IONIS PHARMACEUTICALS INC — Director's Dealing 2011

Dec 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2011-12-21

Reporting Person: CROOKE STANLEY T (Director, Chairman, President, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-21	Common Stock	M	16720	$5.80	Acquired	16720	Direct
2011-12-21	Common Stock	S	16720	$6.92	Disposed	0	Direct
2011-12-21	Common Stock	M	1080	$5.80	Acquired	1080	Indirect
2011-12-21	Common Stock	S	1080	$6.92	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-21	Employee Stock Option (right to buy)	$5.80	M	16720	Disposed	2012-01-02	Common Stock (16720)	Direct
2011-12-21	Employee Stock Option (right to buy)	$5.80	M	1080	Disposed	2012-01-02	Common Stock (1080)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	875391	Indirect

Footnotes

F1: Acquired as a result of exercising a stock option that was scheduled to expire on 1/2/12. The purchase and sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 10/3/11.

F2: Acquired as a result of exercising a stock option that was scheduled to expire on 1/2/12. The purchase and sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person's wife on 10/3/11.