Pros
Genentech has been a place where people care about their work, and are focused on getting things done. Management is relatively competent and does not often stand in the way of progress. The culture is fantastic, and the company does a very good job of recognizing and rewarding individual and team success. In a large company it is easy to lose sight of what you do, and how it fits into the big picture. Genentech does a very good job to make sure everyone sees the positive impact its products have on patients. This sort of thing goes beyond money or recognition, and is a tremendous motivating factor for everyone that I work with.
Cons
Genentech was just acquired by Roche, and it is unclear how much of the culture and workforce will change. There are definitely negative feelings here toward Roche. I'm not entirely sure why, but I think people are afraid drastic changes are imminent. These feelings, in addition to the general uncertainty surrounding a merger will be a big obstacles to retaining staff, and retaining focus on goals.