1
FORWARD-LOOKINGSTATEMENTS
This report onForm10-Kand the information incorporatedhereinby reference includes forward-looking statements
regarding ourbusiness, the therapeutic and commercial potential of our technologies andproducts indevelopment, and the
financial positionof Isis Pharmaceuticals, Inc. Any statement describingour goals, expectations, financial or other projections,
intentions orbeliefs, including the commercial potential ofKYNAMRO, is a forward-looking statement and shouldbe
consideredan at-risk statement. Such statements are subject to certain risks anduncertainties, particularly those inherent in
the process of discovering, developingand commercializingdrugs that are safe and effective foruse as human therapeutics,
and in the endeavor of buildingabusiness around suchdrugs.Our forward-looking statements also involve assumptions that,
if theynevermaterialize or prove correct, could cause our results todiffermaterially from those expressedor impliedby such
forward-looking statements. Factors that could cause or contribute to suchdifferences include, but arenot limited to, those
discussed in this report onForm10-K, including those identified in Item 1A entitled “RiskFactors”. Althoughour forward-
looking statements reflect the good faith judgment of ourmanagement, these statements arebased onlyon facts and factors
currentlyknownbyus. As a result, you are cautionednot to rely on these forward-looking statements.
In this report, unless the context requires otherwise, “Isis,” “Company,” “we,” “our,” and “us” refers to Isis Pharmaceuticals, Inc. and
its subsidiaries.
TRADEMARKS
Isis Pharmaceuticals
®
is a registered trademark of IsisPharmaceuticals, Inc.
RegulusTherapeutics™ is a trademarkofRegulusTherapeutics Inc.
KYNAMRO
®
is a registered trademarkofGenzymeCorporation
KYNAMROCornerstone
SM
is a servicemark ofGenzymeCorporation
Macugen
®
is a registered trademarkof Eyetech
Vyndaqel® is a registered trademark ofWyethLLC, awhollyowned subsidiary of Pfizer, Inc.
Zytiga
®
is a registered trademark of the Johnson&JohnsonCorporation
CORPORATE INFORMATION
We incorporated inCalifornia in1989, and in January1991we changedour state of incorporation toDelaware. Our principal
offices are inCarlsbad, California.Wemake available, free of charge, onourwebsite,
, our reports onForms 10-
K, 10-Q, 8-K and amendments thereto, as soon as reasonably practical afterwe file suchmaterialswith theSecurities andExchange
Commission. Any information thatwe include onor link toourwebsite is not a part of this report or any registration statement that
incorporates this report by reference. Youmay also read and copyour filings at theSEC’s PublicReferenceRoom at 100FStreet,
NE,Washington, DC20549. Youmayobtain information on the operationof thePublicReferenceRoomby calling theSEC at 1-
800-732-0330. TheSEC alsomaintains awebsite that contains reports, proxy and information statements, andother information
regarding issuers that file electronicallywith theSEC. The address of that site is
PART I
Item1. Business
Overview
We are the leading company in antisense drugdiscovery anddevelopment, exploiting a proven novel drugdiscoveryplatform
we created togenerate a broadpipeline of first-in-class drugs. Our strategy is todowhatwe dobest—todiscover anddevelopunique
antisense drugs. The efficiency andbroad applicabilityof our drugdiscoveryplatform allows us todiscover anddevelop antisense
drugs to treat awide range of diseases, including severe and rare, cardiovascular, neurologic andmetabolic diseases and cancer. The
efficiencyof our drugdiscovery technology allows us to employ a unique business strategydesigned tomaximize the value of our
drugs and technologywhilemaintaining an effective cost structure that limits our cashneeds.
