Genentech extends stock repurchase program

SAN FRANCISCO Genentech’s board of directors has authorized the extension of its current stock repurchase program until June 30, 2009. As of March 31, Genentech had purchased about 79 million shares of its common stock at a cost of about $5.7 billion.

The board also amended the current repurchase program by increasing the maximum number of shares that can be repurchased to 150 million shares, from 100 million shares, and increasing the total value of shares that can be repurchased to $10 billion, from $8 billion.

The board initially approved $1 billion for repurchases of common stock under the stock repurchase program in December 2003. The stock repurchase program was extended annually from 2004 through 2007, resulting in a cumulative value of $8 billion for repurchases of common stock at the end of 2007.

As of March 31, Genentech had approximately 1.05 billion shares of common stock outstanding.