a statistically significant greater percentage
of HIV-positive patients taking tipranavir
boosted with ritonavir achieved a treatment
response versus the comparator group (40 %
compared to 18 %). Furthermore, more than
twice the number of patients receiving regimens
that contain boosted tipranavir were able to
reduce the amount of HIV in their blood to
undetectable levels than in the boosted compara-
tor group (viral load

New data presented at the 10th European AIDS
Conference in Dublin demonstrate that through
48 weeks, aptivus® provides a convincing and
durable benefit, achieving and maintaining a
superior treatment response in patients with
resistant HIV. A large number of further clinical
studies with tipranavir boosted with ritonavir
are currently running or planned to start in the
near future. Some of these are designed to inves-
tigate tipranavir’s safety and efficacy in other
patient populations such as children, women,
patients co-infected with hepatitis B or C and
naïve (previously untreated) patients. This range
of studies demonstrates Boehringer Ingelheim’s
continuing commitment to fully understand the
profile of aptivus®.
Our development strength
aptivus® is not the only AIDS drug to emerge
from our development programmes. The now
widely-used antiretroviral agent nevirapine
(viramune®) is a product of original Boehringer
Ingelheim R&D and was the first member of the
non-nucleoside reverse transcriptase inhibitor
(NNRTI) class of anti-HIV drugs. In many other
indication areas there are also new medications
discovered and developed in-house by
Boehringer Ingelheim, amongst them tiotropium
bromide (spiriva®), a treatment for chronic
obstructive pulmonary disease (COPD),
pramipexole (sifrol®/mirapex®) against
Parkinson’s disease or telmisartan (micardis®)
for treating essential hypertension.
A key indicator for Boehringer Ingelheim’s
strength in R&D is the ratio of products still
patented or under exclusivity protection to
our net sales. It rose to 59 % in 2005.
Speed and efficiency are key to successful
pharmaceutical development projects, as novel
medicines that bring real benefit in terms of
health and well-being are taking longer and
longer to get to the market. And more time adds
further expenditure to the enormous cost of
developing modern medications.
Our R&D expenditure in 2005 amounted to
18.2 % of our net sales in Prescription Medicines,
indicating the extent to which a modern research-
driven pharmaceutical company has to invest
in discovering and developing new products,
or extending the life and indication coverage of
existing drugs in its portfolio.
The development of effective treatments
for viral infections, such as human
immunodeficiency virus (HIV), presents
a significant scientific challenge.
A researcher studies an HIV-infected
T lymphocyte cell on-screen. T cells,
a type of white blood cell, are important
for protecting the immune system
against viral infections and are a prime
target for the HI virus that causes a
reduction in the number of T cells.
Our R&D drive

‘HIV is being played down’
An interview with Prof. Schlomo Staszewski
Q: Prof. Staszewski, let’s start by discussing AIDS in the
industrialised world. Hasn’t the disease here to a consider-
able extent already disappeared from public awareness,
even though it naturally remains with us? What’s your
experience with this issue?
Prof. Staszewski: AIDS, or HIV infection, is the most
dangerous epidemic, and the one with the greatest
consequences, in the latter part of the 20th
century and the beginning of the 21st century.
According to the World Health Organization, we
have more than 40 million infected people. Some
three million died of the disease in 2005. In the
same year, an additional five million were infected.
Most deaths occur in sub-Saharan Africa. AIDS is
really a deadly disease there. In our countries
nobody needs to die of AIDS any longer. With
the appropriate treatment the progression of the
disease can be halted and patients can be
prevented from developing the manifestations
of AIDS.
The dilemma with AIDS is, on the one hand, its
good treatability, and, on the other hand, that it’s
the most dangerous infectious disease of our time.
The question is how do we deal with it?
Naturally you can gloss over or keep AIDS secret,
if you live in the western world, where patients can
receive all the available medications. You can
conceal the fact that some things in the world are
not in order. You can also see that in the number of
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
new infections in European countries. In 2005,
they rose by about 10 %, in Germany, even by as
much as 20 %.
Q: What’s the reason?
Prof. Staszewski: HIV is being played down.
Awareness of the therapies and their effects on the
course of the disease HIV are removed and remote
from the real situation. This we have to correct.
We must say what kind of disease it is.
My criticism of the current trend is also that,
content with the possibility of individual therapy,
we’ve lost sight of the overall epidemic. People no
longer regard HIV as a fatal disease.
Advertising by the pharmaceutical industry often
also contributes considerably to glossing over the
disease. It focuses the HIV disease to the
industrialised world and shows in its pictures and
personal testimonials people who are well. It
presents things as though there is no problem
at all.
Q: A problem in the West is the development of drug-
resistance. How do we deal with this?
Prof. Staszewski: Resistance is a common phenom-
enon. In the event of therapy failure or side-effects,
the switch to a tolerable or effective therapy
is more difficult. When resistance has occurred,
you have to switch therapy to combine those

Thanks to new treatments and innovative drugs,
AIDS has become controllable in the developed
world. Although it is still a deadly disease,
HIV awareness has weakened, leading to
increasing infection rates. In Mainz, Germany,
with the support of Boehringer Ingelheim,
a group of teenage schoolchildren put on a play,
“Damned positive”, which highlights the dangers
of an HIV infection.
medications to which the virus is still sensitive.
Here, the right combination is decisive. If we use
an effective medication in the wrong combination,
there is a danger that it will be wasted because of
resistance developing.
Q: Is APTIvuS® effective because of the very fact that it can
also be used for patients who are already resistant to many
other medications? Is that its strength?
Prof. Staszewski: That’s currently the most important
indication area for aptivus®, as it is effective
against viruses that have already become resistant
to other protease inhibitors (ed: PI). But there are
viruses that are resistant to aptivus®. This, one has
to know. Because only then it becomes clear that
aptivus® must also be used sensibly. When I use it
too late, or use it in the wrong combination,
I waste the medication.
aptivus® has strengths and weaknesses.
Basically, it has all the side-effects familiar to
protease inhibitors. As dosage-related side-effects
occur, it is a good idea to test lower doses in
patients whose disease is less advanced than the
dose necessary for the patient with PI-resistent
virus. This should though at present only occur
within a controlled clinical study.
Prof. Schlomo Staszewski
• First holder in Germany of a professorship dedicated
to AIDS, established in 2003 at Johann Wolfgang Goethe
University, Frankfurt am Main
• Director of the Out-Patient Clinic for the HIV-infected
Patients and the Antiretroviral Research Unit
• Principal investigator in several international
multi-centre studies with new HIV compounds.
Current editor of HIV-Medicine
• Executive Committee Member of the European
AIDS Clinical Society (EACS)
Our R&D drive

Our strength in R & D + Medicine
Research and Development has been the foundation of Boehringer Ingelheim’s
success so far and continues to be the major driver of innovative, new
medicines. We recognise the unique opportunities and challenges that medical
needs and the health environment present. We have consequently committed
ourselves to discovering, profiling and developing new products of high
therapeutic value for patients and healthcare systems.
New biological entities (NBEs)
We are widely recognised as a world leader in all
aspects of biopharmaceutical manufacturing,
from early process development to large-scale
commercial manufacturing in microbial as well
as mammalian expression systems. Combined
with our disease expertise in key therapeutic
areas, our strategy is to create a comprehensive
NBE programme addressing unmet medical
needs in several indication areas, thus expanding
our proprietary NBE product portfolio beyond
actilyse® (first generation t-PA), metalyse®
(second generation t-PA), imukin® (interferon
gamma) and beromun® (tumour necrosis factor).
In order to fully exploit the synergistic potential
of our internal capabilities, we have established
centralised expertise in human antibody drug
discovery at our research site in Vienna, Austria,
facilitated by in-licensing of key technologies
from MorphoSys (phage display) and Medarex
(genetically modified mice). We have also
strengthened our protein technology infrastructure
across research sites and allocated dedicated
biology resources in key therapeutic areas.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
During 2005, we expanded our NBE discovery
programme to include some 10 discovery projects,
a first step towards a steady stream of innovative
NBE therapeutics feeding our development
pipeline. While our key focus is on human monoclonal
antibody projects, we are also exploring
treatment options for cardiovascular and metabolic
diseases with optimised bioactive therapeutic
proteins (OBTs). In-licensing promising NBE
candidates is an important complement to
in-house research activities and to this end we
have in-licensed AbGn-168, a humanised
monoclonal antibody that induces apoptosis of
activated T cells, from AbGenomics Corporation,
Taiwan. AbGn-168 holds promise in delivering
long-lasting control of T cell mediated diseases,
including autoimmune diseases.
Drug Discovery and Non-Clinical Development
Insight into the workings of diseases at a
molecular level is an important prerequisite for
identifying promising targets for new drugs.
In this context, integrating state-of–the-art
technologies to enhance the R&D value chain
is the key to success in pharmaceutical R&D.
Despite significant progress in recent years,
unmet medical needs continue to be great and
growing due to changes in the environment and
people living longer.

Laboratory assistants at our Quality & Compliance Department,
Biopharmaceutical Manufacture, Biberach, Germany, undertake
visual assessment of biotechnically produced proteins using gel
electrophoresis.
Today, we carry out drug discovery in seven
major therapeutic areas allocated to four major
R&D sites. Our R&D sites maintain strong
responsibility and accountability for their thera-
peutic areas locally and deploy their innovation
and flexibility. International scientific reviews
and portfolio management ensure a sustainable,
competitive and risk-balanced discovery portfo-
lio. To further strengthen our R&D organisation
we have international skill centres to improve
efficiency and to secure equal access to state-of-
the-art technologies and informatics platforms
for all sites. In Biberach, Germany, our largest
R&D centre, we concentrate on diseases of the
central nervous system (CNS), metabolic diseases
and respiratory diseases. Biberach is supported
by our chemistry laboratories in Milan, Italy.
Drug discovery in immunology & inflammation
and cardiovascular diseases is carried out in
Ridgefield, USA. Further fully-fledged drug
discovery centres are located in Laval, Canada,
carrying out research in virology, and in Vienna,
doing research in oncology. In Kawanishi, Japan,
we have an additional centre in molecular cell
biology, specialised in membrane receptor targets.
Our non-clinical drug development activities are
concentrated in Europe and North America at
the sites Biberach and Ingelheim, Germany,
and Ridgefield, USA. Biberach and Ridgefield are
conducting the full range of non-clinical devel-
opment work packages including activities for
chemistry, manufacturing and control (CMC)
as well as relevant pharmacokinetic and safety
studies.
At these sites, pharmaceutical development is
focused on conventional dosage forms, whereas
Ingelheim represents our centre of competence
for developing all inhalative dosage forms.
Boehringer Ingelheim has a particular focus on
the development of innovative inhalation devices.
handihaler® and respimat® Soft Mist Inhaler
offer us a very competitive platform in inhalation
therapy and meet the challenges of drug develop-
ment in a variety of indications. Added support
on drug formulations and manufacturing clinical
trial supplies is provided by our sites in Kawa-
nishi and Buenos Aires, Argentina. Our coopera-
tions with biotech and academic groups provide
another key string to Boehringer Ingelheim’s
bow in finding and developing innovative medi-
cines. A good example is the strategic research
collaboration initiated between our Biberach and
Ridgefield centres and Evotec OAI that enabled
us to establish a novel research platform for
elucidating innovative receptor-based drugs. This
collaboration started on receptor targets involved
in CNS diseases but now also addresses targets
of potential interest in other therapeutic areas,
such as metabolic and immunological diseases.
The bridge between our R&D people and
academia is reinforced by the strong link to
the renowned Research Institute of Molecular
Pathology (IMP) which we fund in Vienna.
Our strength in R&D+Medicine

0
IMP scientists are at the forefront of discovery
defining fundamental processes of cell division
and differentiation in healthy and diseased states.
A collaboration started in 2001 between the IMP
and the Institute of Molecular Biotechnology
Austria (IMBA) added a new dimension to our
academic network. Intensified interactions with
IMBA began in 2005 in target identification
using model organisms.
The more than 3,000 scientists, technicians and
support personnel we employ in preclinical R&D
is complemented by about 2,100 clinical moni-
tors, statisticians and data managers in clinical
development and medical departments.
Respiratory diseases
Respiratory diseases have long been a major
focus area for Boehringer Ingelheim and we
dedicate ample resources for research in this field.
Our main objective in pulmonary research is to
provide still further improved treatment options
for chronic obstructive pulmonary disease
(COPD) and severe asthma. COPD is currently
the fourth most common cause of death, yet up
to three quarters of sufferers in Europe go
undiagnosed. This suggests a major unmet need
for treatment for this debilitating lung disease
which often afflicts smokers. Our worldwide
launch of tiotropium (spiriva®) provided a
medication to improve COPD therapy, strength-
ening our leading position in the bronchodilator
field. This is being build up by developing
bronchodilators with alternative mechanisms
which additionally offer the opportunity
for combination with our anticholinergic
compounds.
Extending our product portfolio to drugs that
target treatment of the underlying inflammation
and the tissue remodelling process are the key
goals in our COPD research. Inflammation in
COPD patients is provoked by an infiltration of
the lungs by macrophages and neutrophils. It is
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
only poorly controlled by current, widely-used
anti-inflammatory drugs, such as corticosteroids.
Our research in asthma is aimed at new
mechanisms and immunological paradigms
which would allow us to replace or reduce the
doses of inhaled steroids by providing anti-
inflammatory therapy better tolerated by patients.
Another goal is to provide a new treatment for
specific syndromes with high unmet medical
need, such as severe, steroid-resistant asthma.
virology
Antiviral therapies for many serious, life-threat-
ening chronic and acute viral diseases are lacking
or are unsatisfactory. Our Laval centre focuses on
the discovery and development of new antiviral
therapeutics for the treatment of the human
immunodeficiency virus type 1 (HIV-1) and the
hepatitis C virus (HCV). These two devastating
pathogens have each emerged epidemically in
recent decades, afflicting millions globally.
Our HCV research is directed toward identifying
inhibitors targeting essential viral enzymes, such
as the HCV serine protease and RNA polymerase.
Such new mechanisms offer the potential for
new therapies with improved safety and efficacy
compared to current treatments of chronic
hepatitis C. Our clinical studies with an HCV
serine protease inhibitor provided the first proof
of clinical concept for this class of antiviral agent
and we continue to make efforts to exploit this
antiviral target together with other novel
approaches.
Our R&D activities in HIV aim at developing new
treatment options, especially for HIV patients
who have failed prior therapy due to the develop-
ment of drug resistance. Our research into the
rapidly growing resistance problem has identified
a promising new non-nucleoside reverse tran-
scriptase inhibitor (NNRTI) as a follow-up to our
existing HIV treatment viramune® (nevirapine).
Development is proceeding on this compound
which may become a treatment alternative for
patients who have failed first line NNRTI therapy.

In addition, our discovery efforts are addressing
several new targets for HIV therapy.
Oncology
Every year, more than 10 million people find
themselves grappling with the medical uncer-
tainties and emotional upheaval of a newly
diagnosed cancer. Fortunately, an increasing
number of patients benefit from surgery, radia-
tion and medicines, but still there is recurrence of
the disease. Thus, there remains a therapeutic
gap to be bridged with innovative and improved
treatments that enhances the quality of life.
The sequencing of the human genome mean-
while promises to accelerate the emergence of
new cancer drugs. While not specifically
designed for cancer research, no other area of
biomedicine has profited more from the Human
Genome Project than cancer biology, with deep
insights into the fundamentals of how gene
mutations and faulty cellular circuitry lie behind
the aberrant growth, invasion, and metastasis of
cancerous tissues in the body.
Armed with such insights, we have embarked on
a major drive to discover and develop innovative
medicines for some of the most common cancers.
Cutting-edge research conducted at Boehringer
Ingelheim Austria has resulted in promising drug
candidates moving into clinical development.
As presented for the first time at the American
Association for Cancer Research – European
Organisation for Research and Treatment of
Cancer meeting in Philadelphia in November
2005, three compounds originating from our
Basic research plays an important role for Boehringer Ingelheim.
At the Research Institute of Molecular Pathology (IMP) in Vienna, Austria,
where the fundamental principles and mechanisms of living organisms
are analysed, about 200 researchers from all over the world investigate new
ways forward in science, novel approaches and targets, thereby enriching
applied research. The IMP enjoys a worldwide reputation in research in the
areas of developmental biology and molecular genetics.
Vienna oncology research centre have success-
fully completed phase I studies in various cancer
indications. A novel type of triple angiokinase
inhibitor, targeting endothelial cell receptors
responsible for cancer neo-angiogenesis, has
entered phase II of clinical development. A dual
kinase inhibitor targeting epidermal growth
factor receptor and HER2 kinase, has shown
promising results in patients with advanced solid
tumours. And further, a first-in-class cell cycle/
polo-like kinase 1 inhibitor was applied in a
single dose escalation study to patients with
advanced solid malignancies. In addition, we are
increasing our efforts in monoclonal antibody
based projects for treatment of both solid and
haematological neoplasias.
Metabolic diseases
Health authorities and governments have been
alarmed by recent epidemiological data suggest-
ing that metabolic diseases, including obesity,
diabetes mellitus type II and dyslipidemia, will
grow worldwide by a much greater extent than
previously expected. This has been identified as a
major health problem not only for industrialised
societies but also in, for example, South America,
India and China. Particularly worrisome is the
increasing prevalence of obesity in children
together with the onset of type II diabetes in
young adults. This disturbing fact leads to the
forecast that today’s children may have a lower
life expectancy than their parent generation.
We are therefore putting great efforts on the
metabolic disease field with particular focus on
diabetes type II, obesity and dyslipidemia.
Our strength in R&D+Medicine 1

New therapeutic approaches for the treatment of
diabetes type II have the potential of delaying or
even inhibiting the progression of the disease.
Several research projects even offer the possibil-
ity of preventing manifestation of the illness.
We were successful in several of our research
projects and have achieved promising results in
preclinical but also clinical trials. In obesity there
is a great need for new drugs that are more
efficacious than the existing ones while provid-
ing a high level of patient safety. Research in that
area is directed both at a reduction of appetite
and food intake as well as increasing the metabo-
lism of energy carriers. We have established
state-of-the-art technologies to carefully profile
advanced compounds in vitro and in vivo.
Despite efficacious treatment for the lowering of
low-density lipoprotein (LDL) cholesterol, 60 %
to 70 % of cardiovascular events still cannot be
prohibited. The role of low levels of high-density
lipoprotein (HDL) cholesterol and malfunction of
the reverse cholesterol transport are hence areas
of increasing research interest. We have started
several new research projects to address that
therapeutic need.
Cardiovascular diseases
With cardiovascular diseases forecasted to be the
most common cause of premature death world-
wide within the next decade, according to the
World Health Organization (WHO), we commit-
ted ourselves to renewed efforts in this therapeu-
tic area by moving our cardiovascular research to
Ridgefield in 2003.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
When Dr Barry Dickson talks about fruit flies, his eyes light up, as he has been working with
Drosophila melanogaster for most of his scientific life. “The focus of my research is to understand
the nervous system at the level of neural circuits and trying to understand how genes direct the
assembly and function of specific circuits. Just as many of today’s major therapeutic targets came
from studies of Drosophila development in the 70s and 80s, we anticipate that our work will open
up new opportunities for the future treatment of neurological disorders,” Dr Dickson says.
In January 2006, the 43-year old Australian, one of the world’s leading developmental neuro-
biologists, became Scientific Director of the Boehringer Ingelheim-funded Research Institute of
Molecular Pathology (IMP) in Vienna. Work by his team at the Institute of Molecular Biotechnology
(IMBA) of the Austrian Academy of Sciences showed that a single gene determines the complex
mating ritual of Drosophila. This was a front-page story in the New York Times in 2005.
Boehringer Ingelheim has been at the forefront of
research and development in the cardiovascular
disease area for decades, establishing its market
presence in the treatment of thromboembolic
diseases as well as hypertension and consequen-
tial diseases. Ongoing research efforts in the
thromboembolic area could be successfully
completed by advancing a new product into pre-
clinical development. We will continue to
develop our cardiovascular research platform
in the area of atherothrombosis and widen our
research to include heart failure.
To address the ever-increasing unmet medical
need for treating these cardiovascular diseases,
our Ridgefield scientists are already focusing on
innovative approaches to identify novel and
effective drugs that reach beyond current treat-
ment regimes.
These programmes will benefit from close inter-
action with research scientists in our other drug
discovery units. Targeting related human dis-
eases, such as metabolic and immunological/
inflammatory disorders, will undoubtedly
increase the opportunities for developing novel,
innovative therapeutic agents in the fight against
cardiovascular disease.
Central nervous system diseases
According to WHO predictions, diseases of the
central nervous system will constitute an
increasing medical need this century, attributable
to an exponential increase of these diseases after

the age of 65 combined with an aging population.
To date, available therapeutic treatments are still
unsatisfactory for the majority of CNS diseases.
Our research in CNS diseases therefore focuses
on novel treatment concepts for the major neuro-
degenerative disorders, Alzheimer’s and Parkin-
son’s disease, prominent consequences of the
aging population. An additional focus lies on
chronic pain, a condition for which medical
attention is sought most frequently. New molecu-
lar targets, such as ion channels and G-protein
coupled receptors (GPCRs), which are involved
in pain transduction pathways and have been
validated in neuropathic and inflammatory pain
models, form the basis for our drug discovery
efforts in the chronic pain indication. Our drug
discovery activities in the indication migraine
address a new mechanism of action to interfere
with cerebral vasodilation for which we have
obtained clinical proof of concept.
Our research efforts to interfere with disease
progression in Alzheimer’s and Parkinson’s
disease focus on targets established by pathology
and genetics. Our activities in Alzheimer’s
disease are, for example, aimed at reducing
amounts of the amyloid-beta peptide, the major
mediator of this fatal disorder and additionally
searching for pro-cognitive therapies beyond
acetylcholine restoration in this disease.
Moreover, we are investigating approaches for
reducing treatment-induced motor complications
(dyskinesias), a major medical problem for
patients with late stage Parkinson’s disease.
Photo: IMP
Immunology & inflammation
Autoimmune diseases such as rheumatoid
arthritis, multiple sclerosis and psoriasis are
serious chronic inflammatory disorders with
a large unmet medical need for safer and more
efficacious treatments. At our Ridgefield site,
our drug discovery efforts aim to regulate the
processes involved in lymphocyte trafficking,
immune cell signalling and the synthesis of
critical inflammatory mediators. Additionally,
we aim to deploy our knowledge about the
influence of the immune and inflammatory
systems on diseases in other therapeutic areas.
In that regard, small molecule inhibitors of
immunological signalling are being tested for
their activities against inflammatory diseases
as well as respiratory diseases that have an
inflammatory component. Small molecules,
able to inhibit inflammatory processes, have also
advanced into pre-clinical development and
others are currently being evaluated for key
decisions. The mechanistic understanding of
rheumatoid arthritis has allowed our scientists
the identification of new approaches to under-
standing the biology of the disease that we hope
will continue to lead to further innovation in the
future. Given the recent success of biologics in
autoimmune diseases, such as rheumatoid
arthritis and psoriasis, the focus of NBE research
has been applied to these diseases. In order to
maximise our portfolio, we have in-licensed an
antibody from the biotechnology company
AbGenomics that targets activated T lymphocytes
Our strength in R&D+Medicine

sparing the early immune response and therefore
shows promise as therapy for autoimmune
diseases. Progress has also been made in the
identification of antibodies targeting the inflam-
matory cascade, further building our NBE port-
folio. Given the variety of approaches and the
focus on the mechanistic understanding of
disease pathogenesis, we are confident that our
research in immunology and inflammation will
result in improved treatment options for patients
who suffer from autoimmune diseases.
In-licensing and partnering
Our alliances range from early stage research to
development and marketing or co-promotion
collaborations. Complementing our in-house
R&D efforts, these tie-ups are a vital component
of our search for novel therapeutics which pro-
vide new treatment options for patients.
Reflecting the growing importance of alliances in
the pharmaceutical industry, Boehringer Ingel-
heim has stepped up its partnering activities in
recent years, particularly in early stage collabora-
tions. In its October 2005 issue, Nature Reviews
Drug Discovery characterised Boehringer
Ingelheim as one of the top ten pharmaceutical
deal-makers worldwide. When deal activity was
adjusted against ethical sales, we even ranked
number one in the analysis.
A key example of our partnerships in 2005 was
the worldwide exclusive research and license
collaboration with the Swedish biotech company
Biolipox. Based on a new approach to the inhibi-
tion of prostaglandin E2, an important endog-
enous inflammatory mediator, the aim of the
collaboration is to develop a new class of drugs
with a novel mechanism of action for the treat-
ment of pain and inflammation. In 2005, we also
extended two existing agreements with our
partners Evotec and Astex. In addition to a
substantial discovery programme to identify and
develop therapeutics acting on G-Protein
Coupled Receptors (GPCRs), the scope of our
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
collaboration with the German biotech company
Evotec now also includes the joint identification
of novel ligands to selected Boehringer Ingel-
heim target proteins.
In line with our vision to expand our R&D
portfolio of biopharmaceuticals, in particular
monoclonal antibodies, partnering in this area
was a very important goal in 2005. The biotech
companies MorphoSys and Medarex have devel-
oped innovative and complementary technolo-
gies for the generation of fully human mono-
clonal antibodies. We have concluded collabora-
tions with both companies enabling our
researchers to exploit these technologies in all of
our therapeutic areas. The collaboration with
MorphoSys was extended and has already
resulted in the start of a new antibody project
against a novel target molecule involved in
cardiovascular diseases. In addition, we have
explored collaborations with companies highly
specialised in proteomics based identification of
biomarkers (Caprion, Canada) and modulation of
delivery of bioactive proteins (Syntonix, USA).
Furthermore, we have signed an exclusive licens-
ing agreement with the Taiwanese company
AbGenomics for the worldwide rights to develop,
manufacture and commercialise the human
monoclonal antibody AbGn 168, discovered by
AbGenomics in cooperation with the National
Taiwan University. Due to its innovative mode of
action, AbGn 168 has the potential to open up
new avenues for the treatment of autoimmune
disease, such as psoriasis, rheumatoid arthritis
and multiple sclerosis. This agreement represents
the first R&D partnership between a Taiwanese
biotech company and a multinational pharma-
ceutical corporation and illustrates our drive to
tap new R&D resources in emerging markets.
It has also given a significant boost for Taiwan’s
efforts to build up a biotechnology industry.

Clinical development and registration
Both for clinical development and registration
2005 was again very dynamic and resulted in
remarkable progress in many areas. Our clinical
programmes in clinical phases I to IV added
another 32,000 patients newly recruited on top
of the large programmes ongoing from last year.
More than ever, the contribution from geo-
graphic territories outside of Western Europe
and North America has supported the progress in
our clinical trial activities. Eastern Europe and
Southeast Asia benefited most from our strength-
ened clinical trial platform established in these
regions. We will continue to build on our
extended reach and are encouraged by the
impressive quality delivered in these countries
(see table).
Boehringer Ingelheim Clinical Trial Statistics
During the period from 1996 to 2005, Boehringer Ingelheim conducted or sponsored 1,399 studies
with 142 substances in 59 countries from all regions of the world.
Study type number of protocols
Phase I 344
Phase II 161
Phase III 229
Phase IV 115
PMS studies 183
Consumer health care 61
Other* 73
Co-sponsored studies 233
The studies enrolled approximately 1.2 million patients during this decade, of which 300,000 were in Phase I–IV studies
and over 700,000 in PMS studies (post-marketing surveillance). The term “patient” refers here in a wider sense to
patients receiving test medication, comparative medications, receiving placebo, marketed medication, or being healthy
volunteers. Detailing these numbers by region and clinical phases reveals a broad geographical distribution with
emphasis on North America and Western Europe.
Region I—III Iv Other PMS
Africa 8,188 2,553 – –
America, North 59,829 28,745 3,676 36,275
America, S & L 5,707 6,660 96 52,019
Asia (Japan) 7,531 1,890 – 16,924
Asia (other) 4,028 13,972 113 140,692
Australia 4,658 2,903 36 –
Europe, East 5,705 11,367 296 3,065
Europe, West 105,485 36,254 166,636 482,476
Near East 582 436 – –
Total 201,713 104,780 170,853 731,451
February 2006
The category “other” includes, for example, compassionate use and methodological studies.
Our strength in R&D+Medicine

Important new registrations were also obtained
in 2005. The US Food and Drug Administration
(FDA) granted accelerated approval for aptivus®
in June and European registration under excep-
tional circumstances was granted in October.
Following these approvals, our second HIV drug
after viramune® has reached the market and
adds an important treatment option for heavily
pre-treated patients who have developed resistant
virus and depend on new drugs with improved
resistance profile.
spiriva®, the once daily maintenance treatment
for COPD was approved in France and is now
approved in 97 countries. Fast worldwide regis-
tration and numerous excellent clinical trial
results have facilitated its rapid growth into the
leading COPD treatment position. The phase III
programme for spiriva® administered through
the innovative propellant-free soft mist inhaler
respimat® was successfully completed and
registration files are under development.
As planned, we submitted sifrol® the leading
Parkinson’s medication simultaneously to the
US FDA and the European Medicines Agency
(EMEA) for approval in the new indication
restless legs syndrome. We expect regulatory
review to be completed in 2006.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Before new drug candidates can be
given to patients in clinical studies
to test their efficacy, they are first
studied in healthy volunteers,
as here at the Human Pharma-
cology Center at Biberach, Germany.
This provides valuable information
about the safety profile and
tolerability of the substances.
In the USA, mobic® was approved for juvenile
rheumatoid arthritis. Our successful clinical
development in this paediatric indication is an
important contribution towards a great medical
need and was additionally honoured by an
extension of US market exclusivity.
cymbalta® a brand of duloxetine licensed from
Eli Lilly & Company, co-developed in post-
registration studies and marketed for the treat-
ment of depression, received registration in
Europe for the additional indication diabetic
neuropathic pain.
Without exception, all of our large-scale clinical
outcome studies continued according to plan.
The micardis® mega-trial ontarget/
transcend with 31,000 patients recruited has
undergone repeated independent Drug Safety
Monitoring Board (DSMB) review and is in its
second year after last patient included. With a
patient retention rate clearly above that known
from similar trials, the likelihood that we
will have results available as planned in 2008 is
further reinforced. A proof of concept study to
investigate a newly identified pharmacologic
mechanism of micardis® and its metabolic effect
in patients with type II diabetes has been com-
pleted. Results will be available in early 2006.
The excellent and very rapid patient uptake for
the long-term factorial secondary stroke preven-
tion study profess® comparing aggrenox®,
micardis® and clopidogrel allowed us to

increase the planned patient number to 18,500
and still expect the last patient to be included in
early 2006.
uplift, our 6,000-patient long-term outcome
study with spiriva®, is also in stable follow-up
with DSMB review and approval and patients
treated up to three years.
Results from several well-controlled clinical
studies have become available, enhancing its
profile spiriva® was shown to improve and
extend the beneficial effect of pulmonary
rehabilitation in patients with moderate to severe
COPD. In a comparison of spiriva® combined
with a long-acting beta agonist (LABA) versus
the combination of a LABA and an inhaled
steroid, the spiriva®-LABA combination resulted
in superior lung function improvements. This
confirms the international guideline recommen-
dation to first combine long-acting bronchodila-
tors before adding a steroid. spiriva® also
confirmed its clinical efficacy in a selected Afro-
American patient population and demonstrated
excellent lung function improvements in a study
in patients with mild COPD. Earlier clinical trial
results on COPD exacerbation reduction and
improvements in exercise performance have been
submitted for registration in Europe.
The robust clinical data base for sifrol® (prami-
pexole) in the treatment of Parkinson’s disease
was acknowledged in a review article in the New
England Journal of Medicine where pramipexole
was recommended as starting treatment of choice
in early Parkinson’s disease.
metalyse®, our bolus injection thrombolytic,
has been investigated in two exploratory settings:
lysis followed by routine primary percutaneous
intervention (PCI) after myocardial infarction
(assent iv trial) and as rescue intervention
during reanimation in cardiac arrest (troica
trial). While assent iv has been discontinued
because routine combination of lysis and PCI
was inferior to PCI alone, troica is continuing
and will complete recruitment in 2006.
In all our therapeutic areas clinical pipeline
projects in phase I to III have been advanced.
Three new compounds entered clinical phase I,
two in respiratory, one in oncology.
Phase I was successfully completed by our oral
LFA antagonist with positive ex vivo signals
suggestive of immune modulatory effects. We
will therefore start phase II proof of concept
studies in patients with psoriasis early next year.
Already in an expedited phase I study we could
establish a clear proof of principle for a new oral
anti-diabetic drug when given to type II diabetic
patients. Results from extended exposure in
diabetic patients will complete the clinical profile
and are expected for early 2006.
In the important respiratory field, we advanced a
new anti-cholinergic compound to clinical phase
II in patients with COPD. We expect this com-
pound to provide beneficial effects through
increased target selectivity and maintenance of a
very reliable 24-hour efficacy.
Our strength in R&D+Medicine

In addition to the first clinical administration of
a new cell cycle inhibitor in patients, our first
angiokinase inhibitor has achieved proof of
principle in phase I as an anti-cancer drug active
in patients suffering from a variety of different
cancers. With this encouraging result we could
move the first oncology compound from own
research to clinical phase II.
With NS 2330, a compound licensed from Neuro-
search, results of three well-performed proof of
concept trials in early and advanced Parkinson’s
disease and in Alzheimer’s disease were disap-
pointing and did not meet our predefined efficacy
criteria to justify a phase III development.
For flibanserine, a new therapeutic principle to
treat hyposexual desire disorder in females, the
final phase III development has been agreed with
the FDA and several methodology studies in
support of the pivotal phase III studies have been
performed. The first six months phase III study
to be conducted in North America is in final
preparation and ready to initiate in QI 2006.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
The most exciting progress has been made for
dabigatran, an orally available thrombin inhibi-
tor for the prevention and treatment of thrombo-
embolic diseases. The programme in the preven-
tion of deep vein thrombosis (DVT) following
orthopaedic hip or knee replacement surgery has
developed with impressive speed and recruited
more than 6,000 patients into controlled phase
III trials by the end of the year. We expect all
three international trials to close in the second
half of 2006. In a large global cooperative
approach with leading academic centres we
developed the final protocol for re-ly, the
pivotal trial in the indication stroke prevention
in patients with atrial fibrillation. The protocol
for this 15,000 patient warfarin controlled mega-
trial passed successful authority review and the
first patients were randomised in December 2005.
The programmes for DVT treatment and long-
term prevention are in preparation and sched-
uled to start mid-2006.
Our capability to perform electronic remote data
capture in practically every country of the world
was strengthened in cooperation with a leading
computer technology provider. This enables us to
meet the challenges of our growing clinical
programmes, deliver quality data in an expedited
fashion and extend our clinical trials to geo-
graphic regions with new opportunities.

Business Development
Our Businesses consist of Human
Pharmaceuticals and Animal Health.
We focus on the production of
innovative drugs and treatments
that represent major therapeutic
advances.
Net sales (in EUR million) 2004 00 Growth in %
Human Pharmaceuticals , ,1 1, 1 %
Prescription Medicines
– Branded Prescription Medicines
– Non-Branded Prescription Medicines
6,183
5,743
440
7,247
6,712
535
1,064
Consumer Health Care 970 1,052 82 8 %
Industrial Customer
— Fine Chemicals
— and Manufacturing Pharma
— Biopharmaceuticals
Others 15 28 13 87 %
Animal Health 1 %
Total ,1 , 1, 1 %
654
262
392
847
299
548
969
95
193
37
156
17 %
17 %
22 %
30 %
14 %
40 %

Human Pharmaceuticals
A new quality
of treatment,
a new quality
of life
“I long to run, but I actually make it a rule to go for a brisk walk around a park
twice a week since starting to take spiriva® in December 2004,” says Hiroshi Aida,
a 76-year-old man from Tokyo, who used to run out of breath even on the gentlest
slope due to chronic obstructive pulmonary disease (COPD). “Today, I can walk the
1,800-metre course twice without strain and my finishing time is quicker every time.
The drug works like a charm.” Mr Aida now has a dream of walking from Tokyo
to Kyoto, about 510 kilometres, before his 100th birthday. Recently, he successfully
completed a 10-kilometre walk.
1

“spiriva® has obviously improved Mr Aida’s
quality of life,” comments Mr Aida’s family doctor,
Dr Kozui Kida, Professor and Director of the Res-
piratory Care Clinic, Nippon Medical School. Six
million people are estimated to suffer from COPD
in Japan alone, but only some 20,000 are currently
receiving treatment for the condition. This mis-
match is not just a Japanese issue. “COPD stays
undiagnosed in many cases,” says Professor Bart
Celli, Head of Pulmonary and Critical Care Medi-
cine, St Elizabeth’s Medical Center, Boston. “This
is presenting a very serious problem.”
Millions of people around the globe suffer from
COPD which the World Health Organization
expects to be the third most common cause of
death worldwide by 2020. This debilitating lung
condition makes it increasingly difficult to breathe.
For many patients even walking or performing
simple daily tasks is difficult. It can affect both
men and women from their early 40s.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Around 80 % of cases are attributed to smoking
tobacco. In fact, smokers are 10 times more likely
to die of COPD than non-smokers. Another cause
of COPD is exposure to indoor or outdoor pollut-
ants. Workers exposed to toxic chemicals and
pollutants have increased odds of developing
COPD. A recent study found that some 20 % of
COPD was attributed in part to work-related
exposure.
“spiriva® has obviously improved
Mr Aida’s quality of life.”
spiriva® (tiotropium bromide), discovered, devel-
oped and manufactured by Boehringer Ingelheim
has further strengthened the company’s position
as a world leader in COPD treatment. The novel,
once daily inhaled medication is recommended
for the first line maintenance treatment of COPD.
The disease is characterised by chronic airflow

limitation, shortness of breath (dyspnoe), cough,
wheezing and increased sputum production.
spiriva® helps to relax narrowed muscles in the
airways inside the lungs or prevent them from
narrowing (and to release trapped air), enabling
sufferers to exhale more easily.
spiriva® is already the world’s most prescribed
drug for COPD. The highly favourable reception it
has had since its initial launch in mid-2002
secured it blockbuster status (a pharmaceutical
brand with annual sales exceeding USD 1 billion)
as expected, in 2005, with net sales of 951 million.
It is co-promoted with the US pharmaceutical
company, Pfizer Inc. Following the launch in
Japan, the world’s second largest pharmaceutical
market, and in China in 2005, the medication is
now available in almost all important markets.
Kim Jong-Hyun, a South Korean farmer and
former heavy smoker, now in his early 60s, recalls
his situation when, after suffering from cold
symptoms, heavy sputum and difficulties in
breathing for months, he decided to visit the
general hospital in Seoul. “When I was working,
walking and even doing minor things, I had
difficulties in breathing. I thought that I could not
ignore the symptoms any longer.” Mr Kim feared
his life was slowly coming to an end after he was
told that he had COPD.
Initial medication failed to restore any normality
to his life, but on switching to spiriva® in early
2005 he got much better. “Now I can work on the
farm and take care of my cows. I feel like I have a
second new life when walking in the sunshine.”
Real improvement has also been confirmed in
clinical studies, such as the tiphon* study, pre-
sented to the American Thoracic Society in 2005.
Dr André-Bernard Tonnel, Service de Pneumolo-
gie et Immuno-Allergologie, Centre Hospitalier
Regional et Universitaire de Lille and the study’s
lead investigator, said: “The tiphon study results
are encouraging because they show that treatment
with spiriva® can result in clinically significant
and sustained improvements in health–related
quality of life for patients with COPD.” n
Revolutionising
drug delivery
Boehringer Ingelheim is revolutionising inhaler therapy
with the respimat® Soft Mist Inhaler (SMI), a unique
inhaler device successfully launched in 2004 with
berodual®, a drug for treating asthma and chronic
obstructive pulmonary diseases (COPD).
“As a world leader in the treatment of COPD, we are
committed to developing the respimat® SMI as the gold
standard for the administration of respiratory inhalation
medications,” says Allan Hillgrove, head of Boehringer
Ingelheim’s Respiratory Marketing.
After the acquisition of the Dortmund (Germany) based
microParts GmbH, a leading company in micro-system
technology, Boehringer Ingelheim is currently developing
several substances for use with respimat®. Boehringer
Ingelheim microParts will meanwhile be built up as an
international centre of excellence for inhaler technology.
For more information on respimat®
please visit www.respimat.com
Fifteen times finer than human hair, the micro-channels (5 μm)
inside the respimat® Soft Mist Inhaler are responsible for the highly
effective distribution in the human lung of the mist containing
respiratory medication. The inhalers are manufactured in Dortmund,
Germany, by microParts, a Boehringer Ingelheim subsidiary.
Human Pharmaceuticals

Prescription Medicines
Boehringer Ingelheim’s product range is mainly focused on human pharmaceuticals,
which contribute the largest share of the turnover of our group of
companies, accounting for 96 % of net sales in 2005. Human Pharmaceuticals
covers the following business segments: Branded Prescription Medicines
(BPM), Generic Prescription Medicines (GPM), Consumer Health Care (CHC)
and Industrial Customers, which is sub-divided into Biopharmaceuticals,
Chemicals and Manufacturing Pharma. Our Human Pharmaceuticals business
developed very dynamically in 2005. World sales rose by 17 % compared with
the previous year to EUR 9.2 billion, primarily due to our innovative patented
medications. The successful growth reinforces our approach of continuing
intensive research into new drugs that offer relief and improvement for
patients.
Branded Prescription
Medicines (BPM)
BPM, which accounts for almost 70 % of our sales,
expanded markedly in 2005, with worldwide
sales rising by 17 % to EUR 6.7 billion.
Sales growth was mainly driven by the growth of
our more recent drugs micardis®, spiriva® and
sifrol®/mirapex® but more mature products,
such as aggrenox® and mobic®, continued to
contribute to the excellent development too.
Meanwhile, the launch of new products – aptivus®
and cymbalta®/xeristar® – contributed to the
further rejuvenation of our product portfolio.
Top 10 products
Branded Prescription Medicines
Net sales 2005 in millions of EUR change
1. spiriva® 951 +81.2 %
2. mobic® 848 +26.1 %
3. micardis® 724 +27.3 %
4. flomax® 721 –2.0 %
5. combivent® 561 +9.8 %
6. sifrol® 434 +52.2 %
7. viramune® 288 +2.0 %
8. atrovent® 248 +0.7 %
9. catapresan® 176 –2.1 %
10. aggrenox® 172 +17.8 %
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Therapeutic areas
Respiratory diseases
Chronic obstructive pulmonary disease (COPD),
a chronic progressive respiratory disease charac-
terised by chronic airflow limitation, shortness of
breath, cough, wheezing and increased sputum
production, can restrict a patient’s ability to
perform normal daily activities. It is the fourth
leading cause of death in the world.
spiriva® (tiotropium bromide), a novel once daily
inhaled medication recommended for first line
maintenance treatment of COPD, works by
targeting a dominant reversible mechanism of
Sales Branded Prescription Medicines
by Therapeutic Area
Central Nervous System
9.3 %
Muscoloskeletal/
Rheumatology
13.0 %
Gastrointestinal/
Metabolic 3.4 %
HIV 4.6 %
Urology
11.4 %
Others 1.6 %
Cardiovascular
21.9 %
Respiratory
34.8 %

COPD – cholinergic constriction. It helps patients
breathe more easily by opening narrowed airways
and helping to keep them open for 24 hours.
spiriva®, globally co-promoted with Pfizer Inc,
is now available to patients in most of the world.
In France the launch is planned in 2006.
The benefits which spiriva® provides to patients
are reflected in sales of EUR 951 million in 2005
and market shares of 20 % or even more on a
country basis. It has achieved blockbuster status.
More importantly, spiriva® is now the world’s
No. 1 prescribed product for COPD.
The spiriva® clinical trials programme has
recruited over 25,000 patients so far. The drug has
demonstrated significant and sustained broncho-
dilation (opening of the airways) and reduction in
markers of air trapping. It has also demonstrated
superior and sustained improvements in lung
function (FEV1) over atrovent® (ipratropium
bromide) Inhalation Aerosol, which were main-
tained over one year. Further, it has demonstrated
superior improvement in key lung function
parameters over salmeterol. In addition, in
placebo-controlled studies, patients treated with
spiriva® required fewer doses of rescue medica-
tions, had fewer exacerbations and COPD-related
hospitalisations.
In another part of the clinical trial programme the
influence of spiriva® on the exercise endurance
has been studied. It improved the capability of
patients to exercise in a consistent way in 6-24
week studies and showed a reduction in hospi-
talisation as well as an improved quality of life.
spiriva®, currently delivered to patients via our
HandiHaler® device, will be used in the future
with respimat® Soft Mist Inhaler (SMI). This
propellant-free, new generation inhaler, which
generates a slow-moving, long-lasting cloud with
a high fine particle fraction, represents a major
step forward in inhalation therapy. The soft mist
travels more slowly and lasts longer than aerosol
clouds from pressurised metered dose inhalers
(pMDIs). Scintigraphic studies have shown that
these properties increase drug deposition in the
lungs where desired and reduce unwanted deposi-
tion in the mouth and throat compared to pMDIs.
It is important that patients feel comfortable with
inhalers as this may influence adherence to treat-
ment. Patients with obstructive lung diseases
prefer respimat® SMI to pMDIs, expressing a
high level of satisfaction.
Cardiovascular diseases
Hypertension (high blood pressure) is a serious
cardiovascular risk, linked to stroke and heart
attack as well as other conditions.
It is vitally important that therapy controls this
high blood pressure, but, despite available
treatment options, hypertension is still not well
controlled. An estimated 45–73 % of hypertensive
patients in the USA remain uncontrolled. This is
of particular concern as hypertension increases
the risk of cardiovascular events and reducing
blood pressure may prevent cardiovascular
mortality and morbidity. Among patients with
stage 1 hypertension, a reduction of 12 mmHg in
systolic blood pressure for 10 years prevents one
death for every 12 treated patients with diabetes or
cardiovascular diseases. Even small reductions of
3 to 5 mmHg produce significant reductions in
stroke or heart failure (Source: American Journal
of Medicines, 2005, 118: 695-705).
With micardis® (telmisartan), our angiotensin II
receptor blocker (ARB), and micardisplus®
(telmisartan in a fixed-dose combination with the
diuretic hydrochlorothiazide), Boehringer Ingel-
heim offers two innovative options and flexibility
for the treatment of essential hypertension.
Prescription Medicines

Protection
around the clock
“In treating hypertension, the early morning hours are
critical, as blood pressure is known to surge at that
time. This surge corresponds to a sharp increase in the
risk of having a heart attack or stroke. Studies have
shown an estimated 40 % more people suffer a heart
attack and 50 % more people suffer a stroke between
6 a.m. and 12 noon,” says Professor Bryan Williams,
University of Leicester and lead investigator of the
prisma studies.
micardis® (telmisartan), Boehringer Ingelheim’s
successful, highly efficacious drug for treating essential
hypertension, offers 24-hour blood pressure control,
and also provides superior blood pressure lowering
compared to ramipril in the early hours. It is being
evaluated for its potential to protect end-organs, such
as the kidneys or the brain, as well as the potential to
delay the onset of diabetes II in patients with increased
risk, in the ontarget trial.
Systolic blood pressure (in mmHg)
in relation to time (wakening hours)
(0 = wake-up time)
160
150
140
130
-4 -2 0 2 4 6 8 10 12 14 16 18
hours
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
micardis® has the longest half-life in the ARB
class, providing effective blood pressure control
over 24 hours with a once daily dosage, including
the early morning hours when blood pressure
surges. At this critical time of day, it delivers
powerful blood pressure reductions.
micardis®/micardisplus® posted net sales of
EUR 724 million in 2005, representing growth of
27 % and making it our third biggest BPM product.
Having grown above the market average for anti-
hypertensives (34 %), its global market share
improved to 7.6 %.
In the protection programme of clinical trials
with micardis®, five trials versus main competi-
tors have provided new important clinical data for
micardis® and micardisplus® in hypertension,
showing clear clinical superiority over ramipril,
losartan, valsartan, and amlodipine + HCTZ. The
detail study, published in the New England Jour-
nal of Medicine in November 2004 in diabetic
nephropathy has put micardis® in the map of
nephro-protection. The trendy study reported in
major congresses in 2005 supported the nephro-
protective benefits of micardis® and three addi-
tional renal trials will consolidate the profile of
the brand in this area in 2006.
The landmark trials ontarget (in patients of
high cardiovascular risk, with 31,700 randomised
patients) and profess® (in patients with previous
stroke with 15,000 patients already recruited),
aiming to prove the cardio and cerebro-vascular
protection properties of micardis®, are proceed-
ing on schedule. Results of these trials are expected
in 2008.
The good acceptance of the product in 2005 pro-
vide an excellent platform to put micardis® on
track to become another blockbuster.
For additional information please visit our
websites at
www.micardis.com / www.ontarget-micardis.com
Every year, approximately three million people
worldwide suffer from acute myocardial infarction
(AMI), or heart attack. However, only about
47 % are diagnosed and treated. About 53 % are

either not recognised or are beyond treatment.
The most important factor for a successful treat-
ment of AMI is time to treatment. Thrombolytic
therapy, established as one of the most successful
modern AMI treatment options, is easy to apply,
available in all hospitals and considered safe in
view of the serious nature of the disease.
The Stroke Lysis Box from Boehringer Ingelheim
enables hospital emergency departments to provide
rapid clot-busting treatment.
actilyse® (alteplase), is indicated for the thrombo-
lytic treatment in AMI as well as in thrombolytic
treatment in acute massive pulmonary embolism
with haemodynamic instability. It has also a
conditional license for the treatment of acute
ischemic stroke (see below).
metalyse® (tenecteplase), the only thrombolytic
to be administered as single shot injection, is also
registered for the thrombolytic treatment in AMI
for patients, in whom a coronary intervention
cannot be performed within 90 minutes of onset.
With its ease of administration, metalyse® is
very well-suited for pre-hospital and in-hospital
thrombolysis to keep the time from onset of
symptoms to effective treatment as short as
possible.
Both products continued to be leaders in their
class and posted combined net sales of EUR 151
million, giving a 57.7 % market share in this com-
bined class of fibrinolytics.
Telemedicine helps stroke victims
Acute ischaemic stroke is caused by blood clots in the brain and requires urgent specialist attention.
However, only 30 % of acute stroke patients reach hospital within the first three hours. Particularly
those in rural areas do not always have access to specialist care. New technologies can link rural
hospitals with specialist centres. Remote patient interviewing, data transmission and video-
conferencing are available 24 hours a day to all hospitals linked in the network. The benefit to the
patients is twofold: they now have access to this modern treatment and the treatment is started
by very experienced people. This allows a greater proportion of acute stroke patients to be assessed
for thrombolysis with Boehringer Ingelheim’s actilyse® (alteplase), the only medication available
for the treatment of acute stroke.
Photo: Lennart Nilsson
Prescription Medicines

Stroke treatment and prevention
Stroke is the third leading cause of death and the
most important reason for medical disability. In
industrialised countries some five people in every
1,000, and three in every 100 people aged 65 years
and above, suffer a stroke. A stroke occurs when a
blood clot blocks a vessel or artery in the brain
(ischaemic stroke), or when a blood vessel ruptures
(haemorrhagic stroke), interrupting blood flow to
an area of the brain. A stroke kills brain cells in
the immediate area within a few minutes or a few
hours.
actilyse® is the first and only treatment indicated
for acute ischaemic stroke within three hours after
onset of symptoms. With sits most and sits
istr, Boehringer Ingelheim is sole sponsor of the
largest international stroke registry, providing
stroke experts worldwide with a valuable tool for
documenting and monitoring stroke patients.
For more information please visit the website:
www.stroke-forum.com
aggrenox® / asasantin® / asasantin retard®
(dipyridamole/ASA) is indicated to reduce the risk
of secondary stroke in patients who have had
transient ischaemia of the brain or completed
ischaemic stroke due to thrombosis. It posted net
sales of EUR 172 million in 2005, with growth of
18 %.
With profess®, the world’s largest trial in sec-
ondary stroke prevention, Boehringer Ingelheim
is aiming to prove that aggrenox® is superior to
clopidogrel. The trial, conducted since 2002, will
involve 18,500 patients in 32 countries. The out-
come is expected in 2008.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Diseases of the central
nervous system (CNS)
Parkinson’s disease affects approximately 1 % of
people over 60, but Parkinson’s can also afflict
people much younger. It is caused by a slow,
gradual loss of specific cells in the brain that
produce a chemical called dopamine which is
ultimately necessary for normal muscle function.
The disease is characterised by three main symp-
toms: slowness of motion, stiffness and shaking of
arms, legs or head.
Pramipexole, a dopamine agonist, is indicated for
the symptomatic treatment of Parkinson’s disease,
alone or in combination, throughout all stages of
the disease.
The compound is internationally marketed as
mirapex®, mirapexin®, sifrol® or pexola®.
mirapex®/sifrol® continued to show strong
growth in 2005, in part due to the launch in Japan.
At the end of 2005, it ranked No. 6 among our best-
selling products, with total net sales of EUR 430
million, up 52 % against 2004. It is the world’s
best-selling brand for Parkinson’s disease, with a
market share of more than 20 %.
The clinical development of mirapex®/sifrol®
has been completed for restless legs syndrome
(RLS), a sensorimotor disorder characterised by a
distressing urge to move the legs and sometimes
other parts of the body. It is usually accompanied
by a marked sense of discomfort or pain in affected
body parts. A comprehensive clinical development
programme with more than 1,000 patients in the
USA and six European countries, completed in

Stilling
restless legs
“The feeling is very irritating and I cannot sit
still. It is frustrating because I can feel the
‘bubbles’, but I cannot make them disappear.
The only way I can stop this feeling in my
legs is to move them and to walk,” says
Katrin Scherman from Sweden, who spent
25 years of her life enduring the symptoms
of RLS before seeking treatment. Restless
legs syndrome (RLS) is a neurological
disorder characterised by an uncontrollable
urge to move the legs, usually accompanied
by unpleasant and sometimes painful
sensations which worsen at night. Social
activities, including travelling, can also be
severely affected by RLS, as sufferers can
find sitting still very painful or difficult, especially
in the evening. Recent clinical studies
showed that pramipexole, with its fastacting
effect on a broad range of RLS
symptoms, cannot only provide rapid relief
from RLS symptoms, but also suggest
significant sustained efficacy. Pramipexole,
a compound from Boehringer Ingelheim
research, was first approved in 1997 and is
available in major countries worldwide under
the trade names sifrol®, mirapex® and
mirapexin® for the symptomatic treatment
of idiopathic Parkinson’s disease. Boehringer
Ingelheim anticipates approval in 2006 in
Europe and the USA for the treatment of RLS.
2005, showed significant improvements in RLS
symptoms, rapid onset of action and an excellent
tolerability profile. Regulatory dossiers for the
approval of mirapex®/sifrol® for RLS were filed
in 2005 in the USA and the EU.
Major depressive disorder (MDD), a common dis-
order of complex, often recurring symptoms
affecting mind and body, can be life-threatening
and certainly disabling, according to World Health
Organization (WHO) research. The neuropathol-
ogy of depression is not fully understood but the
two neurotransmitters serotonin and norepine-
phrine seem to play a major role in the develop-
ment and course of the disease.
In November 2002, Eli Lilly and Company and
Boehringer Ingelheim signed a long-term agree-
ment to jointly develop and commercialise
duloxetine hydrochloride. Duloxetine for MDD
and diabetic peripheral neuropathic pain (DPNP)
is internationally marketed under the brand
names cymbalta® and for Boehringer Ingelheim
in Greece, Italy and Spain as xeristar®.
cymbalta®/xeristar® is a potent and balanced
dual reuptake inhibitor of both serotonin and
norepinephrine that provides rapid, sustained
relief of the emotional and painful physical symptoms
of depression and gives patients a better
chance of getting well and staying well. In 2005,
major milestones were achieved with marketing
authorisation for MDD in the EU and other parts
of the world. cymbalta® had been launched in 20
countries by December 2005.
Prescription Medicines

0
Serotonin and norepinephrine also play a major
role in the neuronal modulation of pain signals.
cymbalta®/xeristar® has been successfully
developed for the treatment of DPNP, which
occurs in approximately 30 % of patients suffering
from diabetes mellitus. Symptoms of DPNP
include lancinating pain, paraesthesia and dys-
aesthesia as well as pain produced by a normally
non-painful stimulus. By effectively de-amplify-
ing the pain signalling, duloxetine offers a new
approach in the treatment of DPNP patients.
urologic diseases
Benign prostate hyperplasia (BPH), a common
disease that occurs in about 25 % of men aged 40
years or over and in more than 30 % of men over
50, results in lower urinary tract symptoms (LUTS)
related to obstructions of the urethra and gradual
loss of bladder function. These symptoms, such as
frequent need to urinate (particularly at night),
urgency, leaking, or dribbling, disrupt the activity
and sleep patterns of sufferers, drastically affect-
ing their quality of life.
alna®/flomax® (tamsulosin), an alpha receptor
antagonist, is indicated for the treatment of func-
tional symptoms of BPH, significantly improving
symptoms and quality of life. The product was in-
licensed in and jointly developed together with
Astellas Pharma and is marketed under a license
from Astellas Pharma. It achieved net sales of
EUR 721 million in 2005 and maintained its
market leadership in the USA, where a co-promo-
tion collaboration with Astellas Pharma started in
2004.
In 2005, a new formulation of
alna®/flomax® using the ocas®
(Oral Controlled Absorption System)
technology, was launched in several
European countries. This allows a
smoother 24-hour drug release with
reduced plasma peaks independent
of food intake, resulting in an even
better safety profile and favourable
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
results in wake-up several times at night with
urgent need to urinate (nocturia), one of the most
bothersome symptoms of BPH.
Stress urinary incontinence
Stress urinary incontinence (SUI) is the involun-
tary loss of urine with an increase in abdominal
pressure caused by a physical activity such as
coughing, laughing, sneezing, lifting or exercising.
Around 97 % of SUI patients are female, but less
than half of the women suffering from this condi-
tion seek treatment.
In November 2002, Eli Lilly and Company and
Boehringer Ingelheim signed a long-term agree-
ment to jointly develop and commercialise
yentreve®/ariclaim® (duloxetine) for treating
SUI. This partnership covers most countries world-
wide.
In mid-August 2004, EU approval was received
for yentreve®/ariclaim® for the treatment of
women with moderate to severe SUI. In 2005,
yentreve®/ariclaim® was launched in Greece
and Italy (by Boehringer Ingelheim as ariclaim®)
and in Mexico.
virologic diseases
Boehringer Ingelheim aims to improve HIV/AIDS
therapy by providing physicians and patients with
innovative antiretroviral drugs.
For more information, please visit the website:
www.boehringer-ingelheim.com/hiv
aptivus® (tipranavir), a non-peptidic protease
inhibitor, works by blocking the viral protease, an
enzyme needed to complete HIV replication.
Due to its unique chemical structure, aptivus®
preserves activity against viruses which have lost
susceptibility to other treatment options – a sig-
nificant advantage compared to other commer-
cially available protease inhibitors (PI).
When co-administered with low dose ritonavir, it
is indicated for combined antiretroviral treatment
of HIV infection in highly treatment experienced
(HTE) patients.

aptivus®, which complements viramune® in our
HIV portfolio, was launched in the USA in July
2005 and in the EU in November 2005.
viramune® (nevirapine) was the first compound
of the new class of non-nucleoside reverse tran-
scriptase inhibitors (NNRTI) to be launched in
1996 as a powerful component of combination
therapy for HIV-1. This product is now available
in about 100 countries which makes it one of the
most widely used compounds in chronic HIV-1
therapy worldwide.
viramune® has also been demonstrated to be
beneficial to prevent transmission from the HIV-1
infected mother to her infant. A single dose to the
mother during labour and a single dose to the
infant after birth has shown to significantly reduce
the HIV transmission rate. This simple and effec-
tive treatment, also tested successfully in combi-
nation with zidovudine/lamivudine, has particu-
lar value in the healthcare setting of developing
countries, and, as such, is recommended by the
WHO. viramune® posted sales of EUR 288
million in 2005.
Teamwork sets
benchmark
It took only 168 hours after market approval by the US
regulatory authority, the Food and Drug Administration
(FDA), for the first packages of Boehringer Ingelheim’s
novel anti-AIDS-drug aptivus® (tipranavir) to leave the
warehouse for US distribution. Due to the long manufac-
turing processes, the wheels of our supply chain began
turning well before approval starting with chemical
production of the active ingredient tipranavir and pharma-
ceutical production. These two different manufacturing
steps were conducted on two continents at Boehringer
Ingelheim’s company site in Ingelheim, Germany and a
third party site – Cardinal Health, USA. After the FDA had
endorsed and released all detailed drug-related informa-
tion, the company was on the home straight. Printing the
packages and leaflets, packaging, shipment and distribu-
tion under refrigerated conditions: the cogs – coordi-
nated by Boehringer Ingelheim’s packaging site Roxane
(Columbus, Ohio, USA) – meshed perfectly. Even with
another step added – release testing and distribution
via our product release site in Ingelheim – aptivus® was
available to patients in Germany and the United Kingdom
within a few days after the subsequent approval in Europe
in October was granted. Early involvement of Opera-
tions during the development process was a key success
factor. Numerous challenges arose which called for close
communication between the company’s Research &
Development and Operations divisions as well as with the
external US manufacturing partner to develop the appro-
priate chemical and pharmaceutical processes. “Seam-
less cooperation between multi-faceted teams across the
Boehringer Ingelheim development and supply chain, and
beyond, played a key role in the successful initial launch of
aptivus®,” Operations teamleader Joerg Hefer said.
“A new benchmark has been set.”
Prescription Medicines 1

Rheumatologic diseases
Osteoarthritis is the most commonly diagnosed
degenerative joint disease affecting the joints,
especially in elderly people. Signs and symptoms
of osteoarthritis might include joint stiffness and
discomfort often with a sensation of a grinding in
the affected joint. Rheumatoid arthritis, an auto-
immune disease that affects the body as a whole,
may also lead to joint destruction.
mobic®/mobec® (meloxicam) is indicated for the
symptomatic treatment of osteoarthritis and
Economic Regions
Americas
rheumatoid arthritis as well
as ankylosing spondylitis
(Morbus Bechterew). The
drug which became our sec-
ond blockbuster drug in
2005, posted net sales of EUR
848 million, with a market
share of 14.9 % in the IMS
anti-rheumatic market.
The economic environment in the Americas
Region developed favourably during 2005. The
region posted sales of EUR 3.7 billion with a
growth rate of 17 %, representing a 51 % share of
Boehringer Ingelheim’s Prescription Medicines
business. The USA achieved net sales of EUR 3.1
billion, corresponding to 18 % growth.
The USA remains the worldwide motor for eco-
nomic growth in the innovative pharmaceutical
industry. A highly competitive environment with
free market price development and rapid market
acceptance for innovations, it offers patients quick
comprehensive access to improved treatments.
The USA will remain the most important market
for Boehringer Ingelheim’s innovative pharma-
ceuticals for the foreseeable future.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
The debate about cost containment, rebates and
reimbursement payments (“Medicare” and “Medic-
aid”) continuously put pressure on prices and may
render patient access to innovative products more
difficult. But the ongoing healthcare reform
initiative (“Medicare Drug Benefit”) will provide
access to health services for additional patients.
The impact of this initiative on pharmaceutical
sales volumes and price levels will be seen over
the the next years.
spiriva® was our biggest growth driver in the
region, achieving net sales of EUR 379 million, up
120 % from the previous year. Additional growth
drivers in 2005 were mobic®, combivent® and
sifrol®.
In 2005, Boehringer Ingelheim continued to
increase its field force in the USA and a customer
relationship management (CRM) programme was
successfully implemented. An additional phase of
increased focus on the specific needs of physicians
and their need for individual information will
continue to improve the service level during the
coming years.
In Latin America, economic growth slowed in
2005 to a more sustainable level compared to the
sharp increase in 2004. Inflation in the region
stabilised, but remains volatile, with highly fluc-
tuating commodity prices. The currencies of the
main countries stabilised against the Euro. Some,
like the Brazilian real, even strengthened.
The total pharmaceutical market, including
branded and generic products, continued to grow,
with Mexico up 12.0 %, Brazil up 14.6 % and
Argentina 12.2 %. However, a stable and depend-
able development of our BPM business in this
region is still hampered by the lack of binding
patent laws, except in Brazil and Mexico.
Total net sales of our BPM business in Latin
America amounted to EUR 200 million in 2005,
an increase of 26 % against the previous year.
Growth drivers were mobic®, micardis® and
selected local products. Currency revaluations

Americas
3,670
also contributed positively. spiriva® and the
recently launched product cymbalta® performed
strongly and continued to gain market share.
In Latin America, we implemented a new regional
business concept by implementing a regional
operative unit located in Argentina.
Europe
Our business developed highly satisfactorily in
Europe in 2005. With a growth rate of 15 % and
net sales of EUR 2 billion, we grew about twice as
fast as the market. Our market share increased to
2 %, ranking us as No. 12 in the European pharma-
ceutical market. This success is based on the good
acceptance of our innovative products by physi-
cians and patients.
Europe
2,037
of which:
USA branded
2,592
USA non-branded
535
However, the pharma-political environment in
Europe remained challenging during 2005 and
patient access to new innovative medicines was
often delayed. In addition, cost containment
measures in national healthcare systems mainly
target pharmaceutical spending with mandatory
rebates, repayments and parallel trade.
The main growth driver in 2005 is spiriva®.
Net sales reached EUR 459 million, an increase of
54 % over 2004. spiriva® developed very positively
of which: Germany
455
Asia, Australasia,
Africa
1,312
Sales Prescription Medicines 2005, excluding licenses (in millions of EUR)
in all major markets, reaching market shares of
10–15 % and even up to 20 %.
micardis® / micardisplus® became our second
leading product in Europe, growing with net sales
of EUR 191 million. Newly published data on its
benefits, not only in hypertension but specifically
new benefits for nephroprotection in hypertensive
diabetic patients, is expected to support further
growth.
of which: Japan
801
sifrol®, our leading Parkinson’s medicine, more
than doubled its turnover to EUR 183 million.
Currently it is under registration for RLS. Three
important new introductions to the European
market came in 2005. cymbalta® for MDD. alna
ocas®, a tablet version of our market-leading BPH
product and aptivus®, our HIV treatment.
With the exception of France, all major European
markets gained considerable growth momentum
in 2005. After a difficult year 2004, our German
business developed quite satisfactorily due to the
new introductions of cymbalta®, aptivus® and
alna® ocas® as well as the high market accept-
ance of spiriva®, micardis® and sifrol®.
Dynamic growth was achieved in Central and
Eastern Europe, especially in Russia. Double-digit
growth rates were recorded in Italy, Spain and the
United Kingdom.
The USA remained the
by far most important
market for our drugs.
Prescription Medicines
(which accounted for 76 %
of our net sales) had a
turnover of more than EUR
7.2 billion to which US sales
contributed 43 %.
The Europe Region
achieved 28 % of PM net
sales.
Prescription Medicines

Asia, Australasia, Africa
In all major markets in our Asia, Australasia,
Africa (AAA) Region – Japan, Australia, Turkey
and South Korea – we experienced strong
growth.
This is particularly remarkable considering the
business environment of our industry in the region
was in 2005 determined by a continuation of cost
containment initiatives and governmental restric-
tions. The development in AAA must therefore be
considered against a background of mandatory
price reductions, governmental prescription rec-
ommendations, such as positive lists, and, in
almost every country, strong encouragement of
generic prescribing.
In Japan, Nippon Boehringer Ingelheim had the
fastest growing business among the leading
25 pharmaceutical companies. Net sales grew by
12 % to EUR 800 million, driven in particular
by micardis®, due to a continuation of our highly
successful cooperation with Astellas. micardis®,
now our leading product in Japan, achieved a
market share of 10.6 % within two years of
launch.
Although sifrol® and spiriva® also contributed
to the excellent development in Japan, much of
the Nippon Boehringer Ingelheim’s sales growth
can be explained by a range of field force effi-
ciency improvements in 2005.
In Australia, above-market performance achieved
in the last few years continued in 2005, with net
sales growing by 25 % to EUR 120 million, the
main contribution coming from spiriva®. The
situation in Turkey was similar. Our sales, driven
by spiriva®, flomax® and micardis®, achieved
a growth of 54 % to achieve net sales of EUR 80
million.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
South Africa, AAA’s sixth largest country, also
showed positive development. Here, however, the
largest sales contribution came from viramune®.
Our company in China celebrated its tenth anni-
versary. Net sales reached more than EUR 40
million. In India, besides our licensing agreement
with Cadila Healthcare Ltd., we have started our
own subsidiary.
In the region Near East / Middle East, we imple-
mented a new regional business concept at the
end of 2005 by creating a regional operative unit
located in Dubai.
Generic Prescription
Medicines (GPM)
In the USA, Boehringer Ingelheim Corporation’s
GPM business consists of its subsidiaries Ben
Venue Laboratories with its separate division
Bedford Laboratories, based in Columbus, Ohio.
Bedford Laboratories is dedicated to the market-
ing of a select line of liquid and lyophilised sterile
injectables from Ben Venue. Roxane Laboratories
and Bedford Laboratories, generated 6 % of
Boehringer Ingelheim’s sales.
With respect to generic drugs, the US pharmaceu-
tical market is currently in a change process.
It is expected that demand for pharmaceuticals
and generics in particular, will continue to
increase due to pressure to reduce healthcare
costs, the aging population, and the 2006 Medi-
care Prescription Drug Benefit.
However, as the size of the generic market
increases, there is increased competition for
revenues coming from traditional brand pharma-
ceutical companies with a renewed interest in
generics, from extremely large multinational
generic companies that have grown through
merger and acquisition, and from Indian, Eastern
European, and very soon Chinese companies.

As the size of the market increases, competition is
putting downward pressure on prices and mar-
gins. Many companies are moving, or looking to
move manufacturing off-shore.
Roxane
Roxane Laboratories focuses on developing,
manufacturing and packaging more than 400
medications, including oral liquids, tablets, and
capsules.
The business posted sales of EUR 194 million
(USD 241 million), representing an increase of
14 %.
Roxane launched nine new generic drugs in 2005,
including the antibiotic clarithromyin and almost
20 new abbreviated new drug applications
(ANDAs) were filed.
Bedford Laboratories
Bedford posted net sales of EUR 341 million (USD
424 million), a growth rate of 26 %. Key products
for 2005 included propofol, octreotide, GlucaGen®,
paclitaxel and Adriamycin®.
In 2005, Bedford launched six new products,
including propofol, an anaesthesia product, and
octreotide, an oncology adjunct. Propofol entered
the US market as one of two generics. Octreotide
entered the US market as the sole generic with 180
days exclusivity. These two products accounted
for USD 94 million sales. With these six new
products, Bedford has solidified its position in the
generic market and remains one of the largest US
suppliers of speciality injectable pharmaceuticals
to hospitals and clinics.
Bedford’s recent partnership with an intravenous
(IV) bag manufacturer will provide Bedford’s cus-
tomers with a wider variety of drug deliver choices.
Bedford will also continue to file 10 to 12 ANDAs
each year to create a pipeline of products that will
allow us to maintain a leadership position.
High value
injectables
Over the past 12 years, Bedford Laboratories has focused
its efforts on improving and advancing high-quality
products that offer value to its customers. It is renowned
for select specialty injectables, many not available from
any other source. Bedford currently offers 84 inject-
able products in 229 different configurations, covering a
wide variety of therapeutic classes, mainly in the areas of
oncology, cardiology, anaesthesia and antipsychotics.
Prescription Medicines

Consumer Health Care
Let’s talk about it
“Constipation is a widespread and sensitive disorder. Many
sufferers often feel guilty and responsible for their symptoms,
believing that their lifestyle is to blame,” according to the
gastroenterologist Professor Stefan A. Müller-Lissner of Park-
Klinik Weissensee, Humboldt University, Berlin.

A review that he led on constipation, published in
the American Journal of Gastroenterology (AJG)
in 2005, provided sufferers and healthcare profes-
sionals with strong, legitimate grounds to remove
such feelings of guilt. Boehringer Ingelheim’s
long-standing contribution to relieving this com-
mon, very uncomfortable condition is dulcolax®,
the world’s leading laxative brand.
The independent paper, “Myths and Misconcep-
tions About Chronic Constipation”, which
appeared in the AJG, concluded that many aspects
of constipation, including the use of laxatives, are
based on traditional views and misunderstand-
ings. It clarified many wrongly held beliefs and
showed that often they are not based on hard fact
or medical evidence.
The review’s key findings were that diet and life-
style should not be assumed to be the main cause
of constipation. For some, a fibre-rich diet may be
helpful, however, in many people with more
severe constipation, fibre intake can make symp-
toms even worse. Increased fluid intake will not
provide significant relief from constipation, except
if you are dehydrated. Further findings relate to
the use of laxatives that have wrongly been associ-
ated with a number of unsubstantiated claims.
The review found, for instance, that there is no
evidence that laxative use might cause damage to
the colon and that it is uncommon for most laxa-
tive users to develop a level of tolerance.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
While diet and lifestyle should not be assumed to
be the main cause of constipation, it is advisable
to remain healthy overall by eating a balanced
diet, drinking enough water and taking regular
exercise. As a proven, safe and effective laxative,
dulcolax® can be taken as a first-line treatment
to help restart the natural rhythm.
Our communication initiatives
The review in AJG prompted Boehringer Ingel-
heim to launch a major campaign in 24 countries
to communicate its key findings in order to con-
tribute to a better understanding of constipation
and laxatives’ role in treatment options.
The scientists too had a good opportunity to make
their findings known. Professor Carmelo Scarpig-
nato, University of Parma, Italy, co-author of the
AJG paper called the health education campaign a
“great success”.
The international
dulcolax® website,
locally implemented,
underlines the
global presence
of the brand.
Significantly, new constipation treatment guide-
lines for pharmacy staff were, for instance, pub-
lished in the United Kingdom after the review in
the AJG with the endorsement of the College of
Pharmacy Practice, which followed the recom-
mendations in the paper.
Boehringer Ingelheim’s commitment to raising
disease and treatment awareness was also evident
in the USA where the dulcolax® Guide for
Healthy Living, a national educational pro-
gramme, was launched by the Hispanic talk show
host Cristina Saralegui in 2004. “Constipation
sufferers need to listen to their bodies and take
action by becoming aware of the things they
are doing and not doing to alleviate symptoms,”
she said. n

Gentle and effective
dulcolax® forms a key part of Boehringer Ingelheim’s self-medication heritage. On the market for over 50
years, dulcolax® is available as sugar-coated tablets and suppositories containing the active ingredient
bisacodyl as well as pearls and drops containing the active ingredient sodium picosulphate. A unique comfort
coating prevents the tablet from being dissolved until it reaches the colon, where its active ingredient is
released exactly in the right place. Today, this gentle and effective laxative is marketed in over 90 countries,
both on prescription and over-the-counter (OTC). It is recognised as the top selling contact laxative
(influence on the motility of the colon by direct contact with the colon wall). And the new thinking about
constipation has had a real impact. Shailesh Amin, a retail pharmacist in the UK, noted: “I have already made
a monumental shift in prescribing advice and sale for constipation products. Out goes lactulose and fibre and
in come the contact laxatives.”
For more information visit www.dulcolax.com
Consumer Health Care

0
Consumer Health Care
Our Consumer Health Care (CHC) segment achieved net sales of EUR 1.1 billion
in 2005 (+8,5 % against the previous year). Both our Americas and Europe
Regions achieved strong double-digit growth. Boehringer Ingelheim is ranked
No. 8 worldwide among CHC companies and in 2005 enhanced its position
primarily through line-extensions and switching prescription-only medicines
to over-the-counter (OTC) products. Our key international brands continued
to develop positively.
Development by brand
buscopan® – a medication against abdominal
discomfort and cramping – is the worldwide No. 1
antispasmodic brand, according to IMS data. The
buscopan® franchise produced strong double-
digit growth in 2005, mainly due to successful
switches in Mexico, Brazil, Argentina, Colombia
and Venezuela.
The product is now marketed in more
than 100 countries. The development of
a validated international brand platform
was started in 2005 and is expected to be
implemented from 2006, helping to
capitalise on the brand’s strong medical
heritage and build a robust OTC umbrella
as a basis for future line-extensions.
Sales Consumer
Health Care
in millions of EUR
1,000
800
600
400
200
’03 ’04 ’05
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
964
970
1,052
dulcolax® – our leading laxative brand –
successfully marketed in more than 100 countries,
maintained its No. 1 market position in 2005. In
the Americas it continues to reinforce its strong
category position. Good performances were
achieved in Europe and Asia, with dulcolax®
holding a strong lead position in important
markets, such as Germany and South Korea. Plans
to strengthen this brand into a worldwide OTC
laxative leader over the forthcoming years is a key
focus of our strategic development.
antistax® – our brand for the prevention and
treatment of chronic leg vein weakness – suc-
ceeded in further accelerating growth in 2005,
with Italy, Belgium and Germany the main con-
tributors to this positive performance. In Germany,
antistax® extended its leadership in the leg vein
Top 10 products
Consumer Health Care
Net sales in millions of EUR change
1. dulcolax® 114.8 +18.8 %
2. mucosolvan® 91.3 +226.6 %
3. geriatric pharmaton® 88.4 +4.5 %
4. bisolvon® 66.9 +8.4 %
5. buscopan® 59.5 +38.2 %
6. laxoberal® 31.8 +126.6 %
7. thomapyrin® 30.0 –15.3 %
8. anador® 25.3 +13.0 %
9. antistax® 22.6 +2.5 %
10. frubienzym® 18.6 –12.1 %
others 549.2 21.1 %
For information about indications,
see our Glossary on pages 116–118.

health market. With
sales of almost 30 % in
the market, Italy made a
very substantial contri-
bution to the perform-
ance of antistax® in
2005.
mucoangin® – our sore throat brand – achieved
satisfactory growth in the major markets Germany
and Mexico. New product launches were made in
Denmark and Sweden.
mucosolvan® – the world’s
leading cough expectorant –
strengthened its position with
good growth of 14 %, compared
with 2004. New marketing
campaigns were initiated in
Mexico, Brazil and Germany
during the year.
bisolvon® – the cough remedy
– consolidated its position as one of the leading
brands in the world OTC
expectorant market. In
2005, it successfully sus-
tained its strong position
in many markets, particu-
larly in South America
and Europe, achieving
double-digit growth.
pharmaton® – our umbrella brand for the
improvement and maintenance of vitality and
well-being – performed well in 2005, with strong
growth in the key markets in Latin America –
Mexico, Brazil and Argentina.
IMS figures put pharmaton®
as world No. 2 in its category.
In 2005, development of a vali-
dated international brand plat-
form was started, with imple-
mentation expected to start in
2006. This will help capitalise on the strong brand
image/market position that pharmaton® com-
mands in many markets. pharmaton® kiddi
(children’s supplement) produced strong growth
in Mexico in 2005, boosted by the launch of
galenic line extensions in late 2004.
Development by region
Europe
In 2005, the region reported sales growth as of
14 % compared to the previous year, as a result of
a favourable seasonal demand for cough & cold
brands combined with several line extension
launches, switches and healthy, above-market
growth. Activities in 2005 were intensively
focused on our international brands. Germany,
Spain, Italy and Russia, our major markets in
Europe, were the prime drivers of the positive
development.
Americas
The year 2005 was a very positive one for the
CHC business in the Americas Region, which
achieved growth of 19 % against previous year.
The main growth driver was Mexico.
Asia, Australasia, Africa (AAA)
SSP Co. Ltd. – the No. 3 OTC company in Japan,
whose major shareholder is Nippon Boehringer
Ingelheim Co. Ltd. – strengthened its position in a
highly competitive market environment. The AAA
Region, excluding Japan, achieved strong growth
of +16 % against the previous year. Our interna-
tional core brands pharmaton®, bisolvon® and
dulcolax® showed overall sales growth of 86 %.
Consumer Health Care
1

Margareta Ebelt collapsed in her bathroom, struck down by a severe heart attack.
Walking her dog, she had felt a twinge in her chest but had not taken any notice.
Fortunately, her husband alerted the emergency services immediately.
Otherwise, the incident could have been fatal. Margareta lives to tell her story,
thanks to right in time treatment with Boehringer Ingelheim’s metalyse®.
Time is extremely critical when suffering a heart attack. In the ideal scenario,
treatment can begin aboard the ambulance or as in Margareta’s case in the
patient’s home. The probability of patients recovering fully then rises to around 70 %.
Biopharmaceuticals
Time

is critical

“I did not want to become one of those helpless folk,” Margareta Ebelt says.
And she certainly is not. As before, Margareta is now managing the accounts of
the company she and her husband own in Dueren, Germany. Besides the human
suffering, cardiovascular diseases have a major financial and social impact.
Many people who survive a stroke or a heart attack need long-term care. It is
estimated that stroke accounts for 4–6 % of healthcare budgets, excluding the
costs of social services and care. metalyse® (tenecteplase) is the first and only
clot-dissolving medication administered as a five-second injection. This biopharmaceutical,
manufactured and marketed by Boehringer Ingelheim, is today
considered the first line treatment for heart attack (acute myocardial infarction).
Early leadership in biotechnology
In the rapidly expanding field of biopharmaceuti-
cals Boehringer Ingelheim is one of the world’s
leading players, building on a wealth of expertise
that the company has generated since 1885.
The company began using bacteria for the produc-
tion of lactic acid in commercial quantities as
early as 1895. This was the world’s first successful
use of micro-organisms for large-scale product
manufacturing. In 1933, the company successfully
developed a process for manufacturing citric acid
through the fermentation of fungi. Our compe-
tence in fermentation processes provided valuable
support in the 1970s for the manufacture of
numerous new antibiotics, including amicleno-
mycin, epidermin and gunacin, lead substances
for chemically optimizing medications. After first
extracting alkaloids from plants in 1905,
Boehringer Ingelheim increased production con-
siderably from the 1960s onwards. This led to the
commercial introduction of products, such as
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
morphine and codeine, and later, atropine, theo-
bromine and ergot alkaloids – all clinically impor-
tant agents.
Drugs for the 1st century
In biopharmaceuticals the active substances are
extracted from natural materials, from cells or
plants, and not through chemical synthesis. It is
widely accepted today that a wide range of diseases,
such as diabetes, autoimmune diseases or cancer,
are better treated with medicines produced using
biotechnology.
Reflecting this, the importance of biotechnology
has grown significantly since 1990, when not even
1 % of all drugs were produced biologically. Now
they account for 8 % and are on a rising trend. It is
estimated that by 2018 half of all pharmaceutical
turnover will be generated by biopharmaceutical
medicines. For newly launched medicines, the
figure is already as high as 35 %. For Boehringer
Ingelheim the modern era of biotechnology began

at the end of the 1970s with the manufacture of
therapeutically active proteins by genetic engi-
neering. Again, the company was among the
pioneers. Our output included interferon beta,
interferon omega, Namalwa interferon, interferon
alpha, interferon gamma and manganese super-
oxide dismutase.
Successful cooperations
Our technical lead in biopharmaceutical manu-
facture and competence across the whole devel-
opment and production chain led in the early
1980s to the highly successful cooperation with
the California-based Genentech Inc. This resulted
in the development of drugs such as actilyse®
(rt-PA), metalyse (TNK-tPA), imukin® (inter-
feron gamma) and beromun® (tumour necrosis
factor alpha).
The company has maintained its early technologi-
cal lead to the present day. At the Biberach site,
the company has the world’s second largest plant
for manufacturing biopharmaceuticals. Its 12 fer-
menters each have a capacity of 15,000 litres.
Mammalian cell cultures are here turned into
highly efficacious drugs, such as metalyse® or
actilyse®, a medication indicated against stroke.
To maintain our strong performance in microbial
production of biopharmaceuticals a new plant
was inaugurated in April 2005 at our site in
Vienna, Austria.
In addition, we provide know-how to our
commercial partners, companies such as Amgen,
Pfizer or Schering, for which we do contract
manufacturing. n
Biopharmaceuticals

Biopharmaceuticals and Chemicals
Our Biopharmaceuticals division is a leader in time-to-market development for
efficient and robust large-scale production of high quality biopharmaceuticals.
Its major sites in Vienna, Austria, and Biberach, Germany, have both established
a strong track record in development and regulatory approval during the last
25 years. In our Industrial Customer business for global marketing and sales
of third parties, we provide the entire biopharmaceutical process chain with
our own intellectual property from cell-line development, fermentation,
downstream processing, formulation as well as fill and finish in state-of-the-art
application systems, including global registration and marketing support for
biopharmaceuticals.
Biopharmaceuticals
Ground-breaking for a brighter future
The year 2005 represents the most successful
business year so far for Biopharmaceuticals.
To maintain our strong performance in microbial
production of biopharmaceuticals a new plant
was inaugurated in April 2005 at our site in
Vienna, where the capacity is now doubled with
an investment of EUR 80 million, raising total
capacity of 12,300 litres fermentation volume in
three parallel operating facilities and created 200
new highly qualified jobs.
The full operation of our new facility for cell cul-
ture-derived products in Biberach, high-yield
processes, extraordinary success rates and our
demanding long-term contracts contributed to a
sales increase of more than 40 % to EUR 548 mil-
lion. Our investment in a brighter future was fully
materialised, due to very substantial synergies
with existing onsite plants in Vienna and Biberach
and skilled, highly-experienced employees.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
In order to further accommodate our high-yield
fermentation processes for mammalian cell
cultures, additional investments are being made
at the Biberach site, groundbreaking for competi-
tive manufacturing costs.
To address patient convenience, an investment
into an aseptic filling line for pre-filled syringes
has been given the go-ahead. This should
strengthen our leading position in the develop-
ment of application systems for therapeutic pro-
teins and in future for gene therapeutics too.

Moreover, for Boehringer Ingelheim’s own bio-
pharmaceutical products – actilyse®, metalyse®,
beromun® and imukin® – sales amounted to
EUR 163 million. metalyse® gained significant
market share over actilyse®, indicating that
second generation products with improved
efficacy pay off in the market.
Cost of goods is a key issue in a competitive envi-
ronment. For our gene therapy production line at
our microbial plant in Vienna improvements in
expression yields up to 1.2 g pDNA/litre were
obtained through culture media development and
optimised feeding strategies. Our proprietary
microbial expression system for the production of
therapeutic proteins was also advanced signifi-
cantly during 2005 to 12 g protein-inclusion
bodies/litre fermentation volume and 80 % yield
in the following refolding step.
Comparable with our franchise in manufacturing
gene therapeutics, an economic manufacturing
process for protein scaffolds has been established.
It is believed that protein scaffolds will be a second
wave of immuno-therapeutics with certain advan-
tages over monoclonal antibodies such as brain
penetration, suitability for specific intracellular
targets and estimated lower treatment cost. We
are already prepared to take up such processes in
our Industrial Customer business and for in-
licensing for our own R&D pipeline. One of our
partners in this field is Avidia.
Short half-life and parental application of bio-
pharmaceuticals can be compensated, for example,
by pegylation of the protein therapeutic. Expertise
in this technology led in 2005 to new business.
For mammalian cell cultures, a monoclonal anti-
body titer of more than 4g/litre has been reached
successfully in process development.
Major investments in increased capacity combined
with achievements in process sciences and manu-
facturing, together with improved business proc-
esses, provide potential for improved profitability
in manufacturing and strengthen Biopharmaceu-
ticals’ competitiveness on the world market.
The year 2005 marked the 10th anniversary of our
mammalian cell culture multi-product US Food
and Drug Administration (FDA) license. During
the FDA’s 2005 biannual inspection, all of our
facilities and products were certified. In the new
cell culture facility with 6 x 15,000 litre capacity a
Biopharmaceuticals and Chemicals

second manufacturing process has been success-
fully implemented. The facility was also licensed
as a multi-product facility by the FDA in 2005,
just one year after initial licensing as a mono-
product facility.
Our new biological entity (NBE) pipeline strategy
has been implemented to fuel Boehringer Ingel-
heim’s R&D pipeline with biopharmaceuticals. In
this context, a monoclonal antibody for the treat-
ment of psoriasis was in-licensed from AbGenom-
ics. A research collaboration for natriuretic peptide
receptor fusion proteins with Syntonix has been
commenced. Medarex and MorphoSys technolo-
gies have been licensed in 2005. All these efforts
are designed to create added value for Boehringer
Ingelheim’s NBE development.
Investments
Chemicals
Chemical Production
In recent years, our production network Chemi-
cals has been developed into a globally-orientated
organisation, developing and producing active
pharmaceutical ingredients (APIs) for Boehringer
Ingelheim.
By focusing our chemical sites – Germany, France,
Italy, Spain and the USA – on specific predefined
roles within the network, flexible and highly
competitive production of active pharmaceutical
ingredients (APIs) has been secured for captive
use and industrial customers.
In 2005, the launch of aptivus® was supported by
API production at the launch site Ingelheim,
Germany. To satisfy constantly growing demand
for micardis®, the Petersburg, Virginia, USA, site
commenced production of telmisartan. In addi-
tion, the Malgrat, Spain, site hosted an interna-
tional workshop, where members of the
“Telmisartan Expert Teams” from Ingelheim,
Petersburg and Malgrat met to establish best prac-
tices at all sites through an intensive exchange of
experiences and accessing opportunities for con-
tinuous improvement.
Worldwide investments in property, plant and equipment accelerated at Boehringer Ingelheim in 2005. They increased
by about 25 % compared to 2004 to EUR 532 million. “These investments mirror our dynamic business growth,” says
Dr Hans-Jürgen Leuchs, Board Member responsible for Operations. The most important project completed in 2005
was the new biopharmaceutical production plant in Vienna, Austria (inauguration in Vienna 2005, picture on the right),
an investment of some EUR 80 million, which will also create 200 new jobs. The company is strongly expanding its
biopharmaceutical investments in order to maintain its leading edge in this field. EUR 70 million will be invested to
modernise (de-bottleneck) one of the high capacity biopharmaceutical plants in Biberach, Germany. Further investment
projects in 2005 were the starts of a new logistics centre in Ingelheim, and a physical science building in Ridgefield,
Connecticut, USA. The expansion of the chemical production plant in Petersburg, Virginia, USA is ongoing, and also the
expansion of the production lines at our companies Roxane Laboratories, Inc., Columbus, Ohio/USA, and Ben Venue
Laboratories, Bedford, Ohio.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5

Pioneering college course
in biotechnology
In a unique educational venture Boehringer Ingelheim is participating in a pioneering public-private partnership in Biberach,
Germany, to create a college course in pharmaceutical biotechnology. The groundbreaking ceremony for the technical
college building that will house the course took place in June 2005. The first group of 35 students is scheduled to start
the bachelor of science course in the winter semester 2006-7, but ultimately the number of students will total 200.
Prof. Rolf Werner, head of the division Biopharmaceuticals at Boehringer Ingelheim, described the venture as an
“investment in the future” for the Baden-Wuertemberg region, for Germany and for Boehringer Ingelheim. Biberach is the
main site of the company’s biopharmaceutical activities. The partners in the project are the local, regional and federal
authorities, a local bank and the biotechnology company Rentschler. The degree course will cover everything from the basic
science and analytical techniques in biopharmaceuticals through process development and plant technology to business
economics and medical law.
Fine Chemicals
The sales figures of our worldwide Fine Chemicals
business developed very well. Despite difficult
market conditions, arising, for example, from
Indian competition surplus capacities, they
attained the same level as in 2004. Consolidated
sales amounted to EUR 140 million in 2005, just
matching the 2004 level, irrespective of the
substantial loss of a custom synthesis product.
The importance of the US market increased
further.
A highlight of 2005 was the performance of
phenylephrine. Volumes doubled due to sales
restrictions on an alternative API in the USA.
Controlled substances also showed gratifying
growth in the USA. Sales from new business
development projects performed very well, too.
Biopharmaceuticals and Chemicals

Animal Health
Helping the
0

heartWhen
her Labrador Buster
fell ill, he could no longer play with
little Anna Kingston. “Our dog was frail and
apathetic,” says Anna’s mother, Liz. Buster was
unresponsive, weak and lacked his usual spirit.
Like the one in ten dogs with heart disease, he was suffering from what the
experts call dilated cardiomyopathy (DCM) which produces changes in the heart,
reducing its capacity, leading to congestive heart failure. This at first causes
breathing difficulties and exhaustion, later leading to premature death.
1

Fortunately for Buster and the Kingston family, vetmedin®, a breakthrough
treatment developed by Boehringer Ingelheim for treating heart failure in dogs,
was available. Buster has been part of the Kingston family for the past five
years. “He won our hearts in an instant and bonded particularly strongly with
our little daughter Anna,” says Liz Kingston. “They would tumble around
all the time, playing with a ball or exploring their surroundings. In winter, we
suddenly noticed that Buster at night paced to and fro nervously. His breathing
was difficult and he developed a cough. At first we thought it was just a cold,
but Buster would lay on his blanket all day and not even want to go for walkies.”
The family finally turned to their veterinarian, Dr Henry Norfolk, who diagnosed
that Buster had DCM, a disorder which, if untreated, means an average life
expectancy for the dog of only a few weeks or months. “This news hit us very
hard, but thankfully Dr Norfolk knew that vetmedin® (pimobendan) has been
shown to be a highly effective medication for this condition,” Liz Kingston
recalls. After hearing about the favourable results of various studies involving
the treatment, the family had renewed hope for their much-loved pet. Their
hope was fulfilled when, shortly after treatment began, Buster was much better
and almost back to his old playful self. That was over a year ago and Buster is
still going strong. “We’ve been so thankful for every extra day that we’ve had
with Buster,” Liz concludes.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5

According to the American Veterinary Medical
Association (AVMA), canine heart disease is one of
the leading causes of death in pet dogs. Of the 10 %
of dogs which develop congestive heart failure,
DCM is the second most frequent cause.
Studies prove efficacy
Veterinarians have increasingly recognised
vetmedin® as a first-line treatment for canine
congestive heart failure due to both DCM and
mitral valve disease (MVD). vetmedin® differs
from previous treatments by helping the heart
pump more easily and efficiently, often bringing
dramatic clinical improvement within days of
initiating treatment.
In contrast to other commonly used heart drugs
that only attack the disorder with a single mode of
action, vetmedin® combines two favourable
actions. It dilates the blood vessels, thereby reduc-
ing the effort the heart has to make to circulate
blood. At the same time, vetmedin® works to
increase contractility by helping the heart to pump
more strongly and more efficiently. The first of a
new class of compounds, this inodilator’s unique
dual action, makes it an optimum treatment for
MVD and DCM, the two most common forms of
heart disease in dogs.
Clinical studies have independently confirmed the
significant superiority of vetmedin®. Boehringer
Ingelheim aims with the long-term study quest
(QUality of Life and Extension of Survival Time),
initiated two years ago, to further research the
important parameters of quality of life and life
expectancy. Based on this study, one of the world’s
largest independent studies in companion animal
veterinary medicine, a new benchmark will be set
for treating heart failure in dogs. n
Beneficial alliance
Boehringer Ingelheim Animal Health cares for pet animals,
for a longer and happier life together. This is one of the
cornerstones of our mission. Boehringer Ingelheim has for
the past half century cared for the benefit of animals and
people, discovering and developing a wide range of novel,
practical treatments for cats and dogs.
The company is dedicated to fostering a beneficial alliance
between man and animals by uniting research expertise
and human pharmaceutical excellence. Our pets are living
longer, healthier and happier lives through improved
nutrition and healthcare. This has created a real demand
for effective and safe treatments for chronic and geriatric
conditions, such as heart disease, osteoarthritis and
cancer.
vetmedin® helps
the heart to pump
more strongly and
more efficiently.
Animal Health

Animal Health
Our Animal Health division celebrated its 50th anniversary in 2005.
While this makes Boehringer Ingelheim one of the long-established companies
in this industry, it stands out as one of the most innovative and dynamic.
The anniversary year saw generally very satisfactory business development.
Sales rose by 8 % to around EUR 360 million in local currency. Our focus
in 2005 continued to be on the core segments livestock vaccines and chronic
diseases in companion animals and on optimisation of organisational
and marketing structures. This further consolidated our position among the
top 10 leading animal health companies in the world, giving us a global market
share of 3 %.
Regional differences
Growth in 2005 varied greatly from one region to
another. Once again, Europe, the growth engine
behind the Animal Health division, posted excellent
business development in the market with an
7 % increase in sales. The NAFTA region posted
sound growth of 9 %, but the year was marked by
special factors, such as the sale of the antibiotic
denagard® to Novartis. Asia also had a successful
year. Sales in China and Thailand more than
doubled, while the registration of ingelvac® prrs
in these countries paved the way for continued
strong growth. In Japan, the restructuring process,
aimed at streamlining the product portfolio and
concentrating on our core segments, is practically
complete. The launch of our porcine vaccine range
in Latin America and Eastern Europe is currently
being prepared.
Food-producing animals
Swine
The key event in the swine segment in 2005 was
the pan-European launch in Barcelona in October
2005 of enterisol® ileitis, the first and only
vaccine in the world for the widespread dis-
ease ileitis that is associated with diar-
rhoea. Our experience in practice to date
has been extraordinarily positive. In the
USA, every third pig was vaccinated
against ileitis in 2005, while control of
the disease was established as an essential
element of professional healthcare
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
management of pigs. In Germany, some produc-
ers’ associations have already declared the use of
the oral vaccine to be mandatory, only one year
after launch. enterisol® ileitis is thus well on
the way to becoming another of Animal Health’s
top products.
It is noteworthy that we received marketing
authorisation for enterisol® ileitis in Australia.
Not only is this the first Boehringer Ingelheim
vaccine to be introduced in Australia, but it is also
the first imported modified live vaccine to be given
marketing authorisation there.
Our flagship product ingelvac® prrs showed
extraordinary development, particularly in South
Korea where sales doubled. Our best-selling
vaccine is now also available in China, the largest
swine market in the world, allowing us to
consolidate further our No. 1 position there among
the international suppliers of porcine vaccines.
ingelvac® m. hyo also posted strong growth. This
enabled our young company in Thailand to
become market leader in this indication in a very
short time. Excellent results were also achieved in
France where ingelvac® m. hyo improved
by 36 % in a flat market, thus securing a
market share of 31 %.
On the whole, 2005 saw excellent progress
with our porcine vaccines, one of our core
target segments, putting us well on the way
to becoming global market leader.

Cattle
There were two highly gratifying developments in
the cattle segment. First, the food-producing
animal industry is becoming increasingly aware
that healthy animals also produce healthy meat
and higher milk yields. More and more farmers
therefore attach value to effective treatment of
their animals’ pain and inflammation, thus help-
ing our metacam® progress towards becoming
the gold standard in this area. The drug continued
its double-digit growth in the cattle segment in
2005.
Secondly, our mastitis products not only main-
tained their excellent market position in 2005,
but were also able to step up market penetration
in the developing markets, a positive trend that is
likely to be consolidated further. An international
congress in Maastricht provided
impressive evidence of the
excellent efficacy of our classi-
cal product mamyzin® in sub-
clinical mastitis. The vaccine
portfolio continues to represent
one of the strongholds of our
cattle business in the NAFTA
region.
Companion animals
Small animals
The small animals segment can look back on a
highly successful year. With consistent growth of
our existing products we confirmed our leading
market position in many key countries. The
extraordinary performance of vetmedin® is
particularly promising, with worldwide growth of
24 %. This drug secured first or second position on
all the leading markets in Europe. The outstand-
ing growth rates in Canada (82 %) and France
(27 %) give us every reason to be
extremely optimistic about the next
few years when the product will be
registered in other key markets.
Half a century
keeping animals
healthy
Boehringer Ingelheim has been committed to maintaining
and improving the health of companion and farm animals
since the mid-1950s. The following milestones show the
launch years for key veterinary medicines from our own
research and development.
1
pecusanol® (lindane) – a treatment for ectoparasitic
infestation of all types of animals
1
lobelin® (lobelin HCl) – a treatment for airway diseases
in horses, especially used as a stimulant for newborn foals,
based on the active principle of lobelia inflata (Indian
tobacco plant)
1
voren® (dexamethasone-21-isonicotinate) – a longacting
catabolic steroid used to treat metabolic disorders,
inflammation and allergic reactions in cattle, swine,
horses, dogs, and cats
1
buscopan compositum® (N-butyl scopolamonium
bromide + metamizole) – a spasmolytic and pain inhibitor
for treating colic in horses, based on active substance
from the Duboisia (Corkwood) plant
1
bisolvon® (bromhexine) – a mucolytic for treating
respiratory disease in cattle, swine and small animals
where mucus is a complicating factor
1 0
ventipulmin® (clenbuterol HCl) – an equine respiratory
treatment that relieves the breathing difficulty of horses
with conditions characterised by reversible bronchospasm,
or mucus accumulation, including heaves or
chronic obstructive pulmonary disease (COPD)
1
ingelvac® aujeszky mlv (Bartha strain K-61) – the first
of the ingelvac® series of products to immunize swine
against a range of viral infections
continued on next page ➤
Animal Health

➤ continued from page before
1
ingelvac® prrs mlv (Porcine respiratory & reproductive
syndrom virus, modified live virus)
1
metacam® (meloxicam) – initially launched for dogs, this
treatment is now licensed for alleviating pain and reducing
inflammation in many indications in dogs, cats, horses,
cattle and pigs
1
vetmedin® (pimobendan) – a treatment for congestive
heart failure in dogs
001 (US)
enterisol® ileitis (Lawsonia intracellularis a virulent
live culture) – first vaccine against Lawsonia intracellularis
worldwide
00 (EU)
ingelvac® m. hyo (Mycoplasma hyopneumoniae bacterin)
– novel technique allows a one shot only vaccination
metacam® also achieved a strong increase in sales
which highlights the excellent performance once
again in 2005. With double-digit global growth
rates, we effectively maintained our position in
Europe, Canada, and Australia, in spite of fierce
competition. The new small animals team in the
USA achieved striking success, advancing in
record time to take 3rd position in the market.
Horses
We once again maintained our strong position in
the horse segment in the European and American
markets. With the introduction of the intravenous
solution for injection, metacam® horse, in
Europe, we extended our portfolio with a
frequently demanded product. At the same time,
two launches in the USA, the world’s largest
equine market, provided further impetus for
growth: buscopan®, the classical treatment for
equine colic, and sedivet®, a drug used to sedate
animals.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Business with our non-prescription products
canosan®, seraquin® and viatop®, a new
product for skin disorders, showed a gratifying
trend throughout the entire companion animals
segment.
Research and development
True to our company vision Value through Inno-
vation, we invested around 12 % of our Animal
Health sales in research and development in 2005,
a high percentage for the international industry.
The focus was primarily on the development of
new pharmaceutical solutions for small animals
and preventive measures for the large animals
sector. These efforts have culminated in several
interesting projects in the current pipeline and
good progress in the development of innovative
pharmaceutical molecules and vaccines.

Group Management Report

Group Management Report
Business and operating
environment
Overview
The development of the world economy in 2005,
compared with the previous year, was character-
ised by a marked increase in raw material prices.
At the same time, generally low capital market
interest rates, a rather expansion-orientated
monetary policy and the corporate earnings
position had an overall positive influence on the
economic cycle.
Regionally, the USA and China were the growth
centres of the world economy. The Japanese
economic situation also developed favourably
and it is to be hoped that the stagnation phase is
now overcome for good. The development of the
economic cycle in Europe was rather restrained.
In Germany in particular the economic situation
Net Net sales sales by businesses by businesses 2005 2005
(in millions (in millions of EUR) of EUR)
Prescription Medicines Medicines
6,183 6,183
Consumer Consumer Health Health Care Care
970 970
Biopharmaceuticals
392 392
Fine Fine Chemicals Chemicals and and
Manufacturing Pharma Pharma
262 262
Animal Animal Health Health
335 335
’04 ’05 ’04 ’05
7,247 7,247
1,052 1,052
548 548
299 299
361 361
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Total Total
8,157 8,157
9,535 9,535
remains very difficult due to high unemployment
and stagnating domestic demand. Stimulation for
the German economy came substantially from
exports.
Global conditions for research-driven pharma-
ceutical companies did not improve last year.
Regulatory interventions are no positive signal
for the development of innovative medicines.
Despite these trends, Boehringer Ingelheim will
continue to do its best in researching new,
innovative pharmaceuticals for the benefit of
patients.
The world pharmaceutical market grew by 6.3 %
in the financial year 2005, discounting currency
effects. With an increase of 23.9 % in this period,
Boehringer Ingelheim clearly exceeded average
market growth. It is noteworthy that Boehringer
Ingelheim outpaced the pharmaceutical market
in every region, reflecting the global orientation
Net Net sales sales by region by region 2005 2005
(in millions (in millions of EUR) of EUR)
Americas Americas
3,905 3,905
Europe Europe
2,622 2,622
Asia, Asia, Australasia,
Africa Africa
1,630 1,630
’04 ’05 ’04 ’05
4,559 4,559
3,117 3,117
1,859 1,859
Total Total
8,157 8,157
9,535 9,535

and strength of the group. The greatest stimulus
for growth in 2005 came once again from
America, the most important market for
research-driven pharmaceutical manufacturers.
Here, we gained additional benefit from the
positive commercial development of our product
mobic®.
Boehringer Ingelheim’s growth on the pharma-
ceuticals market consequently led to a marked
increase in group turnover. In 2005, Boehringer
Ingelheim generated net sales of EUR 9.5 billion,
corresponding to an increase of 17 %. The positive
development of business in 2004 was thereby
continued further. A comparative analysis of
the business results for the years 2004 and 2005
can virtually ignore the influence of foreign
exchange, as this only accounts for a factor of
< 0.1%.
The business segment Prescription Medicines
(PM) was responsible for the largest share of the
success achieved in the past financial year.
In addition, our other segments also developed
very satisfactorily:
Net sales
(in millions of EUR) 00 2004 Change
Prescription Medicines 7,247 6,183 +17 %
Consumer Health Care 1,052 970 +9 %
Biopharmaceuticals 548 392 +40 %
Animal Health 361 335 +8 %
The development of net sales in the segments
Consumer Health Care (CHC) and Animal Health
is noteworthy, as both businesses had to maintain
their position in a very difficult market
environment. The outstanding business development
of Biopharmaceuticals was the main
growth driver of our Industrial Customer
business and maintained the growth rates of the
previous year.
For the business segment Prescription Medicines,
the market launch of aptivus®, a protease inhib-
itor for the treatment of immunodeficiency
disease HIV, was remarkable in two senses. First,
the medication was developed to market maturity
in a very short time. Secondly, only seven days
after approval by the US Food and Drug Admin-
istration (FDA) in June 2005, aptivus® was
already commercially available. Thus, patients
have access to a new, highly efficacious therapy
option for the treatment of HIV disease. In
November, the product was launched in Germany
and the United Kingdom.
The very positive uptake of already established,
innovative pharmaceutical products in our
markets also contributed to the success in 2005.
spiriva® is already the most commonly
prescribed product for the treatment of chronic
obstructive pulmonary disease (COPD).
The launch of spiriva® in Japan in December
2004 made it possible for the first time for
patients to be treated with this innovative medi-
cation in almost all important pharmaceutical
markets. The cooperation with Pfizer Inc. on
marketing the product has proved its worth.
Sales of micardis®, a treatment for hyper-
tension, have also shown very gratifying develop-
ment. Clinical studies which were concluded in
2005 have confirmed our high expectations
concerning the efficacy of micardis®. Despite
intensive competition in this market segment,
we still anticipate further growth potential for
this product.
Our business success in previous years was also
founded on the vision Value through Innovation
(VTI) embedded in our corporate culture. With
the introduction in 2005 of the initiative Lead &
Learn we have given the VTI concept fresh
stimulus. We thereby ensure that the VTI princi-
ples will also be secured in the company in future
and continue to be translated into reality.
To sum up, 2005 was for Boehringer Ingelheim
a highly successful year in which we laid solid
foundations for the further development of the
group of companies.
Group Management Report

0
The most important key figures for earnings are
as follows:
(in millions of EUR) 00 2004 Change
Net sales 9,535 8,157 +17 %
Operating income 1,923 1,372 +40 %
Return on net sales (as %) 20.2 16.8
Research and Development
Boehringer Ingelheim sees its objective as devel-
oping new medicines and therapies, thereby
helping the sick. This strategic orientation is
shown in both actual projects and initiatives and
in the worldwide expenditure on research and
development. In the financial year 2005,
Boehringer Ingelheim invested EUR 1,360
million in R&D.
R&D expenditure as percentage of net sales
amounted to 14.3 % in 2005 (2004: 15.1 %).
The focus of our R&D activities is Prescription
Medicines. In this segment, the R&D expenditure
as a share of net sales stood at 18.2 % in 2005
(2004: 19.3 %).
Boehringer Ingelheim supports this focus with
its own research that is concentrated on the
following therapeutic areas:
• respiratory diseases
• virology
• oncology
• metabolic diseases
• cardiovascular diseases
• central nervous system diseases
• immunology and inflammation
These areas of research are divided according to
their defined focus between four main research
sites in Germany, the USA, Austria and Canada.
In the area of respiratory diseases, 2005 saw the
successful launch of spiriva® in Japan. Further
studies have long confirmed the efficacy of this
medication. Research in the disease COPD is
being consistently continued.
A focus of research in virology is a new nonnucleoside
reverse transcriptase inhibitor
(NNRTI) which can be applied particularly when
resistance to hitherto used therapeutic regimes
occurs. In addition, this concerns the consistent
further development of the class of drugs to
which the successfully launched viramune®
belongs.
In oncology, new active ingredients have been
discovered which promise new therapeutic
approaches and opportunities to cure various
types of tumour. These are currently in phase I
of clinical development. The first results were
presented to the scientific community in the USA
in late autumn last year.
In metabolic diseases, new therapeutic
approaches to treating diabetes mellitus type II
are in the foreground, especially in conjunction
with associated secondary diseases. Some
projects show promising therapeutic approaches
and are at present in the pre-clinical or clinical
phases.
Studies in the area of central nervous system
diseases have confirmed that mirapex®/sifrol®
can be used to treat restless legs syndrome.
In addition to its efficacy, its good tolerability
in particular was confirmed. Applications for
market approval for this indication were
submitted in the USA and Europe in 2005.
Research and development 00 2004 2003 2002 2001
Expenditure (in millions of EUR) 1,360 1,232 1,176 1,304 1,019
– as % of net sales 14.3 15.1 15.9 17.2 15.2
Human Pharma. expend. (in millions of EUR) 1,318 1,195 1,140 1,264 984
– as % of net sales of HP 14.4 15.3 16.1 17.4 15.4
Average number of employees 5,678 5,471 5,362 5,205 4,828
Investments in tangible assets (in millions of EUR) 116 97 93 97 99
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5

cymbalta®, the anti-depressive in-licensed
from Eli Lilly & Co., received in the meantime
approval as a treatment in 20 countries, thereby
reinforcing our therapy area central nervous
system.
On top of our own research efforts, our activities
and projects are complemented by strategic
alliances and in-licensing technologies. In the
past financial year, technologies were, for exam-
ple, in-licensed from MorphoSys and Medarex
that should support our research activities in
the field of biotechnologically manufactured
pharmaceuticals. This also applies for a mono-
clonal antibody in-licensed from AbGenomics.
From today’s perspective, Boehringer Ingelheim’s
R&D pipeline provides a very good foundation to
support and enable the further development of
our company on a lasting basis.
Production
Boehringer Ingelheim’s production activities are
divided into three areas:
• chemical production (five sites worldwide):
this encompasses both the manufacture of
active ingredients for our own pharmaceutical
production and chemical active ingredients for
customers outside the Boehringer Ingelheim
group.
• pharmaceutical production (19 sites worldwide):
pharmaceutical production concentrates
on manufacturing finished products.
Production is structured in technological
centres of competence, which operate in a
production alliance.
• biopharmaceutical production (two sites in
Europe): as for chemicals, biopharmaceuticals
are produced for both Boehringer Ingelheim
medications and for third parties.
Environmental reporting
According to the guiding principles (Leitbild) of
Boehringer Ingelheim, the preservation and
protection of the environment has a very high
priority. This derives ultimately from our claim to
help people with our products. This helping
stance is only credible if Boehringer Ingelheim
takes an active part in preserving the environ-
ment.
It goes without saying that Boehringer Ingelheim
respects and observes each country’s legal
regulations. Beyond that it is our aim to exceed
the environmental requirements where we
consider this purposeful and necessary. Our
established processes in the field of Environmen-
tal, Health & Safety (EHS) form the foundation
for successful implementation of the fundamen-
tal principles of environmental policy. Thus we
carried out environmental audits at 11 different
sites in 2005. The purpose was to see whether the
environmental guidelines we have set out were
being observed. In 2005, Boehringer Ingelheim
was also awarded various prizes in the EHS field.
The award received by the chemical site
Petersburg,Virginia, USA, hailed its new waste-
water plant as exemplary.
Employee reporting
The favourable business development of the past
year is also expressed in the marked increase in
the number of employees. Averaged over the year,
37,406 people were employed at Boehringer
Ingelheim, corresponding to an increase of 5 %
against the previous year. In Germany, we
received first prize for the highest number of new
people hired in 2005 in our reference group.
We are particularly proud that in 2005 we clearly
increased our offer of apprenticeships at our
German subsidiaries compared to 2004.
An essential goal for our human resources work
is to hire the best employees and retain them
long-term. Various personnel and leadership
development paths are available in order to
consistently develop further the talents of our
employees.
Group Management Report 1

Social responsibility
Boehringer Ingelheim takes an active part in the
overall social responsibility with great care and
considerable enthusiasm.
For example, since the year 2000, programmes
have been supported that substantially reduce
the transmission of HIV from mother to child
during birth through antiretroviral therapy. The
viramune® necessary for this purpose is made
available free of charge by Boehringer Ingelheim.
In calendar year 2005, Boehringer Ingelheim
supported about 140 programmes in around 60
countries.
In addition, Boehringer Ingelheim fosters the
development of healthcare systems in defined
countries. In Botswana, for instance, a training
unit was opened to promote medical education.
Our overall social responsibility is expressed in
additional international initiatives. For example,
we gave rapid and unbureaucratic support with
money and materials to the victims of the natural
catastrophes in Southeast Asia and Pakistan.
In this context, it is important to point out that,
in addition to the engagement of our company,
many of our employees voluntarily use their free
time to involve themselves in social projects.
For this, we would like to express our heartfelt
thanks to all our employees. Actively helping
people is for us an expression of an attitude that
reflects the way Boehringer Ingelheim perceives
itself and which we support as much as possible.
Results from operations,
financial position and
net assets
Results from operations
Based on currently available market data,
Boehringer Ingelheim was last year the fastest-
growing pharmaceutical company in the world
within its benchmark group. Our company is
now ranked No.14 among the largest pharma-
ceutical companies, with a worldwide market
share of 2 %.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Boehringer Ingelheim’s net sales increased by
17 % in 2005 to EUR 9,535 million. This gratifying
development reflects the favourable market
uptake of the pharmaceuticals, which we produce
and sell. The currency effect of EUR 3.3 million
only had insignificant influence when the financial
years 2004 and 2005 are compared. The full
consolidation of our South Korean subsidiary
since 2005 has a one-off effect of EUR 18 million
on net sales. Comparing growth rates in 2005
and 2004, an additional extraordinary effect due
to the product sifrol® has to be considered.
Except for the USA, exclusive worldwide marketing
rights were returned to Boehringer Ingelheim
by Pfizer Inc. on 15 October 2004.
Boehringer Ingelheim’s activities are concentrated
on the two businesses Human Pharmaceuticals
and Animal Health. Net sales in Human
Pharmaceuticals, with activities grouped under
the segments Prescription Medicines, Consumer
Health Care and Industrial Customer, amounted
to EUR 9,174 million in 2005 (+17 %). This
corresponds to 96% of total group net sales.
Prescription Medicines (PM)
Within the Human Pharmaceuticals business,
PM accounts for 79 % of net sales, forming the
centrepiece of our activities. In 2005, we
achieved net sales of EUR 7,247 million in this
segment (2004: EUR 6,183 million). A currency
effect of EUR 6 million must be taken into
account when analysing the figures.
From a worldwide business development
perspective, the following products were the
strongest growth drivers:
Net sales
(in millions of EUR) 00 2004 Growth
spiriva® 951 525 +81 %
sifrol®/mirapex® 434 285 +52 %
micardis® 724 568 +27 %
mobic® 848 672 +26 %

Components of growth in net sales (as %) 00 2004 2003 2002 2001
Price/quantity/new introductions 17.4 16.1 7.8 10.1 8.9
Acquisition and sale of businesses –0.5 –0.5 –0.2 7.1 –0.7
Currency effect 0 –5.1 –10.2 –4.0 0.0
spiriva®, our new medication for the treatment
of COPD, has developed very satisfactorily.
Net sales for cymbalta®, the product in-licensed
from Eli Lilly & Co. and launched in 2004,
performed as expected.
The positive uptake by patients and the market of
aptivus®, a protease inhibitor for the treatment
of the immunodeficiency disease HIV, will also
strengthen the development of our innovative
product portfolio in the coming financial year.
In addition, products that are already established
on the market will support the business develop-
ment in the future.
Analysing the regions in which we operate
around the world, it can be observed that
Boehringer Ingelheim has clearly grown more
strongly than the respective regional pharmaceutical
markets.
The Americas Region, with a share of 51 %,
contributes the largest part of net sales in PM.
Compared to the previous year, growth of 17%
was achieved here, corresponding to net sales of
EUR 3,670 million. The USA, with its 85 % share
of net sales, is the largest and thereby the most
important country for Boehringer Ingelheim in
this region. Our products spiriva® and mobic®
in particular were responsible for the positive
US business development, increasing net sales
by EUR 345 million (+58 %) compared to the
previous year.
The Europe Region’s share of net sales in this
market segment stands, with a volume of EUR
2,037 million, at 28 %. It contributed to the
success in 2005 with a 15 % increase in net sales
compared to the previous year. With net sales
growth of over 22 %, business development in
Germany was very gratifying compared to the
previous year. Growth in our home country was
mainly achieved with our innovative medications
spiriva®, sifrol®, micardis® and cymbalta®.
In addition, there was the launch in Germany of
the product alna® ocas®, which allows benign
prostatic hyperplasia (BPH) to be treated with a
single dose per day.
Despite increasing regulatory restrictions too, the
Asia, Australasia, Africa (AAA) Region achieved
double-digit growth in net sales, contributing to
group success with net sales of EUR 1,312
million. With its 61 % share, Japan is for us the
largest market in this region. In 2005, our
Japanese subsidiary attained net sales growth of
12 % to EUR 801 million in this market, largely
attributable to the highly favourable development
of micardis®. The Australian market also
performed above average, with a EUR 24 million,
or 25 %, increase in growth. Overall, we achieved
net sales of EUR 120 million in this market.
In India, we have started to build up our own
subsidiary.
Foreign exchange development
■ EUR 1 in USD (average exchange rates)
■ EUR 1 in YEN (average exchange rates)
1.30
1.25
1.20
1.15
1.10
1.05
1.00
0.95
0.90
’01 ’02 ’03 ’04 ’05
Group Management Report
150
140
130
120
110

Consumer Health Care (CHC)
In the business segment CHC we raised our net
sales by 9 % to EUR 1,052 million (discounting
currency effects: EUR 1,056 million). Consistent
orientation towards core brands defined in our
strategy continues. Non-prescription products,
whose patent protection has expired, will be
integrated into existing product lines, and,
wherever possible and purposeful, an umbrella
brand strategy will be built up.
Worldwide growth was achieved by the following
product groups in particular:
Net sales
(in millions of EUR) 00 2004 Growth
mucosolvan® 91 40 +228 %
buscopan® 59 43 +37 %
dulcolax® 115 97 +19 %
pharmaton® 88 85 +4 %
The distinct increase in net sales for
mucosolvan® resulted, on the one hand, from
a major cold outbreak at the beginning of 2005,
and on the other hand, from product group
switches in some countries from prescription-
only pharmaceuticals to the CHC business
segment.
buscopan®, as a result of product switches in
certain countries in the Americas Region, also
benefited from this special effect, which explains
part of the double-digit growth in net sales.
Based on available market data, the buscopan®
brand has secured No. 1 position worldwide in
antispasmodics.
Business development differed greatly from
region to region. While in the Americas (+19 %)
and Europe (+14 %) marked net sales increases
were achieved, net sales in AAA fell slightly
(-1.8 %). This was because we were able to maintain,
but not expand, our market share in a very
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
difficult business environment in Japan.
Overall, in the financial year 2005, we achieved
the following net sales figures for each region:
Americas EUR 222 million, Europe EUR 436
million and AAA EUR 394 million.
Industrial Customer
The third party business in pharmaceutical
production and the fine chemicals area broadly
matched the previous year’s level with net sales
of EUR 298 million.
Alongside the important role that Biopharmaceuticals
has in developing and manufacturing
medications for the Boehringer Ingelheim group,
last year it was highly successful with regard to
producing biopharmaceuticals for other pharmaceutical
companies. Net sales of biotechnologically
produced medications for third parties
rose from EUR 392 million to EUR 548 million,
corresponding to growth of 40 %. Increased
customer demand indicates the market success of
the products our group manufactures for third
parties. The commissioning of our new production
facility in Vienna, Austria, and the marked
improvement in productivity of the existing
production plant in Biberach, Germany, enabled
us to fulfil market demand.
Routine inspections carried out by the FDA last
year resulted in certification of our production
facilities and processes by the auditors.
Animal Health
Compared to the previous year, the Animal
Health business developed very positively in an
intensely competitive market, with net sales
growth of 8 %. Total net sales in the last financial
year amounted to EUR 361 million (discounting
currency effects EUR 360 million).

Worldwide growth was achieved by the following
product groups in particular:
Net sales
(in millions of EUR) 00 2004 Growth
vetmedin® 16 13 +23 %
ventipulmin® 13 11 +18 %
metacam® 68 58 +17 %
ingelvac® m. hyo 21 18 +17 %
enterisol® ileitis was successfully launched
in Europe in October 2005. This is an oral
vaccine for preventing the bacterium Lawsonia
intracellularis. This bacterium triggers inflamma-
tion in the gut of domestic pigs that hitherto
could only be treated with an antibiotic therapy.
Some producer associations in Germany have
already made vaccination mandatory for their
members’ farms.
metacam® has developed favourably for all types
of animal. vetmedin®, a pharmaceutical for the
treatment of degenerative heart failure in dogs,
has exceeded our commercial expectations.
Business developed very well in all three Regions.
Europe, with a 45 % share of net sales, is just
ahead of the Americas Region (42 %). In the
Americas, extraordinary effects have to be taken
into account. For example, the sale of the antibiotic
denagard® to Novartis in the NAFTA
region produced a fall in net sales, which had a
correspondingly negative impact on the business.
The 8 % growth in net sales achieved in 2005
must therefore be regarded as all the more gratifying.
In the AAA Region net sales growth of 7 % also
contributed to the success of the Animal Health
business.
Expenditure and income
Total operating costs of EUR 8,388 million were
14 % above the previous year (EUR 7,362 million).
Material costs (EUR 1,613 million) by comparison
increased above average, with growth of 25 %,
mainly due to changes in the product mix.
The increase in the average headcount led to a
9 % rise in personnel costs to EUR 2,671 million.
Again, in 2005, Boehringer Ingelheim made
further efforts to secure the future of the group
of companies through appropriate investments.
Taking into account the newly initiated projects
in 2005, depreciations increased by EUR 60
million to EUR 531 million, corresponding to an
increase of 13 %. Other operating expenses rose
by EUR 414 million (13 %). The amount of
EUR 3,573 million includes expenditures arising
from the termination of a sales cooperation with
Abbott.
Overall, this produces a EUR 551 million higher
operating income of EUR 1,923 million, that aptly
records the success of the past financial year. The
Boehringer Ingelheim group’s return on net sales
rose distinctly from 16.8 % to 20.2 %.
The financial income diminished by EUR 20
million to EUR -35 million compared to the
previous year. The reasons for this decline were
mainly losses on transactions in foreign
exchange derivatives.
Holding income, with a contribution EUR
0 million, was EUR 2 million lower than the
previous year. In the past financial year, the
extraordinary effect arising from the disposal
of a holding was not repeated.
Taking into account the individual income
components, income before taxes was EUR 1,888
million, a significant increase of EUR 529 million
or 39 % above the previous year.
Tax expenses amounted to EUR 374 million,
corresponding to a tax ratio of 20 % (2004: 33 %).
Here, it must be taken into consideration that,
due to regulations in the German commercial
code, personal taxes on group activities levied on
the shareholders may not be shown as tax
expenses. These are presented as withdrawals
from accumulated group equity. Taking this effect
into consideration, the actual tax ratio is
markedly higher than the value shown in the
profit and loss statement.
Group Management Report

The clear decline in the tax ratio compared to
financial year 2004 is a result of the restructur-
ing of inter-company relationships at group level.
This has full effect for the first time in 2005.
In 2004, the tax ratio was negatively impacted by
a one-off extraordinary effect amounting to EUR
121 million which arose from changes to the tax
tariff applied in the calculation of deferred taxes.
Taking into account the described tax effects,
net income rose from EUR 888 million to EUR
1,491 million.
Financial position
Boehringer Ingelheim’s financial management is
in its instruments and methods aligned with the
international standards for a modern industrial
company. The goal of the financial management
is to support the business strategy of our com-
pany by providing or investing financial assets,
taking account of the foreign exchange risk
which arises from our international business
relations.
For the financial year 2005, Boehringer Ingel-
heim’s very good economic development is also
reflected in its further improved financial posi-
tion compared to the previous year. The cash
flow in 2005 amounted to EUR 2,069 million,
corresponding to 45 % growth compared to the
previous year. The cash flow from operating
activities rose to EUR 2,390 million and is
thereby markedly higher than funds used for
investment activities in the past year. Financial
activities yielded an outflow of EUR 1,334 million
from changes in equity as well as credits raised
with financial institutions.
Securities and liquid funds increased by 14 % to
EUR 4,585 million. The complete presentation of
the cash flow calculation is to be found in the
financial section of the annual report.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
To summarise, it can be noted that, because of
the existing liquidity, the given capital structure
and the available funding potential, the financial
preconditions for successfully realising our
strategy remain in place. The goals we set within
our financial strategy have been fulfilled.
Investments are necessary and important for
securing our future development. We have there-
fore increased our investment activity in 2005 to
EUR 532 million (2004: EUR 427 million), which
registered as a distinct increase in our tangible
assets. The bulk of the investments were made in
implementing new technologies, expanding our
capacity and rationalisation projects.
At our German research site in Biberach the new
galenics building was commissioned. Further-
more, funds were released for a packaging centre
(LogiPack Center) and a new works canteen
at the Ingelheim site. In future, products manu-
factured in Germany will receive their final
finishing in our LogiPack Center. The canteen’s
capacity will be in line with the markedly
increased number of employees in recent years
and the expected increase.
In the USA, we have also commenced important
investment projects. Good examples are the
expansion of production facilities at our subsidiary
Ben Venue Laboratories in Bedford, Ohio,
and additional research capacity at Ridgefield,
Connecticut.
Net assets
Total assets rose by 13 % in 2005 to EUR 12,018
million. The long-term, secured assets are
covered by Boehringer Ingelheim’s total equity.
By actively managing our receivables, and
discounting currency effects, we achieved a
development that was disproportionately small
relative to the expansion of our business.

Liquid assets declined by 12 % compared to the
previous year to EUR 1,167 million due to the
transfer of liquid funds into the financial assets.
Group equity increased to EUR 4,825 million
(2004: EUR 4,556 million) because of the favour-
able business development compared to the
previous year.
Long-term disposable capital rose by EUR 281
million compared to the previous year to stand
at EUR 7,052 million, corresponding to 59 %
of the balance sheet total. This year again, this
item covers all intangible and tangible assets,
inventories and liabilities as well as nearly half
of the liquid assets.
The balance sheet and the related balance sheet
ratios round off the altogether favourable picture
that the earnings and financial position have
already drawn.
The combined evaluation of the net assets,
financial position and results of operations
shows that Boehringer Ingelheim is a soundly
financed and profitable company. In 2005,
we created a firm basis for our further business
development.
Report on post-balance
sheet date events
Since the end of the financial year 2005, we are
not aware of any events that are of material
significance to the group of companies or could
lead to a reappraisal of its asset, financial or
earnings position.
Risk report
The risk management system of the Boehringer
Ingelheim group has proved effective and the
concept was unchanged in the financial year
2005. Business-specific risks are reported
and systematically monitored. Our strategy
and planning processes also form a significant
element in our active risk management.
Hereby, we ensure that all risks known to us are
thoroughly analysed. Following the appropriate
classification, counter-measures from the risk
management system are commenced and their
implementation consistently monitored.
Within the framework of the audit plan approved
by the Board of Managing Directors, internal
auditing conducted routine and extraordinary
audits worldwide during the reporting year.
The focus was the efficiency of structures and
processes, securing assets, adherence to legal
requirements and guidelines, the functionality
of systems and the effectiveness of internal
controls.
Currency and interest rate risks, which arise
because of our group’s international business
relationships, are constantly examined and
limited by appropriate hedging strategies.
Risks in the area of Environmental Health &
Safety (EHS) are minimised preventively by
adherence to our own very high safety standards.
For possible incidents, appropriate emergency
plans are in place that are regularly tested and
trained. Furthermore, Boehringer Ingelheim has
risk-adjusted insurance coverage in case damage
occurs, despite the high safety standards.
In addition to the general business risks associ-
ated with the industry, we are not currently
aware of any risks that substantially threaten the
further development of Boehringer Ingelheim’s
business.
Group Management Report

Report on expected
developments
In the financial year 2005, we updated our
strategy according to our defined planning
processes. The newly defined milestones and
targets of our reworked strategy make us all the
more determined to consistently continue to
pursue the course we have chosen and build
on our strengths.
We will make every effort to launch our new
pharmaceuticals aptivus®, cymbalta® and
spiriva® in additional markets. For sifrol® we
expect registration for the new indication restless
legs syndrome. The spiriva® respimat® Soft
Mist Inhaler (SMI) will also be submitted for
registration. Studies show that the spiriva®
respimat® SMI is preferred by our patients
compared to other dosage forms. It is free of gas
propellant and furthermore allows improved
uptake of the active ingredient via the lungs.
alna® ocas® was successfully launched in three
European countries last year. This involves a
retard tablet of the already launched active
ingredient tamsulosin, in-licensed from Astellas
Pharma. The launch of this dosage form is
planned for additional European markets.
Important studies are entering their decisive
phases and we are confident that they will bring
positive results for our company.
Noteworthy, for example, are the uplift
(spiriva®) und ontarget (micardis®) studies.
At the beginning of 2006, we initiated the
biggest-ever clinical study programme for
thrombo-embolic diseases. In the study pro-
gramme re-volution, 27,000 patients world-
wide are expected to take part. The study will
investigate Dabigatran (rendix) the novel,
orally available thrombin inhibitor researched
and developed by Boehringer Ingelheim for the
prevention and treatment of thrombo-embolic
conditions.
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
For the financial year 2006, we assume that the
vigorous growth rates of 2005 will not be main-
tained. One reason for this is the anticipated
stronger generic competition for mobic® that will
affect our business development during the first
half of the year in some European countries.
The USA will feel the effect in the second half of
the current year.
Based on present planning, we expect net sales
in 2006 of around EUR 10 billion and predict
that Boehringer Ingelheim’s business develop-
ment will again exceed that of the world pharma-
ceutical market.
In the financial year 2006, we plan to invest
EUR 660 million in fixed assets. The focus for
this expenditure will be in the areas of produc-
tion and research. We want to ensure that our
production can deliver an optimal response to
the demands of new products, at the same time
exploiting opportunities to rationalise.
Adequately equipping research will also make a
significant contribution in 2006 to building
potential for future success.
It is our declared goal to manage Boehringer
Ingelheim long-term as an independent family-
owned company. Our endeavour in this context is
to achieve above-average growth in the market
that will deliver a corresponding increase in the
value of the company. To this end, we will also
continue to keep a close eye on the profitability
of our group. This is for no other reason than our
being highly aware of the risks concerning the
success rate for our research pipeline and that
sustainable financing of the required research
projects can only be ensured in this way.
For reaching this demanding goal, we have in
the financial year 2005 created a very good basis.
We will also continue to use every means to
enable Boehringer Ingelheim to achieve its
ambitious goals and develop successfully further
as a company. We consider this a duty towards all
stakeholders, especially towards all patients for
whom we also want to provide efficacious and
safe medicines in the future as well.

Consolidated
Financial Statements 2005

90
Overview of the major consolidated companies
Boehringer Ingelheim GmbH Boehringer Ingelheim
Distribution
Production
Research
*sole general partner:
Boehringer AG
Germany
Boehringer Ingelheim
Pharma GmbH & Co. KG,
Ingelheim
Boehringer Ingelheim
Vetmedica GmbH, Ingelheim
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5
C. H. Boehringer Sohn*
Deutschland GmbH
Finland
Boehringer Ingelheim
Finland Ky, Espoo
Norway
Boehringer Ingelheim
Norway KS, Asker
Boehringer Ingelheim
International GmbH
Austria
Forschungsinstitut für Molekulare
Pathologie Gesellschaft mbH,
Vienna
Belgium
Boehringer Ingelheim
Coordination Centre S.C.S.,
Brussels
China
Boehringer Ingelheim
International Trading (Shanghai)
Co. Ltd., Shanghai
Boehringer Ingelheim Shanghai
Pharmaceuticals Co. Ltd.,
Shanghai
Philippines
Boehringer Ingelheim (Phil.) Inc.,
Manila
South Korea
Boehringer Ingelheim Korea Ltd.,
Seoul (50 %)
Boehringer Ingelheim Vetmedica
Korea Ltd., Seoul

C. H. Boehringer Sohn Grundstücksverwaltung GmbH & Co. KG
Argentina
Boehringer Ingelheim S.A.,
Buenos Aires
Australia
Boehringer Ingelheim Pty. Ltd.,
North Ryde
Austria
Boehringer Ingelheim Austria
GmbH, Vienna
Boehringer Ingelheim
Pharma Ges.m.b.H., Vienna
Belgium
N.V. Boehringer Ingelheim S.A.,
Brussels
Brazil
Boehringer Ingelheim do Brasil
Quimica e Farmaceutica Ltda.,
São Paulo
Solana Agro Pecuaria Ltda.,
Arapongas
Canada
Boehringer Ingelheim (Canada)
Ltd., Burlington
Chile
Boehringer Ingelheim Ltda.,
Santiago de Chile
Colombia
Boehringer Ingelheim S.A., Bogotá
Czech Republic
Boehringer Ingelheim s.r.o.,
Prague
Denmark
Boehringer Ingelheim Danmark
A/S, Copenhagen
Ecuador
Boehringer Ingelheim del Ecuador
Cia. Ltda., Quito
Boehringer Ingelheim
Auslandsbeteiligungs GmbH
France
Boehringer Ingelheim
France S.A.S., Paris
Labso Chimie Fine S.A.R.L.,
Blanquefort
Greece
Boehringer Ingelheim Ellas AE,
Athens
Indonesia
PT Boehringer Ingelheim
Indonesia, Jakarta
Italy
Boehringer Ingelheim Italia S.p.A.,
Reggello
Bidachem S.p.A.,
Fornovo S. Giovanni
Istituto De Angeli srl,
Reggello
Japan
Nippon Boehringer Ingelheim
Co. Ltd., Kawanishi
SSP Co. Ltd., Tokio (57 %)
Boehringer Ingelheim
Vetmedica Japan Co. Ltd.,
Kawanishi
Boehringer Ingelheim
Seiyaku Co., Ltd., Yamagata
Netherlands
Boehringer Ingelheim B. V.,
Alkmaar
Poland
Boehringer Ingelheim Sp.zo.o.,
Warsaw
Portugal
Boehringer Ingelheim Lda.,
Lisbon
Unilfarma Lda., Lisbon
South Africa
Boehringer Ingelheim (Pty.) Ltd.,
Randburg
Ingelheim Pharmaceuticals (Pty.)
Ltd., Randburg
Spain
Boehringer Ingelheim España S.A.,
Barcelona
Boehringer Ingelheim S.A.,
Barcelona
Europharma S.A., Barcelona
Laboratorios Fher S.A., Barcelona
Sweden
Boehringer Ingelheim AB,
Stockholm
Switzerland
Boehringer Ingelheim
(Schweiz) GmbH, Basel
Pharmaton S.A., Lugano
Taiwan
Boehringer Ingelheim Taiwan Ltd.,
Taipei
Thailand
Boehringer Ingelheim (Thai) Ltd.,
Bangkok
Turkey
Boehringer Ingelheim Ilac
Ticaret A.S., Istanbul
United Kingdom
Boehringer Ingelheim Ltd.,
Bracknell
Venezuela
Boehringer Ingelheim C.A.,
Caracas
Pharma Investment Ltd.,
Burlington, Canada
Mexico
Boehringer Ingelheim
Promeco S.A. de C.V., Mexico City
Boehringer Ingelheim Vetmedica
S.A. de C.V., Guadalajara
USA
Boehringer Ingelheim Corp.,
Ridgefield, Connecticut
Boehringer Ingelheim
Pharmaceuticals, Inc.,
Ridgefield, Connecticut
Ben Venue Laboratories, Inc.,
Bedford, Ohio
Roxane Laboratories, Inc.,
Columbus, Ohio
Boehringer Ingelheim
Vetmedica, Inc.,
St. Joseph, Missouri
Boehringer Ingelheim
Roxane, Inc., Columbus, Ohio
Boehringer Ingelheim
Chemicals, Inc.,
Petersburg, Virginia
Consolidated Financial Statements 2005
91

92
C. H. Boehringer Sohn, Ingelheim
Consolidated balance sheet
Assets (in millions of EUR) Notes 1) 31.12.2005 31.12.2004
Intangible assets (3.1) 233 267
Tangible assets (3.2) 2,900 2,712
Financial assets (3.3) 3,396 2,756
Fixed assets 6,529 5,735
Inventories (3.4) 1,229 1,085
Accounts receivable (3.5) 2,143 1,814
Securities 80 1
Cash and cash equivalents 1,167 1,332
Current assets 4,619 4,232
Deferred taxes 821 619
Deferred charges and prepaid expenses 49 44
Total assets 12,018 10,630
Liabilities and equity (in millions of EUR) Notes 1) 31.12.2005 31.12.2004
Shareholders’ capital 178 178
Group reserves 3,001 3,465
Balance sheet currency conversion difference –61 –168
Net income 1,491 888
Equity 4,609 4,363
Minority interests 216 193
Group equity 4,825 4,556
Provisions (3.6) 4,754 3,979
Accounts payable (3.7) 2,174 1,886
Liabilities 6,928 5,865
Deferred taxes 204 193
Deferred charges 61 16
Total liabilities and equity 12,018 10,630
1) For explanation, see relevant section in the Notes to the Consolidated Financial Statements.
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5

C. H. Boehringer Sohn, Ingelheim
Consolidated profit and loss statement
(in millions of EUR) Notes 1) 2005 2004
Net sales (4.1) 9,535 8,157
Changes in inventories 175 91
Other internal work performed and capitalised 3 3
Other operating income 598 483
Total revenues 10,311 8,734
Material costs (4.2) –1,613 –1,289
Personnel costs (4.3) –2,671 –2,443
Amortisation of intangible and depreciation of tangible assets (4.4) –531 –471
Other operating expenses (4.5) –3,573 –3,159
Operating income 1,923 1,372
Financial income (4.6) –35 –15
Holding income (4.7) 0 2
Income before taxes 1,888 1,359
Taxes 2) (4.8) –374 –451
Income after taxes 1,514 908
Third-party share –23 –20
Net income (4.9) 1,491 888
1) For explanation, see relevant section in the Notes to the Consolidated Financial Statements.
2) Due to legal requirements the disclosure of the shareholders’ personal taxes arising from
consolidated business activities as tax expenses is not allowed. These taxes are shown as
withdrawels from the accrued group capital.
Consolidated Financial Statements 2005
93

94
C. H. Boehringer Sohn, Ingelheim
Cash flow statement
(in millions of EUR) 2005 2004
Income after taxes 1,514 908
Write-downs/write-ups on fixed assets 1) 529 467
Change in provisions for pensions 26 55
Cash flow 2,069 1,430
Change in other provisions 561 256
Other non-cash income and expenses 43 –17
Gain/loss on disposals of fixed assets –4 3
Increase of inventories –90 –110
Increase of accounts receivable and other assets not related to
investing or financing activities –385 –20
Increase/decrease of trade accounts payable and other liabilities
not related to investing or financing activities 196 –123
Cash flow from operating activities 2,390 1,419
Investments in intangible assets –57 –115
Investments in property, plant and equipment –532 –450
Investments in non-current financial assets 1) –6 –11
Proceeds from disposals of intangible assets 2 0
Proceeds from disposals of property, plant and equipment 43 50
Proceeds from disposals of non-current financial assets 1) 21 16
Cash flow from investing activities –529 –510
Cash payments to shareholders and minority shareholders –1,360 –295
Cash proceeds from borrowings/repayments of loans 26 –59
Cash flow from financing activities –1,334 –354
Change in liquid funds from cash relevant transactions 527 555
Changes in liquid funds due to changes in scope of consolidation 0 0
Changes in liquid funds due to exchange rate movements 43 –56
Securities and liquid funds 2) as of 1. 1. 4,015 3,516
Securities and liquid funds 2) as of 31. 12. 4,585 4,015
1) excl. fixed-asset securities
2) liquid funds, securities within fixed and current assets
(+) = source of funds, (–) = use of funds
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5

C. H. Boehringer Sohn, Ingelheim
Statement of changes in group equity
(in millions of EUR)
Shareholders’
capital 1)
Accrued
group
capital
of which
currency
effects
Group Equity
Equity
Minority
interests
of which
currency
effects
Balance as of 31. 12. 2003 178 3,668 –84 3,846 188 –22 4,034
Contributions 0 0 0 0 0 0 0
Withdrawals 0 –286 0 –286 0 0 –286
Net income 0 888 0 888 20 0 908
Change of scope of consolidation 0 0 0 0 –4 0 –4
Other changes 0 –85 –84 –85 –11 –7 –96
Balance as of 31. 12. 2004 178 4,185 –168 4,363 193 –29 4,556
Contributions 0 0 0 0 0 0 0
Withdrawals 0 –1,352 0 –1,352 0 0 –1,352
Net income 0 1,491 0 1,491 23 0 1,514
Change of scope of consolidation 0 0 0 0 7 0 7
Other changes 0 107 107 107 –7 2 100
Balance as of 31. 12. 2005 178 4,431 –61 4,609 216 –27 4,825
1) The shareholders’ capital consists of the equity of C. H. Boehringer Sohn and C. H. Boehringer Sohn Grundstücksverwaltung
GmbH & Co. KG. The balance as of 31.12. 2005 consists only of capital of the limited partners. The shareholders’ personal taxes
arising from consolidated business activities are shown as withdrawals from the accrued group capital.
Group
equity
Consolidated Financial Statements 2005 95

96
C. H. Boehringer Sohn, Ingelheim
Notes to the consolidated financial statements 2005
1 Principles and methods
1.1 General principles
The consolidated financial statements of Boehringer Ingelheim for the fiscal year 2005 have been
prepared pursuant to section 264a German Commercial Code (HGB) by applying the group accounting
regulations of section 290 to 314 HGB.
In accordance with section 297, paragraph 1 HGB, the consolidated financial statements are composed
of the consolidated balance sheet, the consolidated profit and loss statement, notes to the consolidated
financial statement, the consolidated cash flow statement and the statement on changes in equity.
1.2 Companies included in the consolidation
The ultimate parent of boehringer ingelheim is c. h. boehringer sohn. Boehringer AG is the sole
unlimited managing partner of this company.
Besides c. h. boehringer sohn there is c. h. boehringer sohn grundstücksverwaltung GmbH
& Co. KG whose unlimited partner is under the unified management of c. h. boehringer sohn.
boehringer ingelheim consists of 143 affiliated companies in and outside Germany. In addition to
c. h. boehringer sohn and c. h. boehringer sohn grundstücksverwaltung GmbH & Co. KG,
a further 109 companies in which c. h. boehringer sohn holds directly or indirectly the majority of
voting shares are included in the consolidated financial statements. One company, hitherto included
on a proportional consolidation basis, has since fiscal 2005 been wholly consolidated.
30 companies were not consolidated in the reporting year, as the net assets, financial position and
results of operations of these companies were insignificant to Boehringer Ingelheim. Combined they
represent less than 1% of the Group’s net sales, equity and net profit. A further two companies are
subject to bylaws containing enduring restrictions.
Compared to the previous year, the total number of affiliated companies was reduced by one. In the
past year, three companies established, two companies were sold and a further two companies were
dissolved due to mergers. Two existing subsidiaries hitherto not included due to insignificance were
taken up in the consolidation. In this context, one company was no longer consolidated as it was
below the materiality threshold.
A separate statement of interests held by Boehringer Ingelheim will be filed with the Register of
Companies of the District Court in Mainz.
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5

The following subsidiaries were exempted from the reporting and disclosure obligations in accordance
with section 264, paragraph 4 HGB in conjunction with section 264, paragraph 3 HGB:
• Boehringer Ingelheim GmbH, Ingelheim
• Boehringer Ingelheim International GmbH, Ingelheim
• Dr. Karl Thomae GmbH, Biberach
• Boehringer Ingelheim Deutschland GmbH, Ingelheim
• Boehringer Ingelheim Vetmedica GmbH, Ingelheim
• Boehringer Ingelheim Secura Versicherungsvermittlungs GmbH, Ingelheim
• Boehringer Ingelheim Grundstücks-GmbH, Ingelheim
• Boehringer Ingelheim Finanzierungs GmbH, Ingelheim.
Exempted from reporting and disclose obligations of annual financial statements according to HGB
regulations for joint stock companies under section 264b HGB are:
• C.H. Boehringer Sohn, Ingelheim
• C.H. Boehringer Sohn Grundstücksverwaltung GmbH & Co. KG, Ingelheim
• Boehringer Ingelheim Pharma GmbH & Co. KG, Ingelheim.
1.3 Consolidation methods
For inventories, accounts receivable and payable, and the income and expense items, business
transactions between the companies consolidated were eliminated as part of the debt consolidation,
according to section 303 HGB, the elimination of inter-company profits according to section 304 HGB,
and the income and expense consolidation according to section 305 HGB.
The purchase method of accounting was used for the capital consolidation of those subsidiaries that
were included for the first time in the consolidated financial statements. First-time consolidation takes
place at the time of the respective company becoming a subsidiary.
The goodwill of two major companies wholly acquired in 1997 is being amortised according to plan
over 10 years.
Credit balances from capital consolidation primarily represent retained earnings during group mem-
bership; they therefore have the characteristics of equity and are included in group reserves. Negative
goodwill arising from the first-time consolidation of a subsidiary was further amortised in the fiscal
year in accordance with section 309, paragraph 2, clause 1 HGB to the amount of the share of the
losses (EUR 0.6 million).
Consolidated Financial Statements 2005 97

98
1.4 Currency conversions
The financial statements prepared in foreign currencies were translated into euros, the functional
currency of the group parent company, C. H. Boehringer Sohn, according to the year-end method.
All assets and liabilities have been converted at the year-end rate. The profit and loss statement and,
consequently, net income, were converted at the average annual rate for the reporting year.
Translation differences due to the conversion of foreign currencies are shown as a balancing item in
the equity without impact on income.
Inflation effects in high inflation countries were eliminated by separate hard currency financial
statements (in US dollars or euros) drawn up by the respective local subsidiaries.
The most important currencies for Boehringer Ingelheim reflect the following changes in the reporting
year (base 1 euro):
year-end rate average annual rate
31.12.2005 31.12.2004 2005 2004
US dollar 1.18 1.36 1.24 1.24
Japanese yen 138.90 139.83 136.87 134.40
Pound sterling 0.69 0.71 0.68 0.68
Canadian dollar 1.37 1.64 1.51 1.61
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5

2 Accounting and evaluation methods
2.1 Fixed assets
Intangible and tangible assets are shown at purchase or manufacturing cost, net of regular straight-
line depreciation, according to the technical and economic situation. The following periods of use
were applied:
Buildings 20 years
Technical facilities and machinery 10 years
Other facilities, operating and business equipment 3 to 10 years
Diverging from the declining-balance method of depreciation applied in the individual financial
statements of C. H. Boehringer Sohn the straight-line method of depreciation is used in the
consolidated financial statements for the purpose of uniformity in group-wide measurement.
Anticipated long-term losses in the value of investments were accounted for by unscheduled write-
offs. Appropriate portions of material and production overheads were taken into consideration for the
determination of manufacturing costs. Fully amortised goodwill that is more than five years old, or is
materially insignificant, is shown under disposals.
All capitalised intangible assets have a limited useful life.
The financial assets were valued at the lower of either purchase cost or fair market value.
2.2 Current assets
Inventories were valued at purchase or manufacturing cost using the weighted average cost
flow method as the group-wide uniform method of measurement, whereas for tax purposes,
C. H. Boehringer Sohn applies the LIFO Method in its individual financial statements. Appropriate
portions of material and production overheads were taken into consideration for the determination
of the manufacturing costs. Necessary reductions were made for inventory risks.
Accounts receivable were stated at their nominal value net of any individual valuation allowances
required. The general credit risk was covered by a general valuation allowance for bad debt.
Other assets were stated at the lower of either purchase cost or fair market value.
Foreign currency items were recorded at the year-end rate of exchange.
2.3 Group reserves
Group reserves include the retained earnings of the consolidated subsidiaries from prior years,
consolidation entries that affect earnings, where they relate to prior years, and credit balances arising
from capital consolidation.
Consolidated Financial Statements 2005 99

100
2.4 Provisions
The provisions include required amounts to cover any perceptible obligations and risks, including
provisions for contingent losses from pending contracts. The valuation is made at the amount that is
necessary on the basis of reasonable commercial judgement. Provisions with an implied interest were
shown on a discounted basis (e. g. certain personnel provisions).
2.5 Liabilities
Liabilities are shown in the balance sheet at the repayable amount. Liabilities in foreign currencies
were recorded at the year-end rate of exchange.
2.6 Deferred taxes
The deferred tax assets and liabilities represent the tax deferral in accordance with section 274 and
306 HGB, which arise because of temporary differences between the tax balance sheets of the individual
companies and the consolidated balance sheet (including differences arising from adjustments
for conformity in group-wide reporting and evaluation as well as consolidation measures).
Quasi-permanent differences between the consolidated balance sheet and the tax balance sheet are
treated as temporary differences in accordance with German Accounting Standard 10 (GAS 10).
Deferred tax assets and liabilities are offset in accordance with GAS 10.
In the individual balance sheets (i.e. the financial statements II) the consolidated companies made use
of their option to capitalise assets to the amount of probable tax savings in the following years in
accordance with section 274, paragraph 2 HGB. The calculation of deferred taxes is based on the tax
rates that are expected to be valid at the time of their realisation.
The capitalisation of deferred tax assets on tax loss carryforwards is carried out if it is sufficiently
probable that the tax benefits can be realised.
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5

3 Notes to the consolidated balance sheet
3.1 Intangible assets
(in millions of EUR)
Procurement/manufacturing costs
Balance as of 1. 1. 2004
Concessions/
Similar rights
Goodwill Advance
payments
Total
432 807 3 1,242
Currency conversion difference –6 –1 0 –7
Additions due to first consolidation 5 0 0 5
Additions 98 10 3 111
Disposals –9 0 0 –9
Reclassifications 6 0 –3 3
Balance as of 31. 12. 2004 526 816 3 1,345
Currency conversion difference 11 3 0 14
Additions due to first consolidation 0 0 0 0
Additions 50 0 7 57
Disposals –18 –13 0 –31
Reclassifications 4 0 –4 0
Balance as of 31. 12. 2005 573 806 6 1,385
Accumulated depreciations
Balance as of 1. 1. 2004 336
664
0
1,000
Currency conversion difference –6 –1 0 –7
Additions due to first consolidation 1 0 0 1
Additions 36 58 0 94
Value adjustments 0 0 0 0
Disposals –9 0 0 –9
Reclassifications –1 0 0 –1
Balance as of 31. 12. 2004 357 721 0 1,078
Currency conversion difference 9 2 0 11
Additions due to first consolidation 0 0 0 0
Additions 44 48 0 92
Value adjustments 0 0 0 0
Disposals –16 –13 0 –29
Reclassifications 0 0 0 0
Balance as of 31. 12. 2005 394 758 0 1,152
Book value as of 31. 12. 2004 169 95 3 267
Book value as of 31. 12. 2005 179 48 6 233
Consolidated Financial Statements 2005 101

102
3.2 Tangible assets
(in millions of EUR)
Procurement/manufacturing costs
Property and
plants
Balance as of 1. 1. 2004 2,055
Technical
facilities and
machines
1,900
Other
facilities/
operating
equipment
1,113
Advance
payments/
construction
in progress
383
Total
5,451
Currency conversion difference –60 –47 –30 –7 –144
Additions due to first consolidation 1 21 11 4 37
Additions 30 59 134 204 427
Disposals –45 –53 –79 –5 –182
Reclassifications 41 102 163 –309 –3
Balance as of 31. 12. 2004 2,022 1,982 1,312 270 5,586
Currency conversion difference 96 82 61 15 254
Additions due to first consolidation 3 2 2 0 7
Additions 37 77 140 278 532
Disposals –31 –42 –89 –8 –170
Reclassifications 56 98 49 –203 0
Balance as of 31. 12. 2005 2,183 2,199 1,475 352 6,209
Accumulated depreciations
Balance as of 1. 1. 2004 890 942 852 0 2,684
Currency conversion difference –25 –24 –20 0 –69
Additions due to first consolidation 0 7 7 0 14
Additions 81 151 145 0 377
Value adjustments 0 0 –4 0 –4
Disposals –12 –48 –69 0 –129
Reclassifications –1 2 0 0 1
Balance as of 31. 12. 2004 933 1,030 911 0 2,874
Currency conversion difference 42 43 40 0 125
Additions due to first consolidation 2 1 2 0 5
Additions 125 163 151 0 439
Value adjustments 0 –2 0 0 –2
Disposals –13 –37 –82 0 –132
Reclassifications 0 0 0 0 0
Balance as of 31. 12. 2005 1,089 1,198 1,022 0 3,309
Book value as of 31. 12. 2004 1,089 952 401 270 2,712
Book value as of 31. 12. 2005 1,094 1,001 453 352 2,900
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5

3.3 Financial assets
(in millions of EUR)
Procurement/manufacturing costs
Investments
in affilated
companies
Loans
to affiliated
companies
Related
companies
Loans to
related
companies
Investment
securities
Other loans
Balance as of 1. 1. 2004 21 6 10 6 2,391 49 2,483
Currency conversion difference –1 0 0 0 –2 0 –3
Additions due to first consolidation 0 0 0 0 0 0 0
Additions 1 2 0 0 679 8 690
Disposals 0 0 0 0 –382 –16 –398
Reclassifications 0 0 0 0 0 0 0
Balance as of 31. 12. 2004 21 8 10 6 2,686 41 2,772
Currency conversion difference 0 0 0 0 3 0 3
Additions due to first consolidation 0 0 0 0 0 0 0
Additions 0 1 0 0 674 5 680
Disposals –1 0 0 0 –7 –21 –29
Reclassifications 0 0 0 0 0 0 0
Balance as of 31. 12. 2005 20 9 10 6 3,356 25 3,426
Accumulated depreciations
Balance as of 1. 1. 2004 3 0 3 3 9 3 21
Currency conversion difference 0 0 0 0 1 0 1
Additions due to first consolidation 0 0 0 0 0 0 0
Additions 0 0 0 0 0 0 0
Value adjustments 0 0 0 0 –1 0 –1
Disposals 0 0 0 0 –5 0 –5
Reclassifications 0 0 0 0 0 0 0
Balance as of 31. 12. 2004 3 0 3 3 4 3 16
Currency conversion difference 0 0 0 0 0 0 0
Additions due to first consolidation 0 0 0 0 0 0 0
Additions 0 0 0 0 14 0 14
Value adjustments 0 0 0 0 0 0 0
Disposals 0 0 0 0 0 0 0
Reclassifications 0 0 0 0 0 0 0
Balance as of 31. 12. 2005 3 0 3 3 18 3 30
Book value as of 31. 12. 2004 18 8 7 3 2,682 38 2,756
Book value as of 31. 12. 2005 17 9 7 3 3,338 22 3,396
The item “other loans” includes no loans to the shareholders (2004: EUR 12 million).
Total
Consolidated Financial Statements 2005 103

104
3.4 Inventories
(in millions of EUR) 31.12.2005 31.12.2004
Raw materials and supplies 225 217
Unfinished products 537 444
Finished products and goods for resale 460 416
Advance payments to suppliers 7 8
3.5 Accounts receivable
1,229 1,085
Residual term
Residual term
(in millions of EUR) 31.12.2005 over 1 year 31.12.2004 over 1 year
Trade accounts receivable 1,854 71 1,543 6
Receivables from affiliated companies 2 0 4 0
Receivables from related companies 5 0 6 0
Other assets 282 12 261 11
2,143 83 1,814 17
The item “other assets” contains no receivables from the shareholders (2004: EUR 2 million).
3.6 Provisions
(in millions of EUR) 31.12.2005 31.12.2004
Pension provisions 2,035 1,983
Tax provisions 548 380
Other provisions 2,171 1,616
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5
4,754 3,979

Pension provisions
Boehringer Ingelheim’s pension schemes are based on various defined contribution plans as well as
defined benefit plans.
Pension obligations arising from direct or indirect defined benefit plans are determined on the basis of
the projected unit credit method, taking future salary and pension increases into consideration.
The actuarial calculation of the pension obligation from defined benefit plans is based on country-
specific biometric data (in Germany the “generation tables” issued in 2005 by Professor Klaus Heubeck
were used) and actuarial assumptions. The main countries applied the following parameters:
Germany USA Japan
Parameter (in %) 2005 2004 2005 2004 2005 2004
Discount rate 4.1 5.0 5.5 5.75 1.5 1.5
Expected return on assets 6.0 6.0 8.0 8.5 2.2–3.0 3.0
Salary increase 2.5 3.0 5.5 5.5 2.4–4.7 3.9
Pension increase 1.7 1.7 3.0 3.0 0.0 0.0
At the balance sheet date, the present value of the expected pension obligation was netted with the fair
value of the respective pension plan assets (funding status).
Based on this, pension provisions are determined by deducting unrealised transition amounts as well
as unrealised actuarial gains and losses from the funding status. Based on the “corridor approach”,
unrealised gains and losses are amortised over the expected average service periods of the respective
active employees. At balance sheet date, pension commitments (including total unrealised transition
amounts and actuarial gains and losses) of EUR 698 million (2004: EUR 343 million) were not recog-
nised as part of pension provisions.
In conjunction with defined contribution plans, group companies paid contributions to state or
private insurers on the basis of legal or contractual regulations. On payment of the contributions the
companies no longer have any performance obligations. Contributions are recognised as personnel
costs upon payment.
Consolidated Financial Statements 2005 105

106
3.7 Accounts payable
Residual term Residual term Residual term
Residual term
(in millions of EUR) less than 1 year 1–5 years over 5 years 31.12.2005 31.12.2004 less than 1 year
Bank loans 216 221 43 480 441 190
Other accounts payable 1,549 – 145 1,694 1,445 1,271
of which:
– Trade accounts payable 775 – – 775 516 516
– Advance payments 45 – – 45 66 66
– Notes payable 14 – – 14 17 17
– Accounts payable to
affiliated companies 8 – – 8 7 7
– Accounts payable to
related companies 1 – – 1 6 6
– Other liabilities (*) 706 – 145 851 833 659
(*) of which:
1,765 221 188 2,174 1,886 1,461
– taxes 24 35
– social security contributions 22 17
There were no liabilities secured by mortgages or similar rights on the balance sheet date consistent
with the previous year.
Liabilities due to shareholders amounted to EUR 215 million (2004: EUR 190 million) at year-end.
These were disclosed under “other liabilities”. They stem from the shareholders’ personal taxes arising
from consolidated business activities.
Payments received from the ABS partners in conjunction with the ABS transaction are shown as
short-term loans under “other liabilities” until the underlying accounts receivable are paid off.
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5

4 Notes to the consolidated profit and loss statement
The consolidated profit and loss statement is presented in line with the total cost method.
4.1 Net sales
by business and business segment (in millions of EUR) 2005 2004
Human Pharmaceuticals 9,174 7,822
of which: Prescription Medicines 7,247 6,183
Consumer Health Care 1,052 970
Industrial Customer 847 654
Other sales 28 15
Animal Health 361 335
9,535 8,157
by geographic region (in millions of EUR) 2005 2004
Europe 3,117 2,622
of which: Germany 816 656
Americas 4,559 3,905
of which: USA/Canada/Mexico 4,219 3,625
Asia, Australasia, Africa 1,859 1,630
of which: Japan 1,232 1,142
4.2 Material costs
9,535 8,157
(in millions of EUR) 2005 2004
Costs of raw material, supplies and goods for resale 1,351 1,076
Expenditure on services 262 213
4.3 Personnel costs
1,613 1,289
(in millions of EUR) 2005 2004
Salaries and wages 2,087 1,913
Social benefits and retirement benefits 584 530
of which: retirement benefits 155 154
2,671 2,443
The interest component with respect to the increase in pensions and similar obligations is included in
financial income rather than in personnel costs and is, therefore, not included in the operating result
of the company.
Consolidated Financial Statements 2005 107

108
Average headcount
2005 2004
Production 12,044 10,614
Administration 4,742 5,670
Marketing and Sales 14,257 13,151
Research and Development 5,678 5,471
Apprentices 685 623
This includes:
Average number of employees in joint ventures,
proportionately consolidated
37,406 35,529
Regarding 2005, transfers from “administration” to “production” caused by changes in organisational
structure have to be considered.
4.4 Amortisation of intangible and depreciation of tangible assets
The amortisation of intangible assets and depreciation of tangible assets includes unscheduled write-
offs of EUR 2 million (2004: EUR 1 million).
4.5 Other operating expenses
Other operating expenses include third-party services in research, development, medicine, and
marketing, in addition to administration costs, fees, contributions, commissions, rents, freight costs,
and expenses for third-party repairs as well as expenses incurred by restructuring measures.
4.6 Financial income
(in millions of EUR) 2005 2004
Interest expense relating to pensions and similar obligations –108 –111
Other interest expense and similar expenditure –70 –49
Interest expense and similar expenditure –178 –160
Amortisation of other financial assets and short-term investments –14 –4
Income from other investment securities and from long-term loans 110 103
Other interest income and similar proceeds 47 46
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5
0
245
–35 –15

4.7 Holding income
(in millions of EUR) 2005 2004
Gains from the sale of investments 0 2
4.8 Taxes
(in millions of EUR) 2005 2004
Income taxes 504 360
Deferred taxes –154 72
Other taxes 24 19
374 451
By concluding profit transfer agreements, significant German corporations have since 1 January
2004 belonged to the trade and corporate taxation group of integrated companies of the parent
company C. H. Boehringer Sohn. As income tax levied on operating income of the shareholders of
C. H. Boehringer Sohn may not be shown in the consolidated profit and loss statement, only the trade
tax of the relevant companies is shown as a tax expense.
As a consequence of the conclusion of profit transfer agreements in the previous year, the deferred
taxes of these corporations as of 31 December 2004 were no longer calculated at a profit tax rate of
37.6 % but at a trade tax rate of around 15 %. In 2004, this change led to a one-off deferred tax expense
of EUR 121 million.
In the effective tax-rate reconciliation an expected tax expense for Boehringer Ingelheim is calculated
on a profit tax rate for corporations (corporate tax, solidarity levy and trade tax). As in the profit and
loss statement tax expenses related to the income tax for partnerships and integrated companies of
C. H. Boehringer Sohn are limited to showing trade tax, the expected tax expense in the effective
tax-rate reconciliation is in this respect adjusted for fictive current and deferred corporate tax expenses
in order to link to the profit tax expense shown in the profit and loss statement. This elimination of
fictive corporate tax (including the solidarity levy) is shown in the items Fictive Corporation.
Consolidated Financial Statements 2005 109

110
The expected tax expense derived by using a fictive tax rate of 37.6 % (average tax rate for a German
corporation at a municipal trade tax levy rate of 360 %) can be related to the actual tax expense as
follows:
(in millions of EUR) 2005 2004
Income before taxes minus other taxes 1,864 1,340
Expected tax expense (current and deferred) 701 37.6 % 504 37.6 %
Decrease/increase in expected tax by
– Fictive Corporation current taxes
–378
–20.3 %
–191
–14.3 %
– Fictive Corporation deferred taxes 49 2.6 % 18 1.3 %
– One-off effect of profit transfer agreements 0 0.0 % 121 9.0 %
– Local tax rate divergences –34 –1.8 % –41 –3.1 %
– Non-taxable income –6 –0.3 % –6 –0.4 %
– Non-tax-deductible expense 34 1.8 % 36 2.7 %
– Taxes related to prior periods –35 –1.9 % –19 –1.4 %
– Amortisation of goodwill 18 1.0 % 21 1.6 %
– Changes in applicable tax rates 7 0.4 % 9 0.7 %
– Withholding taxes not subject to tax credits 20 1.1 % 18 1.3 %
– Tax credits for research activities –19 –1.0 % –36 –2.7 %
– Other effects –7 –0.4 % –2 –0.1 %
Actual tax expense (current and deferred) 350 18.8 % 432 32.2 %
The deferred taxes can be attributed to the following balance sheet items:
31.12.2005 31.12.2004
(in millions of EUR) Assets Liabilities Assets Liabilities
Intangible assets 7 2 7 1
Tangible assets 32 132 18 125
Financial assets 15 24 16 23
Inventories 104 19 88 21
Receivables 38 9 22 7
Provisions 600 16 448 9
Liabilities 14 2 15 7
Tax loss carryforwards and tax credits 11 0 5 0
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5
821 204 619 193

Other mandatory disclosures according to GAS 10.39:
(in millions of EUR) 2005 2004
Deferred tax expense from changes in law 0 –4
Deferred tax expense relating to the write-off of deferred tax assets
in fiscal year
The absence of changes in accounting and evaluation methods results, as in the previous year,
in no deferred tax income.
Potential corporate tax reductions in accordance with section 37, paragraph 2 corporation tax law
(KStG) amount to EUR 22 million.
The valuation allowances relating to deferred tax assets amount to EUR 19 million.
Unused tax loss carryforwards, on which no deferred tax assets are recognised in the balance sheet,
amount to EUR 51 million at year-end, EUR 30 million of which can be carried forward without
time limits. The remainder expire after five years (EUR 11 million) and 10 years (EUR 10 million)
respectively.
4.9 Net income
Net income for the year 2005 includes operating income unrelated to the accounting period
(mainly the release of other provisions) amounting to EUR 81 million (2004: EUR 92 million).
Operating expenditure unrelated to the accounting period (mainly increase of other provisions)
amounted to EUR 27 million (2004: EUR 47 million).
5
Consolidated Financial Statements 2005 111
0

112
5 Notes to the cash flow statement
The cash flow statement shows how the total securities and liquid funds (liquid assets and securities in
fixed and current assets) of the Boehringer Ingelheim Group have changed during the reporting year
through inflow and outflow of cash and cash equivalents.
In accordance with German Accounting Standard No. 2, (GAS 2), Cash Flow Statements, cash flows are
classified by operating, investing or financing activities.
Changes reported by consolidated companies are converted at the average annual rate. Securities and
liquid funds are converted, as shown in the balance sheet, according to the year-end rate method.
The influence of exchange rate changes on securities and liquid assets is provided separately.
6 Other information
6.1 Derivative financial instruments
Boehringer Ingelheim is, due to its extensive international structure, highly dependent on the
development of the major world currencies and interest rates. In order to hedge against the risks,
particularly those inherent in supplies and services and financial funding, use is generally made
of foreign exchange forward contracts in the case of currency risks. Regarding interest rate risks,
use is made of interest rate swaps and interest rate options.
The risk positions are recorded, analysed and assessed regularly in a special consolidated financial
report.
The use of derivative financial instruments and the organisational procedure are laid down in internal
guidelines. Trade, processing, documentation, and control are kept strictly separate.
The items are periodically re-evaluated and monitored. Derivative financial instruments are only
agreed on with banks of sound financial standing.
As of 31 December 2005, the nominal value of all foreign currency and interest rate hedging
transactions amounted to EUR 3,618 million (2004: 2,179 million). The corresponding market values
amounted to EUR -63 million (2004: EUR 85 million).
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5

Derivative financial instruments at year-end were as follows:
Nominal value Market value
(in millions of EUR) 31.12.2005 31.12.2004 31.12.2005 31.12.2004
Foreign exchange forward contracts 3,355 1,906 –62 86
Interest instruments 263 273 –1 –1
The nominal value is the sum of all purchases and sales. The market value is calculated on the basis of
quoted prices or derived values for derivative instruments.
6.2 Contingent liabilities to the benefit of third parties
(in millions of EUR) 31.12.2005 31.12.2004
Liabilities from guarantees, guarantees for bills and cheques,
warranties and provisions of collateral for third-party liabilities
6.3 Other financial obligations
(in millions of EUR) 31.12.2005 31.12.2004
To third parties 741 752
At year-end, other financial obligations included capital investments of EUR 552 million (2004:
EUR 593 million). Furthermore EUR 182 million (2004: EUR 146 million) from renting and leasing
contracts are included, of which EUR 87 million concern long-term rent contracts with subsidiaries
not included in the consolidation.
6.4 Research and development expenses
(in millions of EUR) 2005 2004
Expenditures for Research and Development 1,360 1,232
176
154
Consolidated Financial Statements 2005 113

114
Auditor’s Report
We have audited the consolidated financial
statements prepared by C. H. Boehringer Sohn,
Ingelheim – comprising the balance sheet, the
income statement, the statement of changes in
equity, the cash flow statement and the notes to
the consolidated financial statements – together
with the group management report for the busi-
ness year from 1 January to 31 December 2005.
The preparation of the consolidated financial
statements and the group management report in
accordance with German commercial law are the
responsibility of the Management Board of the
Managing Corporate Partnership-AG. Our
responsibility is to express an opinion on the
consolidated financial statements and the group
management report based on our audit.
Boehringer Ingelheim a n n u a l r e p o r t 2 0 0 5
We conducted our audit of the consolidated
annual financial statements in accordance with
section 317 HGB and the generally accepted
standards for the audit of financial statements
promulgated by the Institut der Wirtschaftsprüfer
in Deutschland (IDW). Those standards require
that we plan and perform the audit such that
misstatements materially affecting the presenta-
tion of the net assets, financial position and
results of operations in the consolidated financial
statements in accordance with German princi-
ples of proper accounting and in the group
management report are detected with reasonable
assurance. Knowledge of the business activities
and the economic and legal environment of the
Company and evaluations of possible misstate-
ments are taken into account in the determina-
tion of audit procedures. The effectiveness of the
accounting-related internal control system and
the evidence supporting the disclosures in the
consolidated financial statements and the group
management report are examined primarily on a
test basis within the framework of the audit.
The audit includes assessing the annual financial
statements of the companies included in consoli-
dation, the determination of the companies to be
included in consolidation, the accounting and
consolidation principles used and significant
estimates made by the Management Board of the
Managing Corporate Partnership-AG, as well as
evaluating the overall presentation of the consoli-
dated financial statements and the group
management report. We believe that our audit
provides a reasonable basis for our opinion.

With the following exception, our audit has not
led to any reservations: contrary to section 314
paragraph 1 number 6 HGB compensation of the
members and former members of the board of
managing directors have not been disclosed.
In our opinion based on the findings of our audit
the consolidated financial statements with the
exception mentioned comply with the legal
requirements. The consolidated financial state-
ments give a true and fair view of the net assets,
financial position and results of operations of
the Group in accordance with German principles
of proper accounting. The group management
report is consistent with the consolidated
financial statements and as a whole provides
a suitable view of the Group’s position and
suitably presents the opportunities and risks of
future development.
Frankfurt am Main, 15 February 2006
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
(E.-W. Frings) (P. Marshall)
Wirtschaftsprüfer Wirtschaftsprüfer
(German Certified (German Certified
Public Accountant) Public Accountant)
Consolidated Financial Statements 2005 115

116
Glossary
Human Pharmaceuticals
Product name Active ingredient Indication
actilyse® alteplase Fibrinolytic treatment of acute myocardial
infarction, acute massive pulmonary embolism
and ischaemic stroke
aggrenox®
asasantin®
persantin®
alesion®
flurinol®
talerc®
ASA / dipyridamole
extended release
antistax® standardized
red wine leaf extract
AS195®
epinastine Antiallergic agent
Prevention of stroke following a first stroke
or for transient ischaemic attacks
As above and adjunct to coumarin anticoagulants
in the prevention of postoperative thromboembolic
complications of cardiac valve
replacement
Prevention and treatment of symptoms of chronic
venous insufficiency – such as painful swollen,
heavy or tired legs
aptivus® tipranavir Available as capsules for adults – used coadministered
with 200 mg of ritonavir,
is indicated for combination antiretroviral
treatment of HIV­1 infected adult patients with
evidence of viral replication, who are highly
treatment­experienced or have HIV­1 strains
resistant to multiple protease inhibitors
atrovent® ipratropium bromide Bronchodilator for maintenance treatment
of bronchospasm associated with chronic
obstructive pulmonary disease, including chronic
bronchitis, emphysema and asthma
berotec®
dosberotec®
fenoterol a) Symptomatic treatment of acute asthma
attacks
b) Prophylaxis of exercise induced asthma
c) Symptomatic treatment of bronchial asthma
and other conditions with reversible airway
narrowing e.g. chronic obstructive bronchitis.
Concomitant anti­inflammatory therapy should
be considered for patients with bronchial asthma
and steroid responsive chronic obstructive
pulmonary disease (COPD)
bisolvon® bromhexine Mucolytic for the treatment of acute and chronic
bronchopulmonary diseases associated with
impaired formation and transport of mucus
buscopan®
buscapina®
catapresan®
catapres®
catapressan®
atensina®
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
butylscopolamine Treatment of abdominal discomfort and pain due
to intestinal cramps
clonidine All forms of high blood pressure,
unless caused by phaeochromocytoma

Product name Active ingredient Indication
combivent® ipratropium bromide/
salbutamol
cymbalta®
xeristar®
dulcolax® bisacodyl
(tablets, suppositories),
sodium picosulphate
(drops, pearls, tablets)
duovent®
bronchodual®
berodual®
flomax®
alna®
josir®
pradif®
secotex®
urolosin®
flomax® cr
alna® ocas®
pradif® t
urolosin® ocas®
Treatment of bronchospasms associated with
reversible obstructive airways diseases in patients
requiring more than one bronchodilator
duloxetine Major depressive disorder (MDD),
Diabetic peripheral neuropathic pain (DPNP)
fenoterol /
ipratropium bromide
tamsulosin
hydrochloride
tamsulosin
hydrochloride,
Oral Controlled
Absorption System
inflammide® budesonide Bronchial asthma
laxoberal® sodium picosulphate
(drops, pearls and
tablets)
lendormin®
lendorm®
lindormin®
sintonal®
Laxative for the treatment of constipation
Prevention and treatment of symptoms
in asthmic and chronic obstructive pulmonary
disease (COPD) patients with reversible
bronchospasm
Lower urinary tract symptoms (LUTS) associated
with benign prostatic hyperplasia (BPH)
Lower urinary tract symptoms (LUTS) associated
with benign prostatic hyperplasia (BPH)
Laxative for the treatment of constipation
brotizolam Short­term treatment of disorders of initiating
and maintaining sleep
metalyse® tenecteplase Fibrinolytic treatment of acute myocardial
infarction
mexitil®
mexitilen®
micardis®
micardisplus®
micardis® hct
co-micardis®
mexiletine Serious symptomatic ventricular tachycardic
heart rhythm disturbances
telmisartan
telmisartan / hydrochlorothiazide
Treatment of essential hypertension
Glossary 117

118
Product name Active ingredient Indication
mobic®
mobec®
movalis®
movatec®
motens®
caldine®
tens®
midotens®
meloxicam Symptomatic treatment of rheumatic diseases
lacidipine Treatment of essential hypertension
mucoangin® ambroxol hydrochloride Pain relief in acute sore throat
mucosolvan®
motosol®
mucosan®
surbronc®
pharmaton®
pharmaton® capsules
geriavit pharmaton®
pharmaton® caplets
ambroxol Mucolytic treatment of acute and chronic
bronchopulmonary diseases associated with
impaired formation and transport of mucus
standardized ginseng
extract G115®,
vitamins, minerals,
trace elements
To improve physical and mental performance
and well­being
sifrol® pramipexole Symptomatic treatment of idiophathic
Parkinson’s disease
silomat® clobutinol
hydrochloride
Symptomatic treatment of irritable,
non­productive cough
spiriva® tiotropium bromide Maintenance treatment of patients with COPD
(including chronic bronchitis and emphysema),
the maintenance treatment of associated
dyspnoea and for prevention of exacerbations
thomapyrin® ASA, paracetamol,
caffeine
viramune® nevirapine Available as tablets for adults and suspension
for children – for the combination therapy of HIV
infection and for the prevention of
mother­to­child transmission of HIV
yentreve®
ariclaim®
Boehringer Ingelheim A n n u A l R e p o R t 2 0 0 5
Pain
duloxetine Moderate to severe stress urinary
incontinence (SUI) in women

Animal Health
Product name Active ingredient Indication
buscopan®
compositum
N­butyl scopolamonium
bromide + metamizole
enterisol® ileitis attenuated life vaccine
(Lawsonia
intracellularis)
lyophilised
express® attenuated life vaccine
(IBRV, BVDV, PI3V, BRSV)
ingelvac® m.hyo inactivated
Mycoplasma
hyopneumoniae
ingelvac® prrs mlv modified live PRRS virus,
grown in a permanent
cell line freeze­dried
mamyzin® penethamate
hydroiodide
Spasmolitic and pain inhibitor for the treatment
of colic (horse and cattle)
For active immunisation of pigs to reduce
intestinal lesions caused by Lawsonia intracellularis
infection and to reduce growth variability
and loss of weight gain associated with the
disease
For prevention of reproductive and respiratory
diseases in cattle
For the active immunization of swine from three
weeks of age to reduce lung lesions
following infection with Mycoplasma
hyopneumoniae
For the active immunization of clinically healthy
swine against the respiratory and
reproductive form of PRRS virus infection
(porcine reproductive respiratory
syndrome)
For the treatment of mastitis caused by
Gram­positive pathogens
metacam® meloxicam Dog, horse: alleviation of pain and inflammation
associated with acute or chronic musculoskeletal
disorders
Cat, dog: reduction of postoperative pain
Cattle: respiratory infection, diarrhoea,
acute mastitis
Swine: non­infectious locomoter disorders,
mastitis­metritis­agalactic­syndrome
ventipulmin® clenbuterol Bronchodilator for the treatment of acute and
chronic obstructive airway disease in horses
vetmedin® pimobendan For the treatment of congestive heart failure
in dogs
voren® dexamethasone­21isonicotinate
For the treatment of metabolic disorders,
inflammation and allergic reactions in cattle,
swine, horses, dogs and cats
Glossary 119

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Contacts
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Design and layout
Neufrankfurt Corporate Design GmbH, Offenbach am Main
Photos on title page
Jens Wunderlich, Lennart Nilsson
Printed by
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Copyright
© Boehringer Ingelheim GmbH, 2006
All rights reserved. No part of this Annual Report 2005
may be reproduced or transmitted in any form or
by any means, electronic or photocopy, without permission
in writing from Boehringer Ingelheim GmbH.

Comparison of Balance Sheets/
Financial Data 1996—2005 (in millions of EUR)
Assets (as of 31.12.) 1996 1997 1998 1999 * 2000 2001 2002 2003 2004 2005
Intangible assets 89 508 452 400 344 322 302 242 267 233
Tangible assets 1,342 1,612 1,739 1,992 2,217 2,467 2,840 2,767 2,712 2,900
Financial assets 1,007 757 731 849 1,135 1,008 1,689 2,462 2,756 3,396
Fixed assets 2,438 2,877 2,922 3,241 3,696 3,797 4,831 5,471 5,735 6,529
Inventories 627 794 806 944 1,021 1,014 971 1,000 1,085 1,229
Accounts receivable (incl. deferred charges) 1,057 1,211 1,255 1,870 1,938 2,314 2,360 2,537 2,477 3,013
Cash and cash equivalents (incl. securities) 156 134 299 459 477 1,002 1,055 1,134 1,333 1,247
Current assets 1,840 2,139 2,360 3,273 3,436 4,330 4,386 4,671 4,895 5,489
Total assets 4,278 5,016 5,282 6,514 7,132 8,127 9,217 10,142 10,630 12,018
Liabilities and equity (as of 31.12.) 1996 1997 1998 1999 * 2000 2001 2002 2003 2004 2005
Shareholders’ capital 383 399 441 332 211 200 178 178 178 178
Reserves (incl. currency conversion difference) 1,307 1,461 1,651 1,982 2,362 2,753 2,818 3,139 3,297 2,940
Net income 167 212 229 320 379 401 537 529 888 1,491
Total equity 1,857 2,072 2,321 2,634 2,952 3,354 3,533 3,846 4,363 4,609
Minority interests 0 0 0 0 0 1 203 188 193 216
Group equity 1,857 2,072 2,321 2,634 2,952 3,355 3,736 4,034 4,556 4,825
Provisions (incl. deferred taxes) 1,841 1,982 2,012 2,631 2,932 3,150 3,568 3,963 4,172 4,958
Liabilities (incl. deferred charges) 580 962 949 1,249 1,248 1,622 1,913 2,145 1,902 2,235
Total liabilities 2,421 2,944 2,961 3,880 4,180 4,772 5,481 6,108 6,074 7,193
Total liabilities and equity 4,278 5,016 5,282 6,514 7,132 8,127 9,217 10,142 10,630 12,018
Summary of selected financial data 1996 1997 1998 1999 * 2000 2001 2002 2003 2004 2005
Sales 3,623 4,201 4,474 5,086 6,188 6,694 7,580 7,382 8,157 9,535
Operating income 333 350 336 655 800 980 1,082 901 1,372 1,923
Operating income as % of sales 9.2 8.3 7.5 12.9 12.9 14.6 14.3 12.2 16.8 20.2
Income after taxes 167 212 229 320 379 401 551 537 908 1,514
Income after taxes as % of sales 4.6 5.0 5.1 6.3 6.1 6.0 7.3 7.3 11.1 15.9
Return on equity (in %) 9.8 11.4 11.0 13.8 14.4 13.6 16.0 15.0 23.1 34.2
Own capital resources (in %) 43.4 41.3 43.9 40.4 41.4 41.3 38.3 37.9 41.0 38.4
Cash flow 426 561 595 737 791 1,117 1,049 1,059 1,430 2,069
Financial funds 966 722 858 1,055 1,094 1,645 2,645 3,516 4,015 4,585
Personnel expenditure 1,153 1,270 1,409 1,527 1,749 1,916 2,175 2,252 2,443 2,671
Personnel expenditure as % of sales 31.8 30.2 31.5 30.0 28.3 28.6 28.7 30.5 29.9 28.0
Average numbers of employees 24,074 24,860 25,927 26,448 27,325 27,980 31,843 34,221 35,529 37,406
Research and development costs 626 771 812 826 968 1,019 1,304 1,176 1,232 1,360
R&D as % of sales 17.3 18.4 18.1 16.2 15.6 15.2 17.2 15.9 15.1 14.3
Investments in tangible assets 346 455 421 377 497 548 634 516 427 532
Depreciation of tangible assets 169 189 211 256 288 305 340 354 377 439
*As of the comparative financial statement
1999, accounting and evaluation methods were
brought closer into line with International
Accounting Standards (IAS), in particularly
with regard to deferred taxes and provisions
for pensions.

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