IONIS PHARMACEUTICALS INC — Director's Dealing 2012

Jun 25, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2012-06-25

Reporting Person: BERTHELSEN SPENCER R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-06-25	Common Stock	M	300	$8.15	Acquired	29600	Direct
2012-06-25	Common Stock	S	300	$11.48	Disposed	29300	Direct
2012-06-25	Common Stock	M	200	$8.15	Acquired	29500	Direct
2012-06-25	Common Stock	S	200	$11.49	Disposed	29300	Direct
2012-06-25	Common Stock	M	300	$8.15	Acquired	29600	Direct
2012-06-25	Common Stock	S	300	$11.493	Disposed	29300	Direct
2012-06-25	Common Stock	M	200	$8.15	Acquired	29500	Direct
2012-06-25	Common Stock	S	200	$11.50	Disposed	29300	Direct
2012-06-25	Common Stock	M	500	$8.15	Acquired	29800	Direct
2012-06-25	Common Stock	S	500	$11.51	Disposed	29300	Direct
2012-06-25	Common Stock	M	228	$8.15	Acquired	29528	Direct
2012-06-25	Common Stock	S	228	$11.53	Disposed	29300	Direct
2012-06-25	Common Stock	M	205	$8.15	Acquired	29505	Direct
2012-06-25	Common Stock	S	205	$11.54	Disposed	29300	Direct
2012-06-25	Common Stock	M	495	$8.15	Acquired	29795	Direct
2012-06-25	Common Stock	S	495	$11.55	Disposed	29300	Direct
2012-06-25	Common Stock	M	700	$8.15	Acquired	30000	Direct
2012-06-25	Common Stock	S	700	$11.56	Disposed	29300	Direct
2012-06-25	Common Stock	M	3500	$8.15	Acquired	32800	Direct
2012-06-25	Common Stock	S	3500	$11.58	Disposed	29300	Direct
2012-06-25	Common Stock	M	1500	$8.15	Acquired	30800	Direct
2012-06-25	Common Stock	S	1500	$11.582	Disposed	29300	Direct
2012-06-25	Common Stock	M	100	$8.15	Acquired	29400	Direct
2012-06-25	Common Stock	S	100	$11.59	Disposed	29300	Direct
2012-06-25	Common Stock	M	1600	$8.15	Acquired	30900	Direct
2012-06-25	Common Stock	S	1600	$11.60	Disposed	29300	Direct
2012-06-25	Common Stock	M	172	$8.15	Acquired	29472	Direct
2012-06-25	Common Stock	S	172	$11.62	Disposed	29300	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-06-25	Director Stock Option (right to buy)	$8.15	M	10000	Disposed	2012-06-30	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	70	Indirect

Footnotes

F1: Acquired as a result of exercising a stock option that was scheduled to expire on 6/30/12. The purchase and sale reported on this Form 4 was effective pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on 3/1/12.