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Isis Reports Strong Financial Results and Highlights for Second Quarter of 2009
Date:8/6/2009

continuing operations attributable to Isis Pharmaceuticals, Inc. common stockholders $(0.07) $(0.04) Net income (loss) from discontinued operations - (0.06) ------ ------ Basic and diluted net income (loss) $(0.07) $(0.10) ====== ====== Shares used in computing basic and diluted net income (loss) per share 92,737 92,737 ====== ====== (1) The historical condensed consolidated statement of operations reflects the required retrospective adoption of SFAS 160. (2) As a result of selling Ibis to AMI, Isis removed Ibis' operating results from its continuing operations and reclassified them as discontinued operations. (3) Adjustment to reflect the required retrospective adoption of FSP 14-1.

                              Isis Pharmaceuticals, Inc.
                      Reconciliation of GAAP to Pro Forma Basis:
      Condensed Consolidated Operating Expenses, Income (Loss) From Operations
                               and Net Income (Loss)
                                  (In Thousands)

                                     Three months ended, Six months ended,
                                           June 30,           June 30,
                                       2009      2008      2009     2008
                                     ------------------- -----------------
                                        (unaudited)        (unaudited)

    As reported operating expenses
     according to GAAP               $35,819   $2
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SOURCE Isis Pharmaceuticals, Inc.
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