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Isis Reports Financial Results and Highlights for First Quarter 2011

Friday, May 6, 2011 General News J E 4
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-- Conference Call Webcast Thursday, May 5, 4:30 p.m. ET at www.isispharm.com

Isis Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(In Thousands)

March 31,

December 31,

2011

2010

(unaudited)

Assets:

 Cash, cash equivalents and short-term investments

$426,822

$472,353

 Other current assets

10,573

10,784

 Property, plant and equipment, net

37,680

35,703

 Other assets

30,867

31,637

    Total assets

$505,942

$550,477

Liabilities and stockholders' equity:

 Other current liabilities

$21,007

$31,388

 Current portion of deferred contract revenue

73,392

74,502

 2 5/8% convertible subordinated notes

134,964

132,895

 Long-term obligations, less current portion

15,085

15,867

 Investment in Regulus Therapeutics Inc.

1,726

870

 Long-term deferred contract revenue

32,065

50,413

 Stockholders' equity

227,703

244,542

   Total liabilities and stockholders' equity

$505,942

$550,477

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