Isis Pharmaceuticals (ISIS)

Net Loss per Share

Net loss per share for the year ended December 31, 2007 was $1.63 per share, of which $1.50 per share was attributable to the purchase of Symphony GenIsis, compared to $0.62 per share for 2006.

Net Loss per Share

Net loss per share for the year ended December 31, 2007 was $1.63 per share, of which $1.50 per share was attributable to the purchase of Symphony GenIsis, compared to $0.62 per share for 2006.

Net Loss per Share

Net loss per
share for the year ended December 31, 2007 was $1.63 per share, of which
$1.50 per share was attributable to the purchase of Symphony GenIsis, compared
to $0.62 per share for 2006.

Net Loss per Share

Net loss per
share for the year ended December 31, 2007 was $1.63 per share, of which
$1.50 per share was attributable to the purchase of Symphony GenIsis, compared
to $0.62 per share for 2006.

Net Loss per Share

Net loss per
share for the year ended December 31, 2007 was $1.63 per share, of which
$1.50 per share was attributable to the purchase of Symphony GenIsis, compared
to $0.62 per share for 2006.

Net Loss Per Share

Net loss per share for the three and six months ended June 30, 2008 was $0.02 per share and $0.07 per share, respectively, compared to $0.13 per share and $0.29 per share for the same periods in 2007.  The decrease in net loss per share for the first half of 2008 compared to the first half of 2007 was primarily a result of the decrease in net loss applicable to common stock discussed above.

Net Loss Per Share

Net loss per share for the three months ended March 31, 2008 was $0.05 per share compared to $0.16 per share for the same period in 2007.  The decrease in net loss per share was primarily a result of the decrease in net loss applicable to common stock discussed above.

Net Loss per Share

        Net loss per share for 2006 was $0.62 per share compared to $1.15 per share in 2005. During 2005, we issued 12 million shares of common stock in a private placement that raised net proceeds of approximately $48 million and 2.5 million shares to Lilly in connection with the conversion of our $100 million loan from Lilly. Additionally, in 2006, we issued approximately 8.0 million shares of common stock to Azimuth under an equity financing that raised proceeds of $75 million and we issued approximately 2.0 million shares in connection with the exercise of stock options and warrants. These additional shares, combined with the substantial decrease in net loss applicable to common stock, explain the significant decrease in our net loss per share for 2006 compared to 2005.

Net Loss per Share

        Net loss per share for 2006 was $0.62 per share compared to $1.15 per share in 2005. During 2005, we issued 12 million shares of common stock in a private
placement that raised net proceeds of approximately $48 million and 2.5 million shares to Lilly in connection with the conversion of our $100 million loan from Lilly.
Additionally, in 2006, we issued approximately 8.0 million shares of common stock to Azimuth under an equity financing that raised proceeds of $75 million and we issued approximately
2.0 million shares in connection with the exercise of stock options and warrants. These additional shares, combined with the substantial decrease in net loss applicable to common stock, explain
the significant decrease in our net loss per share for 2006 compared to 2005.

Net Loss Per Share

Net loss per share for the three and nine months ended September 30, 2007 was $1.25 per share and $1.57 per share, respectively, compared to $0.16 per share and $0.44 per share for the same periods in 2006. The increase in net loss per share was a result of the increase in net loss applicable to common stock discussed above.

Net Loss Per Share

Net loss per share for the three and six months ended June 30, 2007 was $0.13 per share and $0.29 per share, respectively, compared to $0.03 per share and $0.27 per share for the same periods in 2006.  In the second half of 2006, we issued approximately 8.0 million shares of our common stock to Azimuth under an equity financing that raised $75 million and approximately 1.4 million shares of our common stock in connection with the exercise of stock options and warrants, and the purchase of shares under our employee stock purchase plan.  The increase in the net loss per share for the three months ended June 30, 2007 compared to the same period in 2006 was primarily a result of the decrease in the benefit related to the loss attributed to noncontrolling interest in Symphony GenIsis, Inc. which is discussed in the Net Loss Applicable to Common Stock section above.  The minor increase in the net loss per share for the first half of 2007 compared to the same period in 2006 was a result of the increase in net loss applicable to common stock for the first half of 2007 compared to the same period in 2006 offset by the impact from the additional shares issued in the second half of 2006.

Net Loss per Share

Isis’ net loss per share for the three and six months ended June 30, 2007 was $0.13 per share and $0.29 per share, respectively, compared to $0.03 per share and $0.27 per share for the same periods in 2006.  In the second half of 2006, Isis issued approximately 8.0 million shares of its common stock to Azimuth Opportunity Ltd. under an equity financing that raised proceeds of $75 million.  In addition to the Azimuth shares, Isis issued

approximately 1.4 million shares of its common stock in connection with the exercise of stock options and warrants, and the purchase of shares under its employee stock purchase plan.  The minor increase in the net loss per share for the first six months of 2007 compared to the same period of 2006 was a result of the increase in net loss applicable to common stock for the first six months of 2007 compared to the same period in 2006 offset by the impact of the shares issued in the second half of 2006.

Net Loss Per Share

Net loss per share for the three months ended March 31, 2007 was $0.16 per share compared to a net loss per share for the same period in 2006 of $0.24 per share.  In the second half of 2006, we issued approximately 8 million shares of our common stock to Azimuth under an equity financing that raised $75 million and approximately 1.4 million shares of our common stock in connection with the exercise of stock options and warrants, and the purchase of shares under our employee stock purchase plan.  These additional shares, combined with the substantial decrease in net loss applicable to common stock, resulted in the significant decrease in our net loss per share for the first quarter of 2007 compared to the same period in 2006.

Net Loss per Share

Isis’ net loss per share for the three months ended March 31, 2007 was $0.16 per share compared to a net loss per share for the same period in 2006 of $0.24 per share.  In the second half of 2006, Isis issued approximately 8.0 million shares of its common stock to Azimuth Opportunity Ltd. under an equity financing that raised proceeds of $75 million.  In addition to the Azimuth shares, Isis issued approximately 1.4 million shares of its common stock in connection with the exercise of stock options and warrants, and the purchase of shares under its employee stock purchase plan.  These additional shares, combined with the substantial decrease in net loss applicable to common stock, resulted in the significant decrease in net loss per share for the first quarter of 2007 compared to the same period in 2006.

Net Loss per Share

Net loss per share for 2006 was $0.62 per share compared to $1.15 per share in 2005. During 2005, we issued 12 million shares of common stock in a private placement that raised net proceeds of approximately $48 million and 2.5 million shares to Lilly in connection with the conversion of our $100 million Lilly loan. Additionally, in 2006, we issued approximately 8.0 million shares of common stock to Azimuth under an equity financing that raised proceeds of $75 million and we issued approximately 2.0 million shares in connection with the exercise of stock options and warrants. These additional shares, combined with the substantial decrease in net loss applicable to common stock, explain the significant decrease in our net loss per share for 2006 compared to 2005.

Net Loss per Share

Isis’ net loss per share for the three months and year ended December 31, 2006 was $0.18 and $0.62 per share, respectively, compared to a net loss per share for the same periods in 2005 of $0.11 and $1.15 per share. During 2005, Isis issued 12 million shares of common stock in a private placement that raised net proceeds of approximately $48 million, and it issued 2.5 million shares to Lilly in connection with the conversion of the Company’s $100 million Lilly loan. In 2006, Isis issued approximately 8.0 million shares of common stock to Azimuth Opportunity Ltd. under an equity financing that raised proceeds of $75 million and approximately 2.0 million shares in connection with the exercise of stock options and warrants. These additional shares, combined with the substantial decrease in net loss applicable to common stock, resulted in the significant decrease in net loss per share for 2006 compared to 2005. The net loss per share for the fourth quarter of 2006 compared to the fourth quarter of 2005 increased principally as a result of an increase in net loss applicable to common stock offset by the increased number of shares in 2006 compared to 2005.

Net Loss Per Share

Net loss per share for the three and nine months ended September 30, 2006 was $0.16 and $0.44 per share, respectively, compared to a net loss per share for the same periods in 2005 of $0.24 and $1.08 per share. In August 2005, we issued approximately 12 million shares of common stock in a private placement that raised net proceeds of $48 million. Also in August 2005, we issued 2.5 million shares to Lilly in connection with the conversion of our $100 million Lilly loan. These additional shares combined with the substantial decrease in net loss applicable to common stock, were a significant reason for the decrease in net loss per share for the first nine months of 2006 compared to the same period in 2005. As we make additional draw downs on our equity line with Azimuth, we expect further dilution.

Net Loss per Share

Isis’ net loss per share for the three and nine months ended September 30, 2006 was $0.16 and $0.44 per share, respectively, compared to a net loss per share for the same periods in 2005 of $0.24 and $1.08 per share.  In August 2005, Isis issued 12 million shares of common stock in a private placement that raised net proceeds of $48 million.  Also in August 2005, Isis issued 2.5 million shares to Lilly in connection

with the conversion of the Company’s $100 million Lilly loan.  These additional shares, combined with the substantial decrease in net loss applicable to common stock, explain the significant decrease in net loss per share for the first nine months of 2006 compared to the same period in 2005.

Net Loss Per Share

Net loss per share for the three and six months ended June 30, 2006 was $0.03 and $0.27 per share, respectively, compared to a net loss per share for the same periods in 2005 of $0.34 and $0.86 per share. In August 2005, we issued approximately 12 million shares of common stock in a private placement that raised net proceeds of $48 million. Also in August 2005, we issued 2.5 million shares to Lilly in connection with the conversion of our $100 million Lilly loan. These additional shares combined with the substantial decrease in net loss applicable to common stock, were a significant reason for the decrease in net loss per share from the first half of 2005 to the same period in 2006.

Net Loss per Share

Isis’ net loss per share for the three and six months ended June 30, 2006 was $0.03 and $0.27 per share, respectively, compared to a net loss per share for the same periods in 2005 of $0.34 and $0.86 per share. In August 2005, Isis issued 12 million shares of common stock in a private placement that raised net

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