<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001276128</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0000874015</issuerCik>
      <issuerName>IONIS PHARMACEUTICALS INC</issuerName>
      <secFileNumber>000-19125</secFileNumber>
      <issuerAddress>
        <com:street1>2855 GAZELLE COURT</com:street1>
        <com:city>CARLSBAD</com:city>
        <com:stateOrCountry>CA</com:stateOrCountry>
        <com:zipCode>92010</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>7609319200</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>LOSCALZO JOSEPH</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Director</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Stifel Nicolaus &amp; Company Inc</name>
        <address>
          <com:street1>501 N Broadway</com:street1>
          <com:city>St. Louis</com:city>
          <com:stateOrCountry>MO</com:stateOrCountry>
          <com:zipCode>63102</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>54321</noOfUnitsSold>
      <aggregateMarketValue>4345680.00</aggregateMarketValue>
      <noOfUnitsOutstanding>165262556</noOfUnitsOutstanding>
      <approxSaleDate>05/04/2026</approxSaleDate>
      <securitiesExchangeName>Nasdaq</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <acquiredDate>07/01/2021</acquiredDate>
      <natureOfAcquisitionTransaction>Option Exercise</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>12000</amountOfSecuritiesAcquired>
      <paymentDate>05/04/2026</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <acquiredDate>07/03/2023</acquiredDate>
      <natureOfAcquisitionTransaction> Option Exercise </natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired> Issuer </nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>10321</amountOfSecuritiesAcquired>
      <paymentDate>05/04/2026</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <acquiredDate>07/02/2018</acquiredDate>
      <natureOfAcquisitionTransaction> Option Exercise </natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired> Issuer </nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>16000</amountOfSecuritiesAcquired>
      <paymentDate>05/04/2026</paymentDate>
      <natureOfPayment> Cash </natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <acquiredDate>07/01/2020</acquiredDate>
      <natureOfAcquisitionTransaction> Option Exercise </natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired> Issuer </nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>12000</amountOfSecuritiesAcquired>
      <paymentDate>05/04/2026</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <acquiredDate>07/01/2019</acquiredDate>
      <natureOfAcquisitionTransaction> Option Exercise </natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired> Issuer </nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>16000</amountOfSecuritiesAcquired>
      <paymentDate>05/04/2026</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Joseph Loscalzo</name>
        <address>
          <com:street1> 2855 Gazelle Ct </com:street1>
          <com:city> Carlsbad </com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92010</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle> Common Stock </securitiesClassTitle>
      <saleDate>03/03/2026</saleDate>
      <amountOfSecuritiesSold>832</amountOfSecuritiesSold>
      <grossProceeds>66833.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Joseph Loscalzo</name>
        <address>
          <com:street1>2855 Gazelle Ct</com:street1>
          <com:city>Carlsbad</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92010</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle> Common Stock </securitiesClassTitle>
      <saleDate>03/04/2026</saleDate>
      <amountOfSecuritiesSold>200</amountOfSecuritiesSold>
      <grossProceeds>16000.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>05/04/2026</noticeDate>
      <planAdoptionDates>
        <planAdoptionDate>11/18/2025</planAdoptionDate>
      </planAdoptionDates>
      <signature>/s/ James Weimer, as a duly authorized representative of STIFEL, as attorney-in-fact for Joseph Loscalzo</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
