I work for a small biotech company, so this may not apply to someone working at a larger pharma company. I had a three month probation period with no vacation, which is very common in industry. When I obtained "full-employee status", I received subsequent benefits like health insurance, 401k, and vacation days (19 days/yr which is REALLY good comparative to what my friends at other biotech companies get).
As far as work hours go, that totally depends on your lab responsibilities and the company's/your superior's expectations. For me, it's usually a 9 hour day on average... no shorter than 8hrs and the longest being around 12hrs. Because your work truly depends on the experiments being done, it's inevitable that some days will be (much) longer than others. Also, keep in mind that if you're salaried (like I am), they pretty much expect you to work the 40hr/week minimum and do not pay overtime - even though it is rare for me to end a week with less than 50 hours clocked. You'll also likely have to go in on weekends from time to time to check on cultures and experiments that are ongoing.
Hope that's helpful!