One of five in a series evaluating the grant programs of the Lucille P. Markey Charitable Trust, this report examines the Markey Scholars Awards in Biomedical Sciences. The Scholars program awarded more than $50 million to outstanding young investigators as postdoctorates and junior faculty. Using analysis of curriculum vitae, data on citations and grants, and interviews, the report examines the career outcomes of Scholars relative to those of individuals who applied for the Scholars award. The authoring committee concludes that the Scholars program was a success and provides a template for current programs designed to address the career transitions of young investigators.