REPORTOF INDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM
The Board of Directors and Stockholders of Isis Pharmaceuticals, Inc.
We have audited the accompanying consolidated balance sheets of Isis Pharmaceuticals, Inc. as of December 31,
2014 and 2013, and the related consolidated statements of operations, comprehensive loss, stockholders’ equity
and cash flows for each of the three years in the period ended December 31, 2014. These financial statements are
the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with the standards of the Public CompanyAccounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Isis Pharmaceuticals, Inc. at December 31, 2014 and 2013, and the consolidated results of
its operations and its cash flows for each of the three years in the period ended December 31, 2014, in
conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public CompanyAccounting Oversight Board
(United States), Isis Pharmaceuticals, Inc.’s internal control over financial reporting as of December 31, 2014,
based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (2013 framework) and our report dated February 27, 2015 expressed
an unqualified opinion thereon.
/s/ ERNST&YOUNGLLP
San Diego, California
February 27, 2015
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