UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
11-K
________________________
(Mark
One)
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þ
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the fiscal year ended December 31, 2007
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OR
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o
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the transition period from to .
Commission
File Number: 1-9813
A.
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Full
title of the plan and the address of the plan if different from that of
the issuer named below:
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GENENTECH,
INC. TAX REDUCTION INVESTMENT PLAN
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B.
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Name
of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
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GENENTECH,
INC.
1
DNA Way
South
San Francisco,
California 94080-4990
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Genentech,
Inc. Tax Reduction Investment Plan
Index
to Financial Statements
Item
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Page
No.
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Report of Independent Registered Public Accounting
Firm
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2
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Statements of Net
Assets Available for Benefits at December 31, 2007 and
2006
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3
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Statements of Changes in Net Assets Available for
Benefits for the Years Ended
December 31, 2007 and 2006
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4
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Notes to Financial
Statements
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5-9
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Supplemental Schedule:
Schedule H, Line 4i — Schedule of Assets (Held At
End of Year)
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10
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Signatures
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11
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Exhibit
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12
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In
this report, “Genentech,” “we,” “us”, “our” and “the Company” refer to
Genentech, Inc. “Common Stock” refers to Genentech’s Common Stock, par value
$0.02 per share.
To
the Participants and Plan Administrative Committee of the
Genentech,
Inc. Tax Reduction Investment Plan
We
have audited the accompanying statements of net assets available for benefits of
the Genentech, Inc. Tax Reduction Investment Plan as of December 31, 2007 and
2006, and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility of
the Plan’s management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to perform an
audit of the Plan’s internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In
our opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan at December
31, 2007 and 2006, and the changes in its net assets available for benefits for
the years then ended, in conformity with U.S. generally accepted accounting
principles.
Our
audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
(held at end of year) as of December 31, 2007, is presented for purposes of
additional analysis and is not a required part of the financial statements but
is supplementary information required by the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan’s management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.
San
Jose, California
June
9, 2008
Genentech,
Inc. Tax Reduction Investment Plan
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Assets
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Investments,
at fair value
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$ |
1,147,862,195 |
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$ |
916,508,076 |
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Cash
|
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|
387,416 |
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|
251,658 |
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Receivables
|
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|
|
|
|
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Employer
contributions
|
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30,391,223 |
|
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24,911,078 |
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Investment
income
|
|
|
3,336 |
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|
3,773 |
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Total
receivables
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30,394,559 |
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24,914,851 |
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Net
assets available for benefits at fair value
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1,178,644,170 |
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941,674,585 |
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Adjustment
from fair value to contract value (for interest in common collective trust
related to fully benefit-responsive investment contracts)
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|
723,549 |
|
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|
910,831 |
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Net
assets available for benefits
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$ |
1,179,367,719 |
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$ |
942,585,416 |
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See
accompanying notes.
Genentech,
Inc. Tax Reduction Investment Plan
Statements
of Changes in Net Assets Available for Benefits
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ADDITIONS
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Investment
income
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Interest
and dividends
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$ |
79,367,051 |
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$ |
49,242,066 |
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Realized
and unrealized gain, net
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1,459,197 |
|
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14,444,208 |
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Total
investment income
|
|
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80,826,248 |
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|
63,686,274 |
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|
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|
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|
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Contributions
|
|
|
|
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Employee
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101,632,349 |
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85,936,883 |
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Employee
rollover
|
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14,781,609 |
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19,398,630 |
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Employer
|
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79,851,304 |
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67,725,351 |
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Total
contributions
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196,265,262 |
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173,060,864 |
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Total
additions
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277,091,510 |
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236,747,138 |
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DEDUCTIONS
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|
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Benefit
payments
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|
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51,564,975 |
|
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32,665,973 |
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Administrative
expenses
|
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95,490 |
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41,333 |
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Total
deductions
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51,660,465 |
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32,707,306 |
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Transfer
in
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11,351,258 |
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– |
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Net
increase
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236,782,303 |
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204,039,832 |
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Net
assets available for benefits
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Beginning
of year
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942,585,416 |
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738,545,584 |
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End
of year
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$ |
1,179,367,719 |
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|
$ |
942,585,416 |
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See
accompanying notes.
Genentech,
Inc. Tax Reduction Investment Plan
Notes
to Financial Statements
December
31, 2007
The
following description of the Genentech, Inc. Tax Reduction Investment Plan
(Plan) provides only general information. Participants should refer to the plan
document for a more complete description of the Plan’s provisions.
General
The
Plan is a defined contribution plan, effective January 1, 1985 and amended and
restated as of November 1, 2007, established by Genentech (Plan Sponsor and Plan
Administrator) for the benefit of eligible employees of the Company and its
participating affiliates. It is subject to the provisions of the Employee
Retirement Investment Security Act of 1974, as amended (ERISA).
Individuals
eligible to participate under the Plan must be employees of Genentech or
employees of an affiliate of Genentech that adopts the Plan with the approval of
the Board of Directors of the Plan Sponsor. Such employees become eligible
immediately upon hire. However, the following employees or classes of employees
are not eligible to participate: (1) any employee who is a member of a
collective bargaining unit and who is covered by a collective bargaining
agreement where retirement benefits were the subject of good faith bargaining,
unless the agreement specifically provides coverage of such employee under the
Plan; (2) any individual employed by any corporation or other business entity
that is merged or liquidated into Genentech, unless the Administrative Committee
for the Plan (Committee) designates such employees as eligible employees; (3)
any employee paid from a non-United States (U.S.) payroll; (4) an employee who
does not have a U.S. social security number; or (5) any employee classified or
treated as an independent contractor, consultant, leased employee (as defined
under the Internal Revenue Code of 1986, as amended (Code)), or an employee of
an employment agency or other entity, even if subsequently determined to have
been a common-law employee of Genentech.
In
August 2007, the Company acquired Tanox, Inc. (Tanox). Former Tanox
employees who joined Genentech were eligible to participate in the Plan, and the
account balances of these new employees under the former Tanox, Inc.
401(k) Plan, totaling $11,351,258, were transferred to the Plan in November
2007.
Contributions
Each
year, participants may contribute up to 50 percent of annual pre-tax
compensation, as defined in the Plan. Participants aged 50 years and older may
include a catch-up contribution for a total contribution of up to 75 percent of
annual pre-tax compensation. Each participant may also contribute up to 99
percent of his or her eligible bonus, as defined in the Plan. Subject to
limitations of the Code, each participant in the Plan could elect to defer up to
the lesser of $15,500 or 50 percent of his or her eligible compensation in 2007
and $15,000 or 50 percent of his or her eligible compensation in 2006. Each
participant aged 50 years and older in the Plan who made a catch-up contribution
could elect to defer up to the lesser of $20,500 or 75 percent of his or her
eligible compensation in 2007 and $20,000 or 75 percent of his or her eligible
compensation in 2006.
Contributions
are made through participant systematic salary reductions. The participant’s
salary is reduced by the elected savings amount (salary deferral contributions)
on a pre-tax basis. Participants may also contribute amounts representing
distributions from other qualified defined benefit or defined contribution
plans.
The
Company contributes 100 percent of the first 5 percent of eligible compensation
that the participant contributes to the Plan (Match). Effective October 1, 2006
the Match is funded concurrently with a participant’s semi-monthly contribution
to the Plan. In October 2006, the Company funded a one-time matching
contribution for the period from January 1, 2006 through September 29,
2006.
In
2007 and 2006, the Company also provided a nonelective contribution equal
to two percent of eligible compensation of eligible participants employed on the
last business day of the year (Nonelective Contribution).The Nonelective
Contribution was funded in the first quarter of the subsequent year. The
Nonelective Contribution was $24,825,957 and $20,835,002 in 2007 and 2006,
respectively.
Participants
direct the investments of their contributions into various investment options
offered by the Plan. The Plan currently offers investments in mutual funds, a
common collective trust, the Company’s Common Stock, and certain other
individual securities and a money market fund available through a brokerage
account. Effective September 30, 2006, investments in Genentech Common Stock are
limited to 30 percent of a participant’s future contributions.
All
amounts contributed to the Plan are deposited in a trust account with Fidelity
Management Trust Company (Plan Trustee). The Plan Trustee has blanket bond
insurance covering the full market value of the securities and investments in
its custody.
Participant
Accounts
Each
participant’s account is credited with the participant’s contribution, the
Match, the Nonelective Contribution and Plan earnings. An individual
participant’s account is credited with Plan earnings or losses on a pro rata
basis as the actual investment funds report their earnings performance. The
benefit to which a participant is entitled is the benefit that can be provided
from the participant’s vested account.
Vesting
Participants
are 100 percent vested immediately in all contributions to the Plan plus actual
earnings thereon.
Participant
Loans
Participants
may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to
the lesser of (1) $50,000, less the highest outstanding loan balance during the
preceding twelve months, or (2) 50 percent of their vested account balance. The
loans are secured by the balance in the participant’s account and bear fixed
interest rates (presently two percent above the bank prime interest rate).
Principal and interest are paid ratably through monthly payroll deductions over
three or five years, or fifteen years if the purpose of the loan is to purchase
a participant’s principal residence. Trustee fees related to the establishment
and administration of the loans are deducted from each of the applicable
participant’s accounts.
Administrative
Expenses
Certain
administrative fees, such as accounting, legal, and consulting fees are paid by
the Plan Sponsor.
Payment
of Benefits
On
termination of service due to a participant’s death, disability, retirement,
attainment of age 70-1/2 (applicable only to participants who own 5 percent or
more of Genentech’s Common Stock), or termination of service for other reasons,
or authorized exercise of a participant’s withdrawal rights under the Plan, a
participant may receive a lump-sum amount equal to the value of the
participant’s vested interest in his or her account. Upon termination, a
participant must consent to a distribution if his or her account balance under
the Plan exceeds $1,000. Distributions are made upon receipt of the
participant’s or beneficiary’s election directing the method of
distribution.
Anytime
prior to termination of employment with the Company, the Committee may grant a
participant’s request for a withdrawal from the participant’s account if the
Committee makes a determination that such withdrawal is necessary in light of
the immediate and significant financial needs of the participant and is in
accordance with the requirements of the Code and regulations promulgated there
under. In addition, a Plan participant may withdraw up to the entire balance of
his or her Plan account if over age 59-1/2.
(2)
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF
PRESENTATION
|
Basis
of Accounting
The
accompanying financial statements of the Plan are prepared on the accrual basis
of accounting in accordance with U.S. generally accepted accounting principles
(GAAP) and are presented in accordance with the financial reporting requirements
of ERISA.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management
to make certain estimates and assumptions that affect the reported amounts of
assets and liabilities and changes therein, and disclosures of contingent assets
and liabilities. Actual results could differ from those estimates.
Recent
Accounting Pronouncements
In
September 2006, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standard No. 157, “Fair Value Measurements” (FAS 157). FAS 157
establishes a framework for measuring fair value in GAAP and clarifies the
definition of fair value within that framework. FAS 157 does not require assets
and liabilities that were previously recorded at cost to be recorded at fair
value. FAS 157 is effective for fiscal years beginning after November 15, 2007,
and is effective for the Plan beginning January 1, 2008. We do not expect the
adoption of FAS 157 to have a material effect on the Plan.
Investment
Valuation and Income Recognition
The
Plan investments are stated at quoted market prices on the last business day of
the year to value mutual funds. Shares of mutual funds are valued at the net
asset values of shares held by the Plan at year-end. Participant loans are
valued at their outstanding balance, which approximates fair value. Common stock
is valued at the quoted market price on the last day of the plan year. All
purchase and sales of securities are recorded on a trade-date basis. Gains and
losses on the disposal of investments are determined based on the average cost
of all securities. Dividend income is recorded based on the ex-dividend date.
Income from other investments is recorded as earned on an accrual
basis.
As
described in Financial Accounting Standards Board Staff Position (FSP) AAG INV-1
and SOP 94-4-1, “Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment Companies
Subject to the AICPA Investment Company Guide and Defined-Contribution Health
and Welfare and Pension Plans” (the FSP), investment
contracts held by a defined contribution plan are required to be reported at
fair value. However, contract value is the relevant measurement attribute for
that portion of the net assets available for benefits of a defined contribution
plan attributable to fully benefit-responsive investment contracts because
contract value is the amount participants would receive if they were to initiate
permitted transactions under the terms of the Plan. The Plan invests in
investment contracts through a common collective trust (Fidelity Managed Income
Portfolio II (MIP Fund)). As required by the FSP, the statements of net assets
available for benefits present the fair value of the MIP Fund and the adjustment
from fair value to contract value. The fair value of the Plan’s interest in the
MIP Fund is based on information reported by the issuer of the common collective
trust at year-end. The contract value of the MIP Fund represents contributions
plus earnings, less participant withdrawals and administrative
expenses.
In
accordance with the FSP, the Plan reflected the MIP fund at fair value and
recognized an adjustment from fair value to contract value for the fully
benefit-responsive investment contract of $723,549 and $910,831 as of December
31, 2007 and 2006, respectively, in the accompanying Statements of Net Assets
Available for Benefits.
Payment
of Benefits
Benefits
are recorded when paid.
Risks
and Uncertainties
The
Plan provides for various investment options in common stock, mutual funds and
common collective trust funds. Investment securities, in general, are exposed to
various risks, such as interest rate, credit and overall market volatility risk.
Due to the level of risk associated with certain investment securities, it is
reasonably possible that changes in the values of investment securities will
occur in the near term and those changes could materially affect the amounts
reported in the Statements of Net Assets Available for Benefits.
The
following presents the fair value of investments that represent five percent or
more of the Plan’s net assets.
|
|
|
|
|
|
|
|
|
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|
Fidelity
Growth Company Fund
|
|
$ |
132,701,716 |
|
|
$ |
99,927,141 |
|
Fidelity
Diversified International Fund
|
|
|
123,171,342 |
|
|
|
81,052,622 |
|
Neuberger
& Berman Genesis Institutional Fund
|
|
|
114,684,397 |
|
|
|
81,122,241 |
|
Spartan
500 Index Advantage
|
|
|
114,270,245 |
|
|
|
– |
|
Fidelity
Balanced Fund
|
|
|
99,173,484 |
|
|
|
79,047,698 |
|
Fidelity
Managed Income Portfolio II
|
|
|
95,434,286 |
|
|
|
75,965,317 |
|
Genentech
Common Stock
|
|
|
73,818,136 |
|
|
|
96,072,809 |
|
Fidelity
Magellan Fund
|
|
|
60,953,468 |
|
|
|
57,233,624 |
|
PIMCO
Total Return Fund
|
|
|
59,864,775 |
|
|
|
* |
|
Fidelity
U.S. Equity Index Pool
|
|
|
* |
|
|
|
100,506,389 |
|
___________
*
|
Amount
represents less than 5% of net assets at year
end.
|
During
2007 and 2006, the Plan’s investments (including gains and losses on investments
bought and sold, as well as held during the year) appreciated in fair value by
$1,459,197 and $14,444,208, respectively.
|
|
Net
Realized and Unrealized Appreciation (Depreciation) in Fair Value of
Investments
|
|
|
|
|
|
|
|
|
Common
stock
|
|
$ |
(15,577,727 |
) |
|
$ |
(11,832,513 |
) |
Mutual
funds
|
|
|
11,382,729 |
|
|
|
13,165,402 |
|
Common
collective trust
|
|
|
5,654,195 |
|
|
|
13,111,319 |
|
|
|
$ |
1,459,197 |
|
|
$ |
14,444,208 |
|
(4)
|
PARTY-IN-INTEREST
TRANSACTIONS
|
Certain
Plan investments are shares of mutual funds managed by the Plan Trustee and,
therefore, these transactions qualify as party-in-interest transactions. Certain
investment management fees, such as recordkeeping fees and trust/custody fees,
paid to the Plan Trustee are deducted from investment returns and reduce the net
asset values of the investments. Fees paid by plan participants for loan setup
and loan maintenance, short term trading and overnight billing services amounted
to $95,490 and $41,333 for the years ended December 31, 2007 and 2006,
respectively. The fees for the year ended December 31, 2007 also included fees
paid by the Plan for investment advisory services.
Transactions
in shares of Genentech Common Stock qualify as party-in-interest transactions
under the provisions of ERISA. During 2007 and 2006, the Plan made purchases of
$7,275,082 and $22,183,035, respectively, and sales of $12,312,762 and
$6,935,965, respectively, of Genentech Common Stock on behalf of its
participants. In addition, the Plan made in-kind transfers of Genentech Common
Stock to participants of $1,435,723 during 2007 and $900,565 during
2006.
Although
it has not expressed any intent to do so, the Company’s Board of Directors has
the right under the Plan to discontinue its contributions at any time and to
alter, amend or terminate the Plan, or any part of the Plan, subject to the
provision of ERISA. In the event of Plan termination, participants would remain
100 percent vested in their employer contributions. The balances credited to
their accounts would remain with the Plan Trustee until the balances become
distributable in accordance with the Plan.
The
Plan received a determination letter from the Internal Revenue Service dated
March 18, 2003, stating that the Plan is qualified under Section 401(a) of the
Code and, therefore, the related trust is exempt from taxation. Subsequent to
this determination by the Internal Revenue Services, the Plan was amended and
restated. Once qualified, the Plan is required to operate in conformity with the
Code to maintain its qualification. The Plan administrator believes the Plan is
being operated in compliance with the applicable requirements of the Code and,
therefore, believes that the Plan, as amended and restated, is qualified and the
related trust is tax exempt.
(7)
|
RECONCILIATION
OF FINANCIAL STATEMENTS TO FORM
5500
|
The
following is a reconciliation of the Statements of Net Assets Available for
Benefits per the financial statements at December 31, 2007 and 2006 to the Form
5500:
Statement
of Net Assets Available for Benefits
|
|
|
|
|
|
|
Net
assets available for benefits per the financial statements
|
|
$ |
1,179,367,719 |
|
|
$ |
942,585,416 |
|
Adjustment
from contract value to fair value (for interest in a collective common
collective trust related to fully benefit-responsive investment
contracts)
|
|
|
(723,549 |
) |
|
|
(910,831 |
) |
Net
assets available for benefits per the Form 5500
|
|
$ |
1,178,644,170 |
|
|
$ |
941,674,585 |
|
The
following is a reconciliation of the Statements of Changes in Net Assets
Available for Benefits per the financial statements for the years ended December
31, 2007 and 2006 to the Form 5500:
|
|
|
|
|
|
|
Total
investment income per the financial statements
|
|
$ |
80,826,248 |
|
|
$ |
63,686,274 |
|
Less:
Current year adjustment from contract value to fair value (for interest in
a collective common collective trust related to fully benefit-responsive
investment contracts)
|
|
|
(723,549 |
) |
|
|
(910,831 |
) |
Add:
Prior year adjustment from contract value to fair value (for interest in a
collective common collective trust related to fully benefit-responsive
investment contracts)
|
|
|
910,831 |
|
|
|
– |
|
Total
income per the Form 5500
|
|
$ |
81,013,530 |
|
|
$ |
62,775,443 |
|
Genentech,
Inc. Tax Reduction Investment Plan
EIN:
94-2347624, Plan #001
December
31, 2007
(a)
|
|
(b)
|
|
(c)
|
|
(e)
|
|
|
|
Identity
of issuer, borrower, lessor or similar party
|
|
Description
of investment including maturity date, rate of interest, collateral, par,
or maturity value(1)
|
|
Current
Value
|
|
|
|
Mutual
Funds:
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Magellan Fund
|
|
|
649,339 |
|
shares
|
|
$ |
60,953,468 |
|
|
*
|
|
Fidelity
Growth Company Fund
|
|
|
1,599,201 |
|
shares
|
|
|
132,701,716 |
|
|
*
|
|
Fidelity
Balanced Fund
|
|
|
5,057,291 |
|
shares
|
|
|
99,173,484 |
|
|
*
|
|
Fidelity
Diversified International Fund
|
|
|
3,087,001 |
|
shares
|
|
|
123,171,342 |
|
|
*
|
|
Fidelity
Freedom Income Fund
|
|
|
253,291 |
|
shares
|
|
|
2,900,183 |
|
|
*
|
|
Fidelity
Freedom 2000 Fund
|
|
|
73,000 |
|
shares
|
|
|
903,011 |
|
|
*
|
|
Fidelity
Freedom 2010 Fund
|
|
|
605,952 |
|
shares
|
|
|
8,980,212 |
|
|
*
|
|
Fidelity
Freedom 2020 Fund
|
|
|
1,639,965 |
|
shares
|
|
|
25,927,839 |
|
|
*
|
|
Fidelity
Freedom 2030 Fund
|
|
|
1,551,704 |
|
shares
|
|
|
25,634,142 |
|
|
*
|
|
Fidelity
Freedom 2040 Fund
|
|
|
2,032,738 |
|
shares
|
|
|
19,778,538 |
|
|
*
|
|
Fidelity
Small Cap Stock Fund
|
|
|
2,020,654 |
|
shares
|
|
|
35,219,999 |
|
|
|
|
PIMCO
Total Return Fund
|
|
|
5,600,072 |
|
shares
|
|
|
59,864,775 |
|
|
|
|
Clipper
Fund
|
|
|
641,613 |
|
shares
|
|
|
51,970,679 |
|
|
|
|
Neuberger
& Berman Genesis Institutional Fund
|
|
|
2,431,299 |
|
shares
|
|
|
114,684,397 |
|
|
|
|
Domini
Social Equity Fund
|
|
|
674,438 |
|
shares
|
|
|
7,351,379 |
|
|
|
|
GMO
U.S. Core Equity Fund
|
|
|
1,757,847 |
|
shares
|
|
|
23,326,624 |
|
|
|
|
Laudus
Rosenberg International Small Capitalization Fund
|
|
|
2,343,142 |
|
shares
|
|
|
41,637,629 |
|
|
|
|
Spartan
500 Index Advantage
|
|
|
1,127,815 |
|
shares
|
|
|
114,270,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Collective Trusts:
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Managed Income Portfolio II
|
|
|
96,157,835 |
|
units
|
|
|
95,434,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market
Funds:
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Institutional Cash Portfolio
|
|
|
649,456 |
|
shares
|
|
|
649,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Genentech
Common Stock
|
|
|
1,101,417 |
|
shares
|
|
|
73,818,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Assets in Brokerage Link
Accounts(4)
|
|
|
|
(2) |
|
|
|
17,267,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Participant
Loans
|
|
|
|
(3) |
|
|
|
12,243,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments
|
|
|
|
|
|
|
$ |
1,147,862,195 |
|
___________
(1)
|
Cost
information is not provided as all investments are participant
directed.
|
(2)
|
Various
investments, including common stocks, mutual funds and money market
funds.
|
(3)
|
Maturing
at various dates through 2022 at interest rates ranging from 6.0% to
11.5%.
|
(4)
|
Certain
investments in the Brokerage Link Accounts are issued by a
party-in-interest to the Plan.
|
|
|
*
|
Indicates
party-in-interest to the Plan.
|
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator has duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
Genentech,
Inc. Tax Reduction Investment Plan
by
Genentech, Inc., Plan Administrator
Date:
|
|
|
|
|
|
|
David
A. Ebersman
Executive
Vice President and
Chief
Financial Officer
and
Plan Administrative Committee
Member
for Genentech, Inc.
Tax
Reduction Investment Plan
|
|
|
|
|
|
|
|
|
Date:
|
|
|
|
|
|
|
Robert
E. Andreatta
Controller
and Chief Accounting Officer
and
Plan Administrative Committee
Member
for Genentech, Inc.
Tax
Reduction Investment Plan
|
Genentech,
Inc. Tax Reduction Investment Plan
For
the Year Ended December 31, 2007
Exhibit
Number
|
Description
|
23.1
|
Consent
of Independent Registered Public Accounting Firm, filed with this
document
|