The dynamic analysis of a continuous, aerobic, fixed-film bioreactor has been performed. Rigorous mathematical models have been developed for a fluidized-bed fermentor with biofilm growth. The transient performance of the reactor is appraised in terms of outlet penicillin concentration for constant, as well as variable carbon substrate feed rates. The effect of the reactor oxygen transfer capacity is elucidated for those cases employing substrate feeding strategies. The results show that penicillin production in a continuous, fixed-film bioreactor reaches a maximum with processing time, but subsequently decreases as cell mass accumulates and substrate deficiencies occur. The maximum production level can be maintained for increased operating times if the substrate supply is continuously increased. The duration of this prolonged production is a direct function of the rate of increase and the operating time at which the increase is initiated. The oxygen transfer capacity of the reactor was found to be important to the effectiveness of a feeding strategy.