GENEVA, Switzerland, May 25 /PRNewswire-FirstCall/ -- Serono (virt-x: SEO
and NYSE: SRA) announced today that its Board of Directors has authorized the
investment of up to CHF 750 million for the purchase of Serono SA bearer
shares in a new share buy-back program.
    "The current share price represents an excellent opportunity for us to
initiate a new share buy-back program," said Ernesto Bertarelli, Chief
Executive Officer of Serono. "This initiative reflects our commitment to
promote long-term shareholder value."
    The authorization applies only to the bearer shares traded on virt-x, and
excludes the American Depositary Shares traded on the New York Stock
Exchange. It is subject to the approval of the Swiss Takeover Board and the
Swiss Stock Exchange.
    The share buy-back program is expected to start in June 2004 and will
last for a maximum period of five years. The shares will be purchased on the
open market via a second trading line, and subsequently cancelled. This will
result in a reduction of the number of shares outstanding and thus increase
earnings per share.
    Serono's first share buy-back program has fully utilized the CHF 500
million allocated and a total of 647,853 shares have been bought back as
treasury stock for general corporate purposes.
    Some of the statements in this press release are forward looking. Such
statements are inherently subject to known and unknown risks, uncertainties
and other factors that may cause actual results, performance or achievements
of Serono S.A. and affiliates to be materially different from those expected
or anticipated in the forward-looking statements. Forward-looking statements
are based on Serono's current expectations and assumptions, which may be
affected by a number of factors, including those discussed in this press
release and more fully described in Serono's Annual Report on Form 20-F filed
with the U.S. Securities and Exchange Commission on March 25, 2004. These
factors include any failure or delay in Serono's ability to develop new
products, any failure to receive anticipated regulatory approvals, any
problems in commercializing current products as a result of competition or
other factors, our ability to obtain reimbursement coverage for our products,
and government regulations limiting our ability to sell our products. Serono
has no responsibility to update the forward-looking statements contained in
this press release to reflect events or circumstances occurring after the
date of this press release.
    About Serono
    Serono is a global biotechnology leader. The Company has seven
recombinant products, Rebif(R), Gonal-F(R), Luveris(R),
Ovidrel(R)/Ovitrelle(R), Serostim(R), Saizen(R) and Zorbtive(TM) (Luveris(R)
is not approved in the USA). In addition to being the world leader in
reproductive health, Serono has strong market positions in neurology,
metabolism and growth. The Company's research programs are focused on growing
these businesses and on establishing new therapeutic areas. Currently, there
are approximately 30 ongoing development projects.
    In 2003, Serono achieved worldwide revenues of US$2,018.6 million, and a
net income of US$390.0 million, making it the third largest biotech company
in the world. Its products are sold in over 90 countries. Bearer shares of
Serono S.A., the holding company, are traded on the virt-x (SEO) and its
American Depositary Shares are traded on the New York Stock Exchange (SRA).
    http://www.serono.com
    http://www.seronousa.com

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