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Isis Reports Strong Financial Results and Highlights for Fiscal Year 2008
Date:2/25/2009

4 Loss from operations $(2,730) $(817) $(7,921) $(905)

                           Isis Pharmaceuticals, Inc.
                    Condensed Consolidated Balance Sheets
                                (In Thousands)

                                                    December 31, December 31,
                                                         2008         2007

    Assets:
      Cash, cash equivalents and short-term
       investments                                     $490,998     $193,719
      Other current assets                               27,386       16,155
      Property, plant and equipment, net                 17,371        5,960
      Other assets                                       38,395       43,024
         Total assets                                  $574,150     $258,858

    Liabilities, noncontrolling interest and
     stockholders' equity:
      Other current liabilities                         $32,036      $30,670
      Current portion of deferred contract revenue       92,662       31,535
      2 5/8% convertible subordinated notes             162,500      162,500
      Long-term obligations, less current portion         9,938          362
      Long-term deferred contract revenue               172,766       23,548
      Noncontrolling interest in Regulus
       Therapeutics                                       4,737        9,371
      Noncontrolling interest in Ibis Biosciences,
       Inc. - held for sale                              32,419            -
      Stockholders' equity                               67,092          872
         Total liabilities, noncontrolling interest
          and stockholders' equity                     $574,150     $258,858


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SOURCE Isis Pharmaceuticals, Inc.
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