<SUBMISSION>
<ACCESSION-NUMBER>0000950129-03-005249
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20031030
<ITEMS>12
<ITEMS>7
<FILING-DATE>20031030
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>LEXICON GENETICS INC/TX
<CIK>0001062822
<ASSIGNED-SIC>2835
<IRS-NUMBER>760474169
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-30111
<FILM-NUMBER>03966906
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>8800 TECHNOLOGY FOREST PLACE
<CITY>THE WOODLANDS
<STATE>TX
<ZIP>77381
<PHONE>2818633000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>8800 TECHNOLOGY FOREST PLACE
<CITY>THE WOODLANDS
<STATE>TX
<ZIP>77381
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>h10031e8vk.txt
<DESCRIPTION>LEXICON GENETICS INCORPORATED - OCTOBER 30, 2003
<TEXT>
<PAGE>
================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


       DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 30, 2003


                          LEXICON GENETICS INCORPORATED
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

<TABLE>
<S>                                            <C>                                    <C>
                DELAWARE                              000-30111                             76-0474169
    (STATE OR OTHER JURISDICTION OF            (COMMISSION FILE NUMBER)                  (I.R.S. EMPLOYER
     INCORPORATION OR ORGANIZATION)                                                   IDENTIFICATION NUMBER)
</TABLE>

                          8800 TECHNOLOGY FOREST PLACE
                           THE WOODLANDS, TEXAS 77381
                         (ADDRESS OF PRINCIPAL EXECUTIVE
                              OFFICES AND ZIP CODE)

                                 (281) 863-3000
                         (REGISTRANT'S TELEPHONE NUMBER,
                              INCLUDING AREA CODE)

================================================================================
<PAGE>
ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS

      (c) Exhibits

   EXHIBIT NO.                        DESCRIPTION
   -----------                        -----------
      99.1          -- Press Release of Lexicon Genetics Incorporated dated
                       October 30, 2003

ITEM 12.   RESULTS OF OPERATIONS AND FINANCIAL CONDITION

         On October 30, 2003, we issued a press release to report our financial
results for the quarter ended September 30, 2003. A copy of the press release is
attached to this current report on Form 8-K as Exhibit 99.1.

         The information in this Form 8-K and the Exhibit attached to this Form
8-K shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933 or the Exchange Act, except as
expressly set forth by specific reference in such a filing.


                                       2
<PAGE>
                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                             LEXICON GENETICS INCORPORATED

Date: October 30, 2003                       By: /s/ JEFFREY L. WADE
                                                 ----------------------------
                                                 Jeffrey L. Wade
                                                 Executive Vice President and
                                                 General Counsel



                                       3
<PAGE>
                                INDEX TO EXHIBITS


   EXHIBIT NO.                        DESCRIPTION
   -----------                        -----------
      99.1          -- Press Release of Lexicon Genetics Incorporated dated
                       October 30, 2003



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>h10031exv99w1.txt
<DESCRIPTION>PRESS RELEASE - REPORTING FINANCIAL RESULTS
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1

                         Lexicon Genetics Reports Strong
                      Third Quarter 2003 Financial Results

THE WOODLANDS, TEXAS, OCTOBER 30, 2003 - Lexicon Genetics Incorporated (Nasdaq:
LEXG), a biopharmaceutical company focused on the discovery of breakthrough
treatments for human disease, today reported financial results for the three and
nine months ended September 30, 2003.

REVENUES: Lexicon's revenues for the three months ended September 30, 2003
increased 51 percent to $12.1 million from $8.0 million for the corresponding
period of 2002. The increase was primarily attributable to the technology
license fee from a sublicense granted during the quarter. For the nine months
ended September 30, 2003, revenues increased 16 percent to $29.1 million from
$25.1 million for the corresponding period of 2002.

RESEARCH AND DEVELOPMENT EXPENSES: Research and development expenses for the
three months ended September 30, 2003 increased seven percent to $21.2 million
from $19.8 million for the corresponding period of 2002. The increase primarily
reflects the expansion of the Company's drug discovery programs. For the nine
months ended September 30, 2003, research and development expenses increased 11
percent to $61.9 million from $55.6 million for the corresponding period of
2002. Research and development expenses included non-cash, stock-based
compensation expense of $1.2 million and $1.3 million in the three months ended
September 30, 2003 and 2002, respectively and $3.8 million and $3.9 million in
the nine months ended September 30, 2003 and 2002, respectively.

GENERAL AND ADMINISTRATIVE EXPENSES: General and administrative expenses were
$5.8 million in each of the three months ended September 30, 2003 and 2002. For
the nine months ended September 30, 2003, general and administrative expenses
decreased one percent to $17.5 million from $17.7 million for the corresponding
period of 2002. General and administrative expenses included non-cash,
stock-based compensation expense of $1.3 million and $3.8 million in the three
and nine months ended September 30, respectively, in both 2003 and 2002.

NET LOSS: Net loss narrowed to $14.6 million, or $0.24 per share, in the three
months ended September 30, 2003, from a net loss of $16.8 million, or $0.32 per
share, in the corresponding period of 2002. For the nine months ended September
30, 2003, net loss was $49.3 million, or $0.90 per share, compared to a net loss
of $45.8 million, or $0.88 per share, in the corresponding period of 2002.
Excluding non-cash, stock-based compensation charges, net loss for the three
months and nine months ended September 30, 2003 was $12.0 million and $41.7
million, respectively, or $0.20 and $0.76 per share, compared to a net loss of
$14.2 million and $38.1 million, or $0.27 and $0.73 per share, for the
corresponding periods of 2002.

As a complement to reporting net loss and net loss per common share in
accordance with generally accepted accounting principles, or GAAP, Lexicon
provides net loss and net loss per common share results excluding non-cash,
stock-based compensation. Lexicon uses these measures in establishing budgets
and believes they are useful in measuring the performance of the Company's
business. A reconciliation of these results to GAAP is included in the selected
financial data set forth below.

CASH AND INVESTMENTS: As of September 30, 2003, Lexicon had approximately $133.6
million in cash and investments, including restricted cash and investments,
compared to $95.6 million as of June 30, 2003 and $123.1 million as of December
31, 2002. Restricted cash and investments were $57.5 million on September 30,
2003 and $57.7 million on both June 30, 2003 and December 31, 2002.
<PAGE>
"We ended the quarter in a strong financial position with 51 percent revenue
growth in the third quarter of 2003 versus the prior period last year and
additional capital from our July common stock offering," said Julia P. Gregory,
executive vice president of corporate development and chief financial officer of
Lexicon. "With over $29 million in revenues for the first nine months of 2003,
we are well positioned to achieve our eighth consecutive year of revenue
growth."

THIRD QUARTER 2003 HIGHLIGHTS:

"We continued to make significant strides with our drug discovery programs
during what was a very strong and busy third quarter," said Arthur T. Sands,
M.D., Ph.D., president and chief executive officer of Lexicon. "We now have more
than 20 drug discovery programs in five therapeutic areas and we are continuing
to select more programs as we analyze the physiological functions of
approximately 1,000 genes per year. We are advancing our lead programs towards
the selection of compounds with promise for clinical development."

ANALYSIS OF 1,250 GENE KNOCKOUTS YIELDS MORE THAN 20 DRUG DISCOVERY PROGRAMS:
Lexicon announced that it has completed its initial analysis of the
physiological functions of more than 1,250 genes. This milestone represents the
completion of one quarter of Lexicon's Genome5000 program for the discovery of
new drug targets from the human genome. The Company expects to continue the
analysis of the remaining genes at a rate of approximately 1,000 genes per year.

COMPLETION OF A COMMON STOCK OFFERING: Lexicon completed a public offering of
10,240,000 shares of common stock at $5.25 per share. Net proceeds from the
offering to the Company were $50.1 million.

LEXICON CONFERENCE CALL:

Dr. Arthur T. Sands and Julia P. Gregory will review Lexicon's operating
highlights and financial results for the nine months ended September 30, 2003
and will discuss the company's expectations for the fourth quarter in a
telephone conference call at 5:00 p.m. EST today, October 30, 2003.

The audio web cast can be heard by logging on to www.lexicon-genetics.com. It
will be archived and available for review online through November 6, 2003.

Conference call participants may dial: 800/268-8047 (domestic USA), 312/461-0644
(international). Pass code for all callers: 668661.

ABOUT LEXICON GENETICS

Lexicon Genetics is a biopharmaceutical company focused on the discovery of
breakthrough treatments for human disease. Lexicon is using gene knockout
technology to systematically discover in living mammals, or in vivo, the
physiological functions and pharmaceutical utility of genes. The Company's gene
function discoveries fuel therapeutic discovery programs in diabetes, obesity,
cardiovascular disease, immune disorders, neurological disease and cancer.
Lexicon has established drug discovery alliances and functional genomics
collaborations with leading pharmaceutical and biotechnology companies, research
institutes and academic institutions throughout the world to commercialize its
technology and turn its discoveries into drugs. Additional information about the
Company is available through Lexicon's corporate website,
www.lexicon-genetics.com.
<PAGE>
SAFE HARBOR STATEMENT

This press release contains "forward-looking statements," including statements
about Lexicon's growth and future operating results, discovery and development
of products, strategic alliances, and intellectual property, as well as other
matters that are not historical facts or information. These forward-looking
statements are based on management's current assumptions and expectations and
involve risks, uncertainties and other important factors, specifically including
those relating to Lexicon's ability to develop drug candidates from its
discoveries, achieve its operational objectives, obtain patent protection for
its discoveries and establish strategic alliances, that may cause Lexicon's
actual results to be materially different from any future results expressed or
implied by such forward-looking statements. Information identifying such
important factors is contained under "Factors Affecting Forward-Looking
Statements" and "Business - Risk Factors" in Lexicon's annual report on Form
10-K for the year ended December 31, 2002, as filed with the Securities and
Exchange Commission. Lexicon undertakes no obligation to update or revise any
such forward-looking statements, whether as a result of new information, future
events or otherwise.

                                      # # #


CONTACT FOR LEXICON GENETICS:
Chas Schultz, Director
Investor Relations and Financial Analysis
281/863-3421
cschultz@lexgen.com
<PAGE>
                          LEXICON GENETICS INCORPORATED

                             SELECTED FINANCIAL DATA

<TABLE>
<CAPTION>
                                                                          -----------------------       -----------------------
                                                                            THREE MONTHS ENDED            NINE MONTHS ENDED
CONSOLIDATED STATEMENTS OF OPERATIONS DATA                                     SEPTEMBER 30,                 SEPTEMBER 30,
(In thousands, except per share data)                                       2003           2002           2003           2002
                                                                          --------       --------       --------       --------
                                                                              (UNAUDITED)                    (UNAUDITED)
<S>                                                                    <C>           <C>            <C>            <C>
Revenues:
   Subscription and license fees .....................................    $  8,029       $  3,319       $ 15,441       $ 11,689
   Collaborative research ............................................       4,082          4,632         13,665         13,155
   Compound libraries and other ......................................        --               62             32            236
                                                                          --------       --------       --------       --------
     Total revenues ..................................................      12,111          8,013         29,138         25,080
Operating expenses:
   Research and development, including stock-based compensation
      of $1,246, $1,288, $3,801 and $3,862, respectively .............      21,224         19,753         61,852         55,649
   General and administrative, including stock-based compensation
      of $1,275, $1,278, $3,827 and $3,836, respectively .............       5,755          5,751         17,538         17,739
                                                                          --------       --------       --------       --------
     Total operating expenses ........................................      26,979         25,504         79,390         73,388
                                                                          --------       --------       --------       --------
Loss from operations .................................................     (14,868)       (17,491)       (50,252)       (48,308)
Interest and other income ............................................         386            683          1,170          2,505
Interest expense .....................................................         (76)            (1)          (240)            (5)
                                                                          --------       --------       --------       --------
Net loss .............................................................    $(14,558)      $(16,809)      $(49,322)      $(45,808)
                                                                          ========       ========       ========       ========
Adjustment for stock-based compensation (1) ..........................       2,521          2,566          7,628          7,698
                                                                          --------       --------       --------       --------
Net loss, excluding stock-based compensation (1) .....................    $(12,037)      $(14,243)      $(41,694)      $(38,110)
                                                                          ========       ========       ========       ========

Net loss per common share, basic and diluted .........................    $  (0.24)      $  (0.32)      $  (0.90)      $  (0.88)
                                                                          ========       ========       ========       ========
Net loss per common share, excluding stock-based compensation (1) ....    $  (0.20)      $  (0.27)      $  (0.76)      $  (0.73)
                                                                          ========       ========       ========       ========
Shares used in computing net loss per common share ...................      59,475         52,314         54,806         52,230
</TABLE>
<TABLE>
<CAPTION>
                                                                                        ------------------------------------------
CONSOLIDATED BALANCE SHEET DATA                                                         AS OF SEPTEMBER 30,     AS OF DECEMBER 31,
(In thousands)                                                                                 2003                    2002
                                                                                        -------------------     ------------------
                                                                                            (UNAUDITED)
<S>                                                                                     <C>                     <C>
Cash and investments, including restricted cash and investments of
   $57,514 and $57,710, respectively.......................................................  $ 133,550               $ 123,096
Property and equipment, net................................................................     33,430                  37,362
Goodwill...................................................................................     25,798                  25,798
Intangible assets other than goodwill, net.................................................      3,340                   4,240
Total assets...............................................................................    209,387                 201,772
Deferred revenue...........................................................................     14,466                  18,647
Long-term debt.............................................................................      4,000                   4,000
Deferred stock compensation................................................................     (3,387)                (11,106)
Accumulated deficit........................................................................   (199,067)               (149,745)
Total stockholders' equity ................................................................    178,486                 169,902
</TABLE>

(1)   In addition to reporting net loss and net loss per common share in
      accordance with generally accepted accounting principles, or GAAP, Lexicon
      provides net loss and net loss per common share excluding non-cash,
      stock-based compensation expense.

</TEXT>
</DOCUMENT>
</SUBMISSION>
