Bristol-Myers Squibb 8 RESULTS OF OPERATIONS The following discussions of the Company’s results of continuing operations exclude the results related to the Oncology Therapeutics Network (OTN) business, which were previously presented as a separate segment prior to its divestiture in 2005, and have been segregated from continuing operations and reflected as discontinued operations for all periods presented.
See “— Discontinued Operations” below.
The Company’s results of operations were as follows:
## Table 0 ##
Net Sales Net sales from continuing operations for 2006 decreased 7% to $17.9 billion compared to 2005.
U. S.  net sales in 2006 decreased 7% to $9.7 billion compared to 2005.  International net sales in 2006 decreased 6% to $8.2 billion compared to 2005, including a 1% favorable foreign exchange impact.
In 2005, net sales from continuing operations decreased 1% to $19.2 billion compared to 2004.
U. S.  net sales in 2005 decreased 1% to $10.5 billion compared to 2004, while international net sales of $8.7 billion remained relatively constant in 2005 as compared to 2004, including a 2% favorable foreign exchange impact.
The changes in net sales were as follows:
## Table 1 ##
to the table within Business Segments under the Pharmaceuticals section below, which sets forth a comparison of changes in net sales to the estimated total prescription growth (for both retail and mail order customers) for certain of the Company’s top 15 pharmaceutical products and products that the Company views as current and future growth drivers sold within the U. S.  The Company operates in three reportable segments—Pharmaceuticals, Nutritionals and Other Health Care.
In May 2005, the Company completed the sale of OTN, which was previously presented as a separate segment.
As such, the results of operations for OTN are presented as part of the Company’s results from discontinued operations in accordance with Statement of Financial Standards (SFAS) No.144, Accounting for the Impairment or Disposal of Long-Lived Assets.
Accordingly, OTN results of operations in prior periods have been reclassified to discontinued operations to conform with current year presentations.
The Company’s net sales by segment were as follows:
## Table 2 ##
Novo Nordisk A/S (Novo Nordisk) In March 2015, the Company acquired an exclusive global license from Novo Nordisk to a discovery biologics research program focused on modulating the innate immune system as a therapy for autoimmune diseases.
Bavarian Nordic A/S (Bavarian Nordic) In March 2015, the Company acquired an exclusive option to globally license and commercialize Prostvac*, Bavarian Nordic’s investigational Phase III prostate-specific antigen-targeting cancer immunotherapy in development for the treatment of asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer.
Rigel Pharmaceuticals, Inc.  (Rigel) In February 2015, the Company executed an agreement with Rigel for the discovery, development and global commercialization of cancer immunotherapies based on Rigel’s extensive portfolio of small molecule TGF beta receptor kinase inhibitors.
The collaboration will focus on developing a new class of therapeutics aimed at increasing the immune system’s activity against various cancers either as monotherapy or in combination with immune checkpoint inhibitors, including Opdivo and Yervoy.
California Institute for Biomedical Research (Calibr) In January 2015, the Company entered into a worldwide research collaboration with Calibr to develop novel small molecule anti-fibrotic therapies, and an exclusive global license agreement that allows the Company to develop, manufacture and commercialize Calibr's preclinical compounds resulting from the collaboration.
RESULTS OF OPERATIONS Total Revenues The composition of the changes in revenues was as follows:
## Table 3 ##
(a) Other revenues include royalties and alliance-related revenues for products not sold by our regional commercial organizations.
(b) Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales.
The increase in U. S.  revenues in 2015 resulted from the launch of Opdivo and Daklinza and higher demand for Eliquis and Sprycel partially offset by the expiration of commercialization rights to Abilify* and the transfer of Erbitux* in North America.
Average U. S.  net selling prices increased by approximately 3%.
Refer to "—Product Sales Discussion" below for additional information.
The decrease in U. S.  revenues in 2014 resulted from the diabetes business divestiture in February 2014 partially offset by higher demand for Eliquis, Yervoy and Sprycel and higher average net selling prices of approximately 3%.
The decrease in Europe revenues in 2015 resulted from unfavorable foreign exchange and the expiration of commercialization rights to Abilify* in the EU in June 2014 partially offset by the launch of Daklinza in certain EU countries in the third quarter of 2014 and higher demand for Eliquis.
Revenues were also impacted by approximately $170 million of Daklinza net product sales for amounts previously deferred in 2014 until final pricing was obtained in France which occurred in 2015.
Revenues continue to be negatively impacted in many European countries as healthcare payers, including government agencies, continued to reduce healthcare costs through actions that directly or indirectly impose additional price reductions.
The decrease in Europe revenues in 2014 resulted from the expiration of EU commercialization rights to Abilify* in June 2014, the diabetes business divestiture and the loss of exclusivity of Sustiva in November 2013 partially offset by higher demand for Eliquis, Yervoy and Orencia and the launch of Daklinza in certain EU countries in the third quarter of 2014.
The increase in Rest of the World revenues in 2015 resulted from the launch of the Daklinza and Sunvepra dual regimen in Japan in the third quarter of 2014 and higher demand for Eliquis, partially offset by unfavorable foreign exchange (primarily in Japan).
The increase in Rest of the World revenues in 2014 resulted from higher demand for key products, particularly Eliquis, Yervoy, Sprycel and the launch of the Daklinza and Sunvepra dual regimen in Japan in the third quarter of 2014 partially offset by the diabetes business divestiture and unfavorable foreign exchange (primarily in Japan)
Bristol-Myers Squibb 10 In the U. S. , we generally determine our months on hand estimates using inventory levels of product on hand and the amount of outmovement provided by our three largest wholesalers, which account for approximately 95% of total gross sales of U. S.  products.
Factors that may influence our estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers.
In addition, these estimates are calculated using third-party data, which may be impacted by their recordkeeping processes.
For our businesses outside of the U. S. , we have significantly more direct customers.
Limited information on direct customer product level inventory and corresponding out-movement information and the reliability of third-party demand information, where available, varies widely.
When direct customer product level inventory, ultimate patient/consumer demand or out-movement data does not exist or is otherwise not available, we have developed a variety of other methodologies to estimate such data, including using such factors as historical sales made to direct customers and third-party market research data related to prescription trends and end-user demand.
Accordingly, we rely on a variety of methods to estimate direct customer product level inventory and to calculate months on hand.
Factors that may affect our estimates include generic competition, seasonality of products, direct customer purchases in light of price increases, new product launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.
As such, all of the information required to estimate months on hand in the direct customer distribution channel for non-U.
S.  business for the year ended December 31, 2015 is not available prior to the filing of this annual report on Form 10-K.  We will disclose any product with levels of inventory in excess of one month on hand or expected demand, subject to a de minimis exception, in the next quarterly report on Form 10-Q.
## Table 4 ##
** Change in excess of 100% Cost of products sold Cost of products sold include material costs, internal labor and overhead from our owned manufacturing sites, third-party processing costs, other supply chain costs and the settlement of foreign currency forward contracts used to hedge forecasted intercompany inventory purchase transactions.
Essentially all of these costs are managed by our global manufacturing and supply organization.
Cost of products sold also includes royalties and profit sharing attributed to licensed products and alliances, amortization of acquired developed technology costs from business combinations and milestone payments that occur on or after regulatory approval.
Cost of products sold can vary between periods as a result of product mix and volume (particularly resulting from royalties and profit sharing expenses in connection with our alliances), changes in foreign currency, price, inflation and costs attributed to the rationalization of manufacturing sites resulting in accelerated depreciation, impairment charges and other stranded costs.  ?
Cost of products sold remained relatively flat in 2015 as higher profit sharing and royalties for alliances (primarily Eliquis) was offset by favorable foreign exchange.  ?
Cost of products sold decreased in 2014 primarily due to the diabetes business divestiture ($1.1 billion), partially offset by higher Eliquis profit sharing ($290 million) and accelerated depreciation for certain manufacturing facilities.
Marketing, selling and administrative Marketing, selling and administrative expenses include salary and benefit costs, third-party professional and marketing fees, outsourcing fees, shipping and handling costs, advertising and product promotion and other expenses that are not attributed to product manufacturing costs or research and development expenses.
Expenses are managed through regional commercialization organizations or global corporate organizations such as finance, legal, information technology and human resources.
Certain expenses are shared with alliance partners based upon contractual agreements.  ?
Marketing, selling and administrative expenses remained relatively flat in 2015 as increased sales-related activities supporting Eliquis, Opdivo and the Hepatitis C Franchise were offset by favorable foreign exchange and $96 million of additional expenses related to the Branded Prescription Drug Fee in 2014 resulting from changes in IRS guidelines.
The table below presents the estimated maximum potential VAR arising from a one-day loss in fair value for our interest rate, foreign currency, commodity, and equity market-risk-sensitive instruments outstanding as of May 26, 2019 and May 27, 2018, and the average fair value impact during the year ended May 26, 2019.

<table><tr><td></td><td></td><td></td><td></td><td colspan="2"> % Change</td></tr><tr><td>Dollars in Millions</td><td>2006</td><td>2005</td><td>2004</td><td> 2006 vs. 2005</td><td> 2005 vs. 2004</td></tr><tr><td>Net Sales</td><td>$17,914</td><td>$19,207</td><td>$19,380</td><td>-7%</td><td>-1%</td></tr><tr><td>Earnings from Continuing Operations Before Minority Interest and Income Taxes</td><td>$2,635</td><td>$4,516</td><td>$4,418</td><td>-42%</td><td>2%</td></tr><tr><td><i>% of net sales</i></td><td>14.7%</td><td>23.5%</td><td>22.8%</td><td></td><td></td></tr><tr><td>Provision for Income Taxes</td><td>$610</td><td>$932</td><td>$1,519</td><td>-35%</td><td>-39%</td></tr><tr><td><i>Effective tax rate</i></td><td>23.2%</td><td>20.6%</td><td>34.4%</td><td></td><td></td></tr><tr><td>Earnings from Continuing Operations</td><td>$1,585</td><td>$2,992</td><td>$2,378</td><td>-47%</td><td>26%</td></tr><tr><td><i>% of net sales</i></td><td>8.8%</td><td>15.6%</td><td>12.3%</td><td></td><td></td></tr></table>
<table><tr><td></td><td></td><td colspan="3"> Analysis of % Change</td></tr><tr><td></td><td> Total Change</td><td> Volume</td><td> Price</td><td> Foreign Exchange</td></tr><tr><td>2006 vs. 2005</td><td>-7%</td><td>-9%</td><td>2%</td><td>—</td></tr><tr><td>2005 vs. 2004</td><td>-1%</td><td>-2%</td><td>—</td><td>1%</td></tr></table>
<table><tr><td></td><td colspan="3">Net Sales</td><td colspan="2">% Change</td></tr><tr><td>Dollars in Millions</td><td>2006</td><td>2005</td><td>2004</td><td>2006 vs. 2005</td><td>2005 vs. 2004</td></tr><tr><td>Pharmaceuticals</td><td>$13,861</td><td>$15,254</td><td>$15,564</td><td>-9%</td><td>-2%</td></tr><tr><td><i>% of net sales</i></td><td>77%</td><td>79%</td><td>80%</td><td></td><td></td></tr><tr><td>Nutritionals</td><td>2,347</td><td>2,205</td><td>2,001</td><td>6%</td><td>10%</td></tr><tr><td><i>% of net sales</i></td><td>13%</td><td>12%</td><td>10%</td><td></td><td></td></tr><tr><td>Other Health Care</td><td>1,706</td><td>1,748</td><td>1,815</td><td>-2%</td><td>-4%</td></tr><tr><td><i>% of net sales</i></td><td>10%</td><td>9%</td><td>10%</td><td></td><td></td></tr><tr><td>Health Care Group</td><td>4,053</td><td>3,953</td><td>3,816</td><td>3%</td><td>4%</td></tr><tr><td>Total</td><td>$17,914</td><td>$19,207</td><td>$19,380</td><td>-7%</td><td>-1%</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31, Total Revenues</td><td colspan="2">2015 vs. 2014 Analysis of % Change</td><td colspan="2">2014 vs. 2013 Analysis of % Change</td></tr><tr><td></td><td></td><td></td><td></td><td>Total</td><td>Foreign</td><td>Total</td><td>Foreign</td></tr><tr><td>Dollars in Millions</td><td>2015</td><td>2014</td><td>2013</td><td>Change</td><td>Exchange<sup>(b)</sup></td><td>Change</td><td>Exchange<sup>(b)</sup></td></tr><tr><td>United States</td><td>$8,188</td><td>$7,716</td><td>$8,318</td><td>6%</td><td>—</td><td>-7%</td><td>—</td></tr><tr><td>Europe</td><td>3,491</td><td>3,592</td><td>3,930</td><td>-3%</td><td>-17%</td><td>-9%</td><td>—</td></tr><tr><td>Rest of the World</td><td>4,142</td><td>3,459</td><td>3,295</td><td>20%</td><td>-13%</td><td>5%</td><td>-5%</td></tr><tr><td>Other<sup>(a)</sup></td><td>739</td><td>1,112</td><td>842</td><td>-34%</td><td>N/A</td><td>32%</td><td>N/A</td></tr><tr><td>Total</td><td>$16,560</td><td>$15,879</td><td>$16,385</td><td>4%</td><td>-7%</td><td>-3%</td><td>-1%</td></tr></table>
<table><tr><td></td><td></td><td></td><td></td><td colspan="2">% Change</td></tr><tr><td>Dollar in Millions</td><td>2015</td><td>2014</td><td>2013</td><td>2015 vs. 2014</td><td>2014 vs. 2013</td></tr><tr><td>Cost of products sold</td><td>$3,909</td><td>$3,932</td><td>$4,619</td><td>-1%</td><td>-15%</td></tr><tr><td>Marketing, selling and administrative</td><td>4,841</td><td>4,822</td><td>4,939</td><td>—</td><td>-2%</td></tr><tr><td>Research and development</td><td>5,920</td><td>4,534</td><td>3,731</td><td>31%</td><td>22%</td></tr><tr><td>Other (income)/expense</td><td>-187</td><td>210</td><td>205</td><td>**</td><td>2%</td></tr><tr><td>Total Expenses</td><td>$14,483</td><td>$13,498</td><td>$13,494</td><td>7%</td><td>—</td></tr></table>

Question: In which year is Earnings from Continuing Operations Before Minority Interest and Income Taxes positive?
Answer: 2006 2005 2004