Catalytic fast pyrolysis of eucalyptus wood was performed on a continuous laboratory-scale fluidized bed fast pyrolysis system. Catalytic activity was monitored from use of fresh catalyst up to a cumulative biomass/catalyst ratio (B/C) of 4:1 over extruded pellets of three different ZSM-5 catalysts by tracking CO, CO2, H2, and C2H4 production and bio-oil quality. The catalysts employed were extruded HZSM-5 with two different silica/alumina ratios (30 and 80) as well as one modified with Ga (SiO2/Al2O3 = 30) by ion exchange, which was reduced under H2 prior to pyrolysis. The deactivation of the catalysts over the course of the experiment was reflected in the decline in deoxygenation activity, following the order HZSM-5 (30) > HZSM-5 (80) > GaZSM-5 (30). HZSM-5 (30) lost most of its activity before a cumulative B/C of 2:1 was reached, while HZSM-5 (80) still showed significant deoxygenated activity at this exposure level. GaZSM-5 (30) still showed deoxygenation activity at B/C of >4:1. The improvement exhib...