
<TABLE> <S> <C>

<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS FOR INHALE THERAPEUTIC SYSTEMS FOR THE THREE AND SIX MONTH
PERIODS ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                          33,449
<SECURITIES>                                    28,020
<RECEIVABLES>                                    5,000
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 1,797
<PP&E>                                          10,533
<DEPRECIATION>                                 (3,832)
<TOTAL-ASSETS>                                  74,802
<CURRENT-LIABILITIES>                           12,625
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        94,055
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                    74,802
<SALES>                                              0
<TOTAL-REVENUES>                                 7,150
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                13,112
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (4,342)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (4,342)
<EPS-PRIMARY>                                   (0.33)
<EPS-DILUTED>                                        0
        

</TABLE>
