PRESS RELEASE                           LIFE SCIENCES RESEARCH, INC.
                                        (OTCBB: LSRI)
                                        PO Box 2360
                                        Mettlers Road
                                        East Millstone, NJ 08875-2360

                                        For Further Information:
                                        Richard Michaelson
                                        Phone:   US: (732) 649-9961
                                        e-mail: LifeSciencesResearch@LSRinc.net
For Immediate Release

March 19, 2004

                           LSR ANNOUNCES 2003 RESULTS

East  Millstone,  New Jersey,  March 19,  2004 - Life  Sciences  Research,  Inc.
("LSR")  announced  today that net revenues in the year ended  December 31, 2003
were $132.4  million,  an increase of 14% on net revenues of $115.7  million for
the year ended December 31, 2002. The underlying  increase,  after adjusting for
the impact of the movement in exchange rates, was 7%.

Operating  income before  charging other  operating  expenses for the year ended
December  31, 2003 was $6.8  million  compared to $4.3 million in the year ended
December 31, 2002. Other operating  expenses were $3.5 million in 2003 and $0 in
2002, and mainly comprised of  restructuring  costs arising from a consolidation
of certain duplicate  facilities in the UK in order to improve the efficiency of
our facilities and staffing.

Net income for the year ended December 31, 2003 was $3.7 million compared with a
net income of $2.7 million the previous year. This included Other Income of $5.4
million in 2003 and $4.9 million in 2002. In 2003,  Other Income included a gain
of $0.6 million  associated with the repurchase of $1.4 million principal amount
of the Company's  outstanding  convertible  capital  bonds and non-cash  foreign
exchange  transaction  gains of $4.8  million on  accounting  for the  Company's
dollar denominated bonds converted into UK pound sterling.  Other Income in 2002
included a gain of $1.2 million  associated  with the repurchase of $2.4 million
principal  amount  of  the  Company's  outstanding  convertible  capital  bonds,
non-cash  foreign exchange  transaction  gains of $5.0 million on accounting for
the Company's dollar denominated bonds converted into UK pound sterling,  offset
by expenses associated with the US redomiciling  Exchange Offer of $1.3 million.
Earnings before  Interest,  Taxes,  Depreciation  and  Amortization  ("EBITDA"),
exclusive of the items discussed  above,  were $14.6 million for full year 2003,
or 11.0% of sales,  compared to $12.4 million,  or 10.7% of sales, for the prior
year.  Earnings  for the year ended  December 31, 2003 were $0.29 per share on a
diluted basis, compared with $0.24 in the year ended December 31, 2002.

For the quarter ended December 31, 2003,  revenues were $35.1 million,  compared
to $31.1  million  during the same period  last year.  Operating  income  before
charging  other  operating  expenses for the quarter ended December 31, 2003 was
$2.0 million compared to $1.6 million in the year ended December 31, 2002. Other
operating expenses were $3.8 million in the fourth quarter of 2003 and $0 in the
prior year.  These mainly comprised the  restructuring  costs referred to above.
Net income for the quarter  ended  December 31, 2003 was $1.8  million  compared
with a net income of $1.6 million the previous  year.  Fourth  quarter  earnings
were $0.15 per share on a diluted  basis,  compared  with  $0.13 in the  quarter
ended December 31, 2002.

Net cash  provided  by  operating  activities  totaled  $10.0  million  in 2003,
compared to cash provided of $14.0 million in 2002. Capital expenditures totaled
$8.7 million in 2003 compared with $4.2 million in 2002.  Year-end cash and cash
equivalents  were $17.3 million compared to $14.6 million in the prior year, and
total  long  term debt was $87.5  million,  an  increase  of $3.8  million  from
December 31, 2002 of $83.7 million.  This increase in long-term debt comprised a
$4.0 million increase due to exchange rate movements related to the company's UK
pound sterling based debt, offset by a net repayment of $0.2 million.

New business  signings totaled $32.7 million for the fourth quarter of 2003, and
$123.7 million for the full year, a decrease of 12% and 8.5%  respectively  from
the prior year,  exclusive of the impact of the movement in exchange rates. 2002
saw a rapid  growth  in  business  from  the  Pharmaceutical  industry  and this
business was  maintained  in 2003.  However there was a decline in the amount of
work outsourced from the Agrochemical  industry,  both on new chemical  entities
and as registration  work under European  Directive  91/414/EEC  diminished.  At
December 31, 2003  backlog  (booked-on  work)  amounted to  approximately  $93.5
million. Net days sales outstanding were 17 days at year end.

Andrew  Baker,  LSR's  Chairman  and CEO,  said "2003 was another year of steady
progress for LSR with  revenues,  operating  results and net income  higher than
2002. Cash management continues to be a priority and I am pleased to report that
cash  balances at the year-end  were ahead of last year despite the higher level
of  investment  in  new  capital  projects  to  strengthen  our  facilities  and
capabilities".

Brian Cass,  LSR's  President  and  Managing  Director,  said,  "Revenue  growth
continued in the fourth quarter.  New business  enquiries  remain strong and the
fourth  quarter  saw a recovery in orders from the levels seen in the second and
third quarters. This has also been reflected in a robust order rate in the first
two months of 2004".

Mr. Cass continued "We continue to focus on productivity and cost management and
have  recently  completed a  restructuring  of our UK  facilities to improve the
efficiency of our  operations,  whilst not hampering our near-term  capacity for
meeting  clients'  needs.  These  changes will also help us to  concentrate  our
investment going forward".

Life  Sciences  Research,  Inc.  is  a  global  Contract  Research  Organization
providing product development  services to the pharmaceutical,  agrochemical and
biotechnology  industries.  LSR brings  leading  technology  and  capability  to
support its clients in  non-clinical  safety  testing of new  compounds in early
stage development and assessment.  The purpose of this work is to identify risks
to humans, animals or the environment resulting from the use or manufacture of a
wide  range of  chemicals  which  are  essential  components  of LSR's  clients'
products.   The  Company's   services  are  designed  to  meet  the   regulatory
requirements of governments  around the world. LSR operates research  facilities
in the United States (the Princeton  Research Center, New Jersey) and the United
Kingdom  (Huntingdon and Eye,  England).  Information on LSR's business,  recent
press  releases,  and  SEC  filings  can be  obtained  through  its  website  at
www.lsrinc.net.

This announcement  contains statements that may be forward-looking as defined by
the USA's Private Securities Litigation Reform Act of 1995. These statements are
based  largely on LSR's  expectations  and are  subject to a number of risks and
uncertainties,  certain  of  which  are  beyond  LSR's  control,  as more  fully
described in LSR's Registration  Statement on Form S-1, dated July 12, 2002, and
the  Company's  Form 10-K for the fiscal year ended  December 31, 2002,  each as
filed with the US Securities and Exchange Commission.

This press release includes supplemental  financial information that may contain
references  to non-GAAP  financial  measures as defined in  Regulation  G of SEC
rules.  Consistent  with  Regulation G, a  reconciliation  of this  supplemental
financial  information to our generally  accepted  accounting  principles (GAAP)
information follows. We present this non-GAAP supplemental financial information
because we believe it is of interest to the  investment  community  and provides
additional  meaningful  methods of evaluating  certain  aspects of the Company's
operating performance from period to period on a basis that may not be otherwise
apparent on a GAAP basis.  This  supplemental  financial  information  should be
viewed in addition to, not in lieu of, the Company's consolidated  statements of
operations  for the three and  twelve-month  periods ended December 31, 2003 and
2002.


                              - tables to follow -


<PAGE>
<TABLE>

                  Life Sciences Research Inc. and Subsidiaries
                      Consolidated Statements of Operations
                  Dollars in (000's), except per share amounts
<CAPTION>

                                                          Quarter ended December 31,           Year Ended December 31,
                                                               2003             2002           2003               2002
<S>                                                      <C>              <C>            <C>                <C>
Revenues                                                    $35,147          $31,066       $132,434           $115,742
Cost of sales                                              (27,819)         (24,515)      (104,798)           (93,403)
                                                    --------------     -------------      -------------    ---------------
Gross profit                                                  7,328            6,551         27,636             22,339
Selling and administrative expenses                         (5,362)          (4,911)       (20,887)           (18,075)
Other operating expense                                     (3,777)                -        (3,522)                  -
                                                    --------------     -------------      -------------    ---------------
Operating (loss)/ income                                    (1,811)            1,640          3,247              4,264
Interest income                                                  45               13             94                 66
Interest expense                                            (1,468)          (1,631)        (6,084)            (6,304)
Other income                                                  3,325            2,557          5,362              4,922
                                                    --------------     -------------      -------------    ---------------
Income before income taxes                                       91            2,579          2,619              2,948
Income tax benefit/(expense)                                  1,739            (985)          1,109              (251)
                                                    --------------     -------------      -------------    ---------------
Net income                                                   $1,830           $1,594         $3,728             $2,697
                                                    ===============    =============      =============    ===============

Income per share
 -basic                                                       $0.15            $0.13          $0.31              $0.25
 -diluted                                                     $0.15            $0.13          $0.29              $0.24

Weighted average number of common stock outstanding

 -basic                                                  12,033,196       11,932,338     11,957,760         10,678,890
 -diluted                                                12,187,082       12,077,285     12,699,576         11,083,416

</TABLE>


<PAGE>



<TABLE>


                  Life Sciences Research Inc. and Subsidiaries
                           Consolidated Balance Sheets
                  Dollars in (000's), except per share amounts
<CAPTION>

                                                                            December 31,
ASSETS                                                                  2003             2002
<S>                                                                 <C>              <C>
Current assets:
Cash and cash equivalents                                            $17,271          $14,644
Accounts receivable, net of allowance
  of $561 and $287 in 2003 and 2002 respectively                      17,515           20,176
Unbilled receivables                                                   8,246            9,108
Inventories                                                            1,901            1,556
Prepaid expenses and other current assets                              4,610            3,075
                                                             ----------------   --------------
Total current assets                                                 $49,543          $48,559
                                                             ----------------   --------------
Property and equipment, net                                          101,547           94,574
Goodwill                                                                 832                -
Investments                                                                -              248
Unamortized capital bonds issue costs                                    429              563
Deferred income taxes                                                  3,922            4,466
                                                             ----------------   --------------
Total assets                                                        $156,273         $148,410
                                                             ----------------   --------------
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable                                                     $12,508           $8,574
Accrued payroll and other benefits                                     4,152            1,773
Accrued expenses and other liabilities                                14,033           12,990
Fees invoiced in advance                                              22,761           26,066
                                                             ----------------   --------------
Total current liabilities                                            $53,454          $49,403
                                                             ----------------   --------------
Long-term debt                                                        87,560           83,717
Related party loans                                                        -              358
Pension liabilities                                                   21,414           17,712
Deferred income taxes                                                  2,291            5,024
                                                             ----------------   --------------
Total liabilities                                                   $164,719         $156,214
                                                             ----------------   --------------
Commitments and contingencies
Shareholders' equity/(deficit)
Common  Stock,  issued  and  outstanding                                 120              119
  12/31/03:   12,034,883  (12/31/02:11,932,338)
Paid in capital                                                       75,101           75,098
Less: Promissory notes for issuance of common stock                    (661)            (684)
Accumulated comprehensive loss                                      (22,973)         (18,576)
Accumulated deficit                                                 (60,033)         (63,761)
                                                             ----------------   --------------
Total shareholders' (deficit)                                       $(8,446)         $(7,804)
                                                             ----------------   --------------
Total liabilities and shareholders' equity/(deficit)                $156,273         $148,410
                                                             ----------------   --------------


</TABLE>


<PAGE>

<TABLE>


                  Life Sciences Research Inc. and Subsidiaries
                      Consolidated Statements of Cash Flows
                               Dollars in (000's)
<CAPTION>

                                                                                Year Ended December 31,
                                                                                  2003             2002
<S>                                                                           <C>                <C>
Cash flows from operating activities:
Net income/(loss)                                                               $3,728           $2,697
Adjustments to reconcile net income/(loss) to net cash from
   operating activities
Depreciation                                                                    11,334            8,108
Foreign exchange (gain)/loss on Capital Bonds                                  (4,760)          (4,977)
Deferred income taxes/(benefits)                                               (1,234)              188
Gain on repurchase of Capital Bonds                                              (602)          (1,191)
Share of profit on acquisition                                                   (208)                -
Provision for losses on accounts receivable                                        244              123
Amortization of capital bonds issue costs                                          165              191
Amortization of warrants                                                           290              156
Changes in operating assets and liabilities:
Accounts receivable, unbilled receivables and prepaid expenses                   5,063            4,605
Inventories                                                                      (157)            (127)
Accounts payable, accrued expenses and other liabilities                         2,048          (1,728)
Fees invoiced in advance                                                       (5,972)            5,988
                                                                        ---------------    -------------
Net cash provided by/(used in) operating activities                             $9,939          $14,033
                                                                        ---------------    -------------
Cash flows from investing activities:
Purchase of property, plant and equipment                                      (8,716)          (4,177)
Cash acquired with subsidiary                                                    1,893                -
                                                                        ---------------    -------------
Net cash used in investing activities                                         $(6,823)         $(4,177)
                                                                        ---------------    -------------
Cash flows from financing activities:
Proceeds from issue of common shares                                                 4            6,039
Proceeds from issue of Promissory Notes                                             23                -
Proceeds from long-term borrowings                                                 444              334
Repayments of long-term borrowings                                             (1,328)          (4,627)
Repayments of short term borrowings                                              (253)                -
                                                                        ---------------    -------------
Net cash provided by financing activities                                     $(1,110)           $1,746
                                                                        ---------------    -------------
Effect of exchange rate changes on cash and cash equivalents                       621              802
                                                                        ---------------    -------------
Increase/(decrease) in cash and cash equivalents                                 2,627           12,404
Cash and cash equivalents at beginning of year                                  14,644            2,240
                                                                        ---------------    -------------
Cash and cash equivalents at end of year                                       $17,271          $14,644
                                                                        ---------------    -------------
Supplementary disclosures:
Interest paid                                                                 $(5,544)         $(6,110)

Non-cash transactions:
Conversion of debt to equity                                                        $-           $2,400
Issuance of common stocks for promissory notes                                      $-             $684

</TABLE>