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Question 8 on Page 139,140 8. Genentech, Inc., is a California-based biotech pioneer acquired by Swiss pharmaceutical giant Roche Holding AG in 2009. Roche paid $46.8 billion in cash for the 44 percent of Genentech it did not already own, implying a market value of over $100 billion for the entire company. For a look at Genentech sustainable growth challenges leading up to the acquisition consider the following selected financial data. ________________________________________________________________________ ______________________________2003 ___2004___2005 2006 2007_________ Profit margin (%) 17.00 17.00 19.30 22.80 23.60 Retention ratio (%) 100.00 100.00 100.00 100.00 100.00 Asset turnover (X) 0.38 0.49 0.55 0.63 0.62 Financial leverage (X) 1.64 1.44 1.79 1.99 2.00 Growth rate in sales (%) 26.10 40.00 43.50 40.00 26.30 _________________________________________________________________________ a. b. c. d. Calculate Genentech's annual sustainable growth rate for the years 2003-2007. Did Genentech face a growth management challenge during this period? Please explain briefly. How did Genentech's cope with this challenge? Calculate Genentech's sustainable growth rate in 2007 assuming an asset turnover of 0.72 times. Calculate the sustainable growth rate in 2007 assuming a financial leverage of 2.20 times. Calculate the sustainable growth rate in 2007 assuming both of these changes occur