Last year Genentech shares traded as high as nearly 88 dollars, but ended 2007 around 67 bucks. But according to the company's new proxy statement all of Genentech's top-tier executives saw their total compensation go up.
CEO Art Levinson got a $1.1 million dollar raise. His base salary stayed the same, but he got a bump up in stock options. CFO David Ebersman, who I'm expecting to interview tomorrow at the company's analyst meeting, made $600,000 more last year than he did in 2006. And Dr. Susan Desmond-Hellmann, President of Product Development, received about a half-million-dollar raise.
Part of Levinson's package included nearly $100,000 for security at his house, but that's about half what the company spent to protect him the year before.
The Genentech analyst meeting is at 9 am ET tomorrow in New York. You can access the web cast atwww.gene.com. Many analysts expect the company to possibly raise or, at least, narrow the range of its earnings guidance for this year in the wake of the FDA awarding conditional approval of Avastin for breast cancer. Genentech had not included formally approved sales for that use in its previous financial forecast.
P.S. The scene-setter report on the FDA Advisory Committee meeting on the anemia drugs from Amgen and Johnson and Johnson which had been scheduled to air on "Squawk on the Street" at 10:10 ET this morning got "killed" by the Hank Paulson speech. I'm still babysitting the web cast of the meeting and will break in later today when there's a vote. By the way, the web cast is not free. You can buy it at www.fdalive.com,but it costs around $150.
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