As biotechnology companies mature, the focus of their activities shifts from a research-and-development orientation to a business model based on marketed products that deliver revenue and earnings. Companies are thus striving to occupy key positions at every stage of the industry's evolving value chain, covering each step from gene identification to patient care. The management of corporate reputation must therefore be based on the new biotechnology business model, which takes into account the shifting industry value chain. The authors discuss how the function of corporate communications in biotechnology is changing along with the industry itself, as well as the key components of a biotechnology company's reputation in the current environment. Additionally, a case study of Cephalon, Inc., is presented to illustrate how positive and negative events can affect corporate reputation in the biotechnology industry. The authors conclude with some observations on tactical solutions for building and managing corporate reputation in today's biotechnology industry.