IONIS PHARMACEUTICALS INC — Director's Dealing 2013

Apr 23, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2013-04-22

Reporting Person: HOUGEN ELIZABETH L (SVP, Finance & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-04-22	Common Stock	M	9843	$14.47	Acquired	10143	Direct
2013-04-22	Common Stock	S	9843	$21.49	Disposed	300	Direct
2013-04-22	Common Stock	M	2813	$15.38	Acquired	3113	Direct
2013-04-22	Common Stock	S	2813	$21.40	Disposed	300	Direct
2013-04-22	Common Stock	M	3000	$15.38	Acquired	3300	Direct
2013-04-22	Common Stock	S	3000	$21.41	Disposed	300	Direct
2013-04-22	Common Stock	M	2000	$15.38	Acquired	2300	Direct
2013-04-22	Common Stock	S	2000	$21.43	Disposed	300	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-04-22	Employee Stock Option (right to buy)	$14.47	M	9843	Disposed	2016-01-01	Common Stock (9843)	Direct
2013-04-22	Employee Stock Option (right to buy)	$15.38	M	7813	Disposed	2015-01-01	Common Stock (7813)	Direct

Footnotes

F1: Acquired as a result of exercising a stock option.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 10/18/2010.