While advances in RNA sequencing methods have accelerated our understanding of the human transcriptome, isoform discovery remains a challenge because short read lengths require complicated assembly algorithms to infer the contiguity of full-length transcripts. With PacBio’s long reads, one can now sequence full-length transcript isoforms up to 10 kb. The PacBio Iso- Seq protocol produces reads that originate from independent observations of single molecules, meaning no assembly is needed. Here, we sequenced the transcriptome of the human MCF-7 breast cancer cell line using the Clontech SMARTer® cDNA preparation kit and the PacBio RS II. Using PacBio Iso-Seq bioinformatics software, we obtained 55,770 unique, full-length, high-quality transcript sequences that were subsequently mapped back to the human genome with = 99% accuracy. In addition, we identified both known and novel fusion transcripts. To assess our results, we compared the predicted ORFs from the PacBio data against a published mass spectrometry dataset from the same cell line. 84% of the proteins identified with the Uniprot protein database were recovered by the PacBio predictions. Notably, 251 peptides solely matched to the PacBio generated ORFs and were entirely novel, including abundant cases of single amino acid polymorphisms, cassette exon splicing and potential alternative protein coding frames.