Europe’s biotech industry continues on a trajectory of growth fueled by innovations from cell and gene therapies to antisense, messenger RNA (mRNA), and chimeric antigen receptor T-cell therapy (CAR-T), with more emerging technologies and techniques on the horizon. The industry has made considerable progress in improving access to capital and talent gaps in the past few years. However, its future growth will depend on whether it can continue to scale up innovation and keep up with the pace of change in other regions. Biotechs, investors, and other stakeholders will need to play their part in the industry’s next act if the promise of a golden age of biotech is to become a reality.