Inner $E_0$-Semigroups on Infinite Factors This paper is concerned with the structure of inner $E_0$-semigroups. We show that any inner $E_0$-semigroup acting on an infinite factor $M$ is completely determined by a continuous tensor product system of Hilbert spaces in $M$ and that the product system associated with an inner $E_0$-semigroup is a complete cocycle conjugacy invariant. Keywords:von Neumann algebras, semigroups of endomorphisms, product systems, cocycle conjugacyCategories:46L40, 46L55