Genentech Paid CEO $14.2 Million in 2004

Genentech Inc. paid Chief Executive Arthur Levinson total compensation of $14.2 million in 2004 -- most of it in stock options, the biotech giant said in a regulatory filing Friday.

Genentech awarded Levinson options to buy 900,000 shares for $53.23 each, according to the Securities and Exchange Commission filing. The company said the current value of the options was $11.9 million. The options vest in segments over four years and expire in September 2014.

Shares of South San Francisco-based Genentech, which is majority-owned by Swiss drug maker Roche Holding, fell 12 cents to $44.08 on the New York Stock Exchange.

Genentech said Jan. 10 that fourth-quarter profit rose 63% to $206.6 million on cancer drug sales. Revenue jumped 41% to $1.32 billion.

Levinson received a salary of $894,000 and a bonus of $1.3 million in 2004, the filing said.

Genentech trails only Thousand Oaks-based Amgen Inc. in sales in the biotech industry.