IONIS PHARMACEUTICALS INC — Director's Dealing 2014

Jan 8, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2014-01-06

Reporting Person: Geary Richard S (SVP, Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-06	Common Stock	M	7400	$11.27	Acquired	11010	Direct
2014-01-06	Common Stock	S	7400	$38.833	Disposed	3610	Direct
2014-01-08	Common Stock	M	7600	$10.29	Acquired	11210	Direct
2014-01-08	Common Stock	S	7600	$42.02	Disposed	3610	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-06	Employee Stock Option (right to buy)	$11.27	M	7400	Disposed	2017-01-03	Common Stock (7400)	Direct
2014-01-08	Employee Stock Option (right to buy)	$10.29	M	7600	Disposed	2018-01-02	Common Stock (7600)	Direct

Footnotes

F1: Acquired as a result of exercising a stock option pursuant to a Rule 10b5-1 Trading Plan. 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 12/5/13.

F2: Grant of 1/3/11 to reporting person of stock options under the Isis Pharmaceuticals, Inc. 1989 Stock Option Plan. 25% of the shares subject to the option vested and became exercisable on 1/3/12. Thereafter, the remaining shares subject to the option vest and become exercisable in 36 equal monthly installments, at the rate of 8,361 shares per year. The option shall be fully vested and exercisable on 1/3/15. The option was exercisable as to 7,600 shares on 1/8/14.