DURHAM, N.C., Jan. 06, 2026 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), today announced that CEO Anshul Thakral, CFO Jill McConnell, and SVP of Investor Relations, Tracy Krumme will participate in the following conference in January: J.P. Morgan Annual Healthcare Conference (San Francisco)Date:Tuesday, January 13, 2025Time:5:15 pm PSTFormat:Presentation and Q&A The live webcast and replay can be accessed through the “Events” section of Fortrea’s Inves ...

Core Insights - SCTbio and Fortrea have announced a strategic collaboration to enhance the development and delivery of advanced therapies, aiming to streamline processes and accelerate timelines for bringing therapies to patients [1][2][3] Company Overview - SCTbio is a leading Contract Development and Manufacturing Organization (CDMO) with over 15 years of experience in GMP manufacturing for Advanced Therapy Medicinal Products (ATMPs), providing end-to-end services including apheresis materials, vector production, and quality control [4] - Fortrea is a global provider of clinical development solutions, partnering with biopharmaceutical and biotechnology companies to drive healthcare innovation across various therapeutic areas, leveraging three decades of experience [6] Collaboration Details - The partnership aims to create synchronized solutions that de-risk programs, streamline planning, and optimize cost-efficiency throughout the development lifecycle, addressing over 4,400 gene, cell, and RNA therapies currently in development [2][3] - By combining Fortrea's clinical reach with SCTbio's manufacturing expertise, the collaboration seeks to enhance protocol design, supply chain resilience, and the delivery of therapies globally [3] - The collaboration will align clinical trial logistics with GMP manufacturing readiness, ensuring synchronized planning and execution for cell and gene therapy programs [3]

Summary of Fortrea Holdings FY Conference Call (December 03, 2025) Company Overview - **Company**: Fortrea Holdings (NasdaqGS:FTRE) - **Industry**: Health Care Services, specifically focusing on Contract Research Organization (CRO) services Key Points and Arguments Leadership Transition - CEO Anshul Thakral has been with Fortrea for approximately four months and is actively engaging with the organization and clients to understand the business better [8][10][13] - The executive team and employees have responded positively to the leadership transition, facilitating a smoother integration process [8][10] Market Environment - The broader pharmaceutical budget environment is characterized as neutral to positive, with large companies reactivating their R&D pipelines [19][21][22] - Small to mid-sized companies are experiencing improved funding levels compared to the previous year, although not at 2018 levels [22][23] Business Strategy - Fortrea is focusing on growth through new customer introductions rather than solely on diversification of existing customer relationships [44][45] - The company is gearing up for potential partnerships and has successfully protected existing large partnerships while adding mid-sized ones [33][36] Competitive Positioning - Fortrea differentiates itself by offering tailored services to both large and small pharmaceutical companies, leveraging its size as a strategic advantage [40][41] - The company is revamping its operating model to ensure small biotech clients do not get lost in the bureaucracy, emphasizing a flexible staffing approach [57][60] Therapeutic Areas and Clinical Trials - Oncology remains the largest therapeutic area for Fortrea, aligning with market trends [67] - The company is not heavily reliant on government-funded studies, which has led to fewer cancellations and a more stable operational environment [66] Technology and Innovation - Fortrea is implementing new technology systems, including an AI-powered CRA Mobile App, to enhance workflow efficiency and quality [74][75][78] - The focus is on continuous improvement and leveraging technology to drive operational excellence [81][90] Financial Performance and Cost Management - The company is on track for $150 million in gross savings, with $90 million in net actual savings achieved in the year [119] - There is a focus on optimizing margins and ensuring that revenue growth is coupled with cost discipline [118][119] Pricing Strategy - Pricing dynamics differ between FSP (Functional Service Provider) and FSO (Full-Service Outsourcing) segments, with price being more critical in the FSP market [105][106] - Fortrea maintains a disciplined pricing strategy, avoiding aggressive pricing that could compromise margins [106][108] Future Outlook - The company is cautious about providing guidance for 2026 but acknowledges the potential for low single-digit growth, which could lead to margin expansion [121][122] - Fortrea is focused on building a resilient commercial organization that can adapt to changing market conditions and customer needs [91][92] Additional Important Insights - The company is actively engaging in M&A activities and licensing deals within the biotech sector, indicating a positive outlook for future growth [24][26] - Fortrea's clinical pharmacology business is seen as a unique offering that enhances its competitive advantage across other business lines [99][100] This summary encapsulates the key insights from the Fortrea Holdings FY Conference Call, highlighting the company's strategic direction, market positioning, and operational focus.

Question-and-Answer SessionAnd we can just dive in, Anshul, I guess to start, 3Q, obviously, you saw a nice bounce back on the book-to-bill side. I think it was 1.13x. Can you just discuss what you saw from 2Q to 3Q sequentially on the customer sentiment biotech, large pharma, would be great to just dive into the backdrop and what drove the nice step up for you guys.Anshul ThakralCEO & Director Yes, sure. Happy to. Well, first of all, Patrick, thanks for having us here. I think -- thanks for picking a nice ...

Financial Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.13 times in Q3, indicating a recovery from Q2 [1][2] - The company has improved cash flow and reduced Days Sales Outstanding (DSO), focusing on the fundamentals of order to cash [38] Business Line Data and Key Metrics Changes - The company has seen an increase in RFP volumes, particularly from new clients across various phases of clinical trials, including small biotech and large pharma [5][6] - The phase I business has continued to grow, contributing positively to overall revenue [48][62] Market Data and Key Metrics Changes - The biotech funding environment is showing signs of improvement, with a cautious optimism among clients regarding capital availability for trials [12][13] - The company has not been significantly affected by cancellations, maintaining historical norms, while competitors with high exposure to specific studies have faced challenges [84][85] Company Strategy and Development Direction - The company is focused on transitioning to a fully independent operation, emphasizing new systems, processes, and talent to drive growth [18][19] - The strategy includes optimizing project management and resource allocation to enhance operational excellence [26][27] - The company aims to maintain a disciplined approach to pricing, avoiding aggressive bidding strategies that compromise margins [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the next two and a half years, highlighting a return to growth and improved market conditions [17][19] - The leadership transition has been positively received, with customer engagement improving significantly [2][3] Other Important Information - The company has divested non-core businesses, allowing for a 30% reduction in debt and a focus on improving leverage [38][39] - Cost-saving initiatives are on track, with a target of $150 million in gross savings, and a significant portion being reinvested in employees [52][53] Q&A Session Summary Question: Can you discuss the customer sentiment and changes from Q2 to Q3? - Management noted that customer hesitation around leadership transition dissipated quickly, leading to improved engagement and execution [2][3] Question: What metrics can you provide regarding new clients and RFP volumes? - The company reported increased RFP volumes and a diverse mix of new clients, including small biotech and large pharma [5][6] Question: How is the company addressing pricing pressures in the market? - Management stated that they have not pursued aggressive pricing strategies and have walked away from unprofitable work [30][31] Question: What is the outlook for debt repayment and capital allocation? - The company plans to prioritize debt repayment while also considering small targeted investments for organic growth [38][39] Question: How does the company view the current cancellations trend? - Cancellations have remained within historical norms, with no significant exposure to high-risk studies that have affected competitors [84][85] Question: Is there a sense of increased willingness among clients to move forward with trials? - Management indicated that recent policy changes have lifted some reluctance, allowing clients to proceed with trials more confidently [86][88]

Financial Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.13 times in Q3, indicating a recovery from Q2 [1][2] - There was a significant improvement in customer sentiment and engagement, particularly following a leadership transition [2][3] Business Line Data and Key Metrics Changes - The company has seen an increase in RFP volumes, particularly from new clients across various sectors, including small biotech and large pharma [5][6] - The diversity of clients has expanded, with a focus on engaging more effectively with new customers [5] Market Data and Key Metrics Changes - The biotech funding environment is showing signs of improvement, although it has not yet returned to pre-2018 levels [12][13] - The company is experiencing a normalization in cancellations, consistent with historical norms, and is not heavily exposed to sectors facing significant cancellations [84][85] Company Strategy and Development Direction - The company is transitioning into a fully independent entity, focusing on operational excellence and project-level profitability [18][19] - There is a commitment to not pursue aggressive pricing strategies, instead focusing on sustainable margins and project profitability [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the market, noting a return to growth and improved customer engagement [19][12] - The leadership emphasized the importance of project-level management and profitability, leveraging new systems and processes to enhance operational efficiency [72][73] Other Important Information - The company has successfully reduced its debt by approximately 30% since the spin-off and continues to prioritize debt repayment alongside targeted investments for growth [38][39] - Cost-saving initiatives are on track, with a goal of achieving $150 million in gross savings, of which a portion is being reinvested in employee development [52][53] Q&A Session Summary Question: Can you discuss the customer sentiment and engagement changes from Q2 to Q3? - Management noted that customer hesitation due to leadership transition dissipated quickly, leading to improved engagement and a bounce back in business [2][3] Question: What metrics can you provide regarding new clients and RFP volumes? - The company reported increased RFP volumes and a diverse mix of new clients, including both small biotech and large pharma [5][6] Question: How is the company addressing pricing pressures in the market? - Management stated that they are not pursuing aggressive pricing strategies and are focused on maintaining healthy margins [30][32] Question: What is the outlook for the biotech funding environment? - There are signs of improvement in funding, but it has not yet returned to the levels seen in 2018 and 2019 [12][13] Question: How is the company managing its debt and capital allocation? - The company has reduced debt significantly and is focused on further debt repayment while also considering small targeted investments for growth [38][39]

Financial Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.13 times in Q3, indicating a recovery from Q2 [3] - The management highlighted a significant improvement in cash flow and a reduction in debt, having paid down approximately $77 million of senior secured notes [38][39] Business Line Data and Key Metrics Changes - The company has seen an increase in RFP volumes, particularly from new clients across various phases of clinical trials, including small biotech and large pharma [5][6] - The phase one business has continued to grow, contributing positively to the overall performance [50] Market Data and Key Metrics Changes - The biotech funding environment is showing signs of improvement, although it has not yet returned to the levels seen in 2018 and 2019 [12] - The company has not experienced significant cancellations, maintaining a consistent cancellation rate in line with historical norms [85][86] Company Strategy and Development Direction - The company is focusing on operational excellence, project management, and financial discipline to enhance profitability and growth [20][21] - A bespoke go-to-market strategy is being implemented to better serve biotech clients, emphasizing the right resource allocation and project-level profitability [10][11][72] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the market, noting a return to growth and improved customer sentiment following a leadership transition [2][3] - The company is committed to continuous improvement in project management and operational efficiency, with a focus on long-term growth [20][21][72] Other Important Information - The company has set a revenue guidance of $2.7-$2.75 billion for the year, with a focus on maintaining margins despite the impact of pass-throughs [58][60] - Cost-saving initiatives are on track, with a target of $150 million in gross savings, of which a portion is being reinvested in employee development [52][53] Q&A Session Summary Question: How does the company view the current debt situation? - The company has focused on debt repayment since the spin-off, successfully reducing debt by approximately 30% and continuing to prioritize debt pay down alongside targeted investments for growth [38][39][44] Question: What is the company's approach to pricing in the competitive landscape? - The company has chosen not to engage in aggressive pricing strategies, focusing instead on maintaining healthy margins and project profitability [30][31][32] Question: How does the company plan to manage operational changes moving forward? - Management emphasized the importance of project-level profitability and the need for the right systems and processes to manage projects effectively [72][73][74] Question: What is the outlook for cancellations in the industry? - The company has maintained a consistent cancellation rate, with no significant deviations from historical norms, unlike some competitors facing higher cancellation rates due to specific market exposures [85][86] Question: How is the company responding to the evolving pharma landscape? - Management noted a shift in customer willingness to move forward with trials, indicating a more stable operating environment following recent policy changes [87][89]

Core Insights - Fortrea, a leading global contract research organization (CRO), is actively participating in key healthcare conferences in December 2025, showcasing its commitment to engaging with investors and stakeholders [1][2]. Company Overview - Fortrea (Nasdaq: FTRE) provides clinical development solutions to the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to accelerate healthcare innovation [3]. - The company offers a range of services including phase I-IV clinical trial management, clinical pharmacology, and consulting, leveraging over three decades of experience across more than 20 therapeutic areas [3]. - Fortrea operates in approximately 100 countries, emphasizing a diverse and talented team to deliver agile solutions globally [3].

Core Viewpoint - Fortrea has successfully completed a debt tender offer, purchasing $75,743,000 of its outstanding Senior Secured Notes, which is part of its strategy to optimize its capital structure and manage its financial resources effectively [1][2]. Group 1: Debt Tender Offer Details - The tender offer involved repurchasing a portion of the 7.500% Senior Secured Notes due 2030, reducing the outstanding principal from $570,000,000 to $494,257,000 [1]. - The total principal amount of Notes validly tendered exceeded $75,744,000, and the company accepted for purchase $75,743,000 based on a Final Proration Factor of 0.154199 [2]. Group 2: Financial Management and Strategy - The transaction was funded entirely with cash on hand, highlighting the strength of Fortrea's balance sheet and disciplined financial management [2]. - The completion of the tender offer aligns with the company's divestiture of its Fortrea Patient Access and Endpoint Clinical businesses, which was finalized in June 2024 [1]. Group 3: Company Overview - Fortrea is a leading global provider of clinical development solutions, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to drive healthcare innovation [3]. - The company offers a range of services including phase I-IV clinical trial management and consulting, leveraging over three decades of experience across more than 20 therapeutic areas [3].

Core Insights - Fortrea has appointed Agnieszka (Aggie) M. Gallagher as general counsel, responsible for the company's legal strategy and operations, succeeding J. Stillman Hanson [1][2] - Gallagher brings over 25 years of experience in the life sciences sector, having held leadership roles in various companies including Standard Biotools, Orasure Technologies, and Alnylam Pharmaceuticals [2][3] - Gallagher expressed enthusiasm about joining Fortrea during a pivotal moment and looks forward to collaborating with the global team to accelerate innovative treatments [4] Company Overview - Fortrea is a leading global contract research organization (CRO) that provides clinical development solutions to the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies [1][4] - The company offers phase I-IV clinical trial management, clinical pharmacology, and consulting services, leveraging over 30 years of experience across more than 20 therapeutic areas [4] - Fortrea operates in approximately 100 countries, delivering focused and agile solutions to its customers globally [4]