GENEVA, Switzerland, May 25 /PRNewswire-FirstCall/ -- Serono (virt-x: SEO
and NYSE: SRA) announced that its shareholders have approved all the
resolutions at the Annual General Meeting of Shareholders, held today in
Lausanne, Switzerland.
    "2003 was a record year for our company with total revenues breaking
through the $2 billion mark," said Ernesto Bertarelli, Chief Executive
Officer of Serono. "Each of our businesses is growing well and I look forward
for another strong performance in 2004."
    Shareholders approved the following main resolutions:

    - A cash dividend of CHF 123.9 million or $96.8 million(1)
      (2002: CHF 110.8 million or $81.4 million)
    - Gross dividend per bearer share of CHF 8.00 or $6.25
      (2002: CHF 7.00 or $5.15)
    - Gross dividend per American Depositary Share of CHF 0.20 or $0.15625
      (2002: CHF 0.175 or $0.13)
    - Gross dividend per registered share of CHF 3.20 or $2.50
      (2002: CHF 2.80 or $2.06)

    The dividend for bearer shares will be paid as of May 28, 2004 net of the
35% Swiss withholding tax. The total cash pay-out in Swiss Francs (CHF)
represents an increase of 11.8% for the financial year 2003 compared with
2002. The dividend pay-out ratio in relation to earnings per share is 24.3%
for 2003 compared to 22.5% for 2002.
    Shareholders have approved increasing the maximum amount of the
conditional capital to CHF 36,300,000 (1,452,000 bearer shares of a par value
of CHF 25) for option and/or convertible loans and to CHF 18,825,000 (753,000
bearer shares of a par value of CHF 25) for a stock option plan. In addition,
shareholders have approved the renewal of the authorization to increase
capital by a maximum of CHF 35,000,000 (1,400,000 bearer shares of a par
value of CHF 25) for a period of two years.
    Shareholders approved the re-election for one year of all members of the
Board:
    Mr. Georges Muller (Chairman)
    Mr. Ernesto Bertarelli (Vice Chairman and Managing Director)
    Mr. Pierre E. Douaze
    Mr. Bernard Mach
    Mr. Sergio Marchionne
    Mr. Jacques Theurillat
    Mr. Hans Thierstein.

    Shareholders also approved the election of a new Director:
    Mr Patrick Gage
    The Annual Report and Accounts for 2003 were approved.
    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$390.0 million, making it the third largest biotech company
in the world. Its products are sold in over 90 countries. Bearer shares of
Serono S.A., the holding company, are traded on the virt-x (SEO) and its
American Depositary Shares are traded on the New York Stock Exchange (SRA).
    Reuters: SEO.VX / SRA.N
    Bloomberg: SEO VX / SRA US
    ---------------------------------
    (1) All dollar figures are based on prevailing exchange rates. Final
        equivalent US$ amounts may differ depending on exchange rates on the
        date of payment.

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