Fortrea

What Fortrea does

Fortrea is a global contract research organization (CRO) headquartered in Durham, North Carolina, that was spun off from Labcorp in June 2023 and now trades on Nasdaq under the ticker FTRE. The company provides Phase I through IV clinical trial management, clinical pharmacology, patient access, pharmacovigilance, and consulting services to biopharmaceutical, biotechnology, and medical device sponsors across more than 90 countries, supported by approximately 14,300 employees and a portfolio that includes a Multiphase Clinical Research Unit in Leeds, Phase I units, in-clinic cGMP pharmacies, and Cell and Gene Therapy capabilities.

Fortrea's core technology is the Fortrea Intelligent Technology (FIT) suite — an AI-powered platform built on the legacy Xcellerate Risk-Based Quality Management system and organized into three pillars: FIT Lifecycle Solutions for workflow automation, FIT Foresight Solutions for predictive analytics and risk mitigation, and FIT Companion Solutions for sponsor and site decision support. The platform integrates persona-based workflows for sponsors, investigators, and research centers and is positioned to automate near-real-time data insights across clinical pharmacology, clinical development, and medical device research. Service offerings span Clinical Development, Clinical Pharmacology Services, Functional Service Provider (FSP) models covering Clinical Operations, Data Management, Biostatistics, and Safety/Medical Writing, as well as Site Connections, Consulting (Market Access & HEOR, PaCE, Regulatory Strategy), Decentralized Mobile Clinical Services, Digital Health Solutions, Real-World Evidence and Post-Approval Studies, Rescue Study Services, and MedTech Solutions. Delivery is structured around three flexible engagement models: Full Service, Functional Service Provider (FSP), and Hybrid.

Commercially, Fortrea operates an enterprise field-sales go-to-market targeting large biopharma, biotech (including emerging biotech with capital-access support), and medical device customers, with sales motion concentrated at industry conferences (BIO International, SCOPE Europe, ChinaBio) and via direct RFP/portal engagement. Revenue is project-based and generated through multi-year Full Service, FSP, and Hybrid contracts; FY2025 revenue was $2,723.4 million, with a $7.8B backlog and 1.15x book-to-bill ratio in Q1 2026. The company is currently in a turnaround under CEO Anshul Thakral (appointed June 2025), having delivered $153M gross and $93M net cost savings in FY2025 and guided FY2026 revenue of $2.55–2.65B with $190–220M adjusted EBITDA and 160 bps of operating margin expansion, while divesting non-core Endpoint Clinical and Patient Access businesses and completing a $75.7M senior notes tender offer.

Name

Fortrea

Legal name

Fortrea Inc.

Website

https://www.fortrea.com

Company type

Public

Founded year

2023

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Fortrea is a global contract research organization spun off from Labcorp in 2023, providing Phase I–IV clinical trial management, clinical pharmacology, pharmacovigilance, and consulting services to biopharmaceutical, biotechnology, and medical device sponsors across 90+ countries with 14,300 employees.

Ownership category

akta.pro rank

Product category

Contract Research Organization Services

NAICS

Scientific Research and Development Services (5417), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Clinical Operations & Monitoring FSP (CRA/CTM/Start-up) (HLAGAOAA)

Keywords

• Clinical trial management
• Contract research organization
• Clinical pharmacology services
• Pharmacovigilance operations
• Biopharmaceutical development services

Headquarters

HQ city

Durham

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Clinical Development Services: Fortrea generates revenue through providing comprehensive Phase I through IV clinical trial management, clinical pharmacology, and consulting services for biopharmaceutical, biotechnology, and medical device customers. Revenue is project-based, earned through full-service contracts, Functional Service Provider (FSP) arrangements, and hybrid delivery models.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Fortrea is a global contract research organization (CRO) providing comprehensive Phase I through IV clinical trial management, clinical pharmacology, pharmacovigilance, regulatory consulting, and patient access solutions to biopharmaceutical, biotechnology, and medical device companies. Services are delivered via Full Service, Functional Service Provider (FSP), and Hybrid models and are augmented by the AI-powered Fortrea Intelligent Technology (FIT) suite built on the Xcellerate platform.

Product overview

Fortrea is a global contract research organization (CRO) offering a comprehensive portfolio of clinical development solutions. The company operates as a platform-plus-modules architecture, with its core technology offering being Fortrea Intelligent Technology (FIT) — an AI-powered suite built on the Xcellerate platform comprising three pillars: Lifecycle, Foresight, and Companion solutions. This technology platform integrates with and enhances Fortrea's service offerings including Clinical Development (Phase I-IV trial management), Clinical Pharmacology Services, Functional Service Provider (FSP) solutions, Safety Services & Medical Writing, Consulting, Site Connections, and specialized therapeutic area expertise. Fortrea provides flexible delivery models (Full Service, FSP, and Hybrid) and serves biopharmaceutical, biotech, and MedTech companies across more than 100 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Fortrea Intelligent Technology (FIT): AI-powered suite of clinical trial solutions including Lifecycle, Foresight, and Companion solutions built on the Xcellerate platform
• Xcellerate
• Xcellerate Risk-Based Quality Management

Products and services

• Clinical Development End-to-end Phase I through IV clinical trial management services including multiphase research units, diversity and inclusion programs, mobile clinical services, digital health solutions, clinical trial management and monitoring, and data management for biopharma and biotech sponsors.
• Clinical Pharmacology Services Early clinical development services including Phase I clinical research units, in-clinic cGMP pharmacies, clinical trial data visualization, Clinspark electronic data capture, and renal and hepatic impairment studies for sponsors needing first-in-human and early-phase support.
• Functional Service Provider (FSP) Flexible functional outsourcing delivery model providing specialized functional services including Clinical Operations, Clinical Data Management, Biostatistics and Statistical Programming, and Safety Services and Medical Writing for sponsors with internal capabilities seeking targeted functional support.
• Safety Services & Medical Writing Comprehensive pharmacovigilance operations and medical writing services supporting pre- and post-approval drug safety across both clinical-stage safety services and post-marketing surveillance for global QPPV coverage.
• Site Connections Site partnership solutions including Fortrea Site Advisory Board, site technology offerings, and site support services that strengthen investigator relationships and operational excellence in clinical trial execution.
• Consulting Strategic consulting services covering Market Access & HEOR, Patient-Centered Endpoints (PaCE), Product Development, and Regulatory Strategy to support clinical and commercial decision-making for biopharma sponsors.
• Delivery Models Flexible, scalable engagement approaches encompassing Full Service, Functional Service Provider (FSP), and Hybrid structures that allow sponsors to choose the outsourcing model that best fits their internal capabilities and program needs.
• MedTech Solutions Specialized clinical development services for medical device and diagnostic companies, supporting device-specific trial protocols, regulatory pathways, and diagnostic validation studies.
• Cell and Gene Therapy Services Tailored clinical trial management solutions for cell and gene therapy developers, addressing the unique operational complexities of advanced therapy programs across development through commercialization.
• Fortrea Intelligent Technology (FIT) AI-powered clinical trial technology suite built on the Xcellerate platform offering three pillars — Lifecycle Solutions, Foresight Solutions, and Companion Solutions — to automate workflows, deliver near-real-time data insights, and enable predictive analytics and risk mitigation for sponsors, investigators, and research centers.

Quantifiable outcome

• $153 million gross savings and $93 million net savings achieved in FY 2025
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature5 records

Partnerships

Four partnerships are on record, tiered minor and core.

• XtalksminorGTM or Marketing Partner · 21 May 2026Xtalks hosts free webinars featuring Fortrea specialists presenting case studies on accelerating clinical development for emerging and mid-sized biotech companies. Topics include regulatory pathway navigation, early business case evaluation, and cross-functional execution frameworks.
• SCTbiocoreStrategic or Co-development Partner · 4 December 2025Strategic collaboration to accelerate cell and gene therapy development and delivery. Combines Fortrea's global clinical development expertise with SCTbio's cGMP manufacturing capabilities for cell-based products, viral vectors, and apheresis. Partnership aims to harmonize clinical trial logistics with GMP manufacturing readiness, create synchronized solutions across development lifecycle, and address the growing advanced therapy landscape where over 4,400 gene, cell, and RNA therapies are in development. Seeks to set new benchmark for operational excellence from early-stage development through commercialization.
• Emery PharmaminorStrategic or Co-development Partner · 24 June 2025Strategic collaboration to deliver FDA-compliant drug-drug-interaction studies using Rifampin. Enables sponsors to conduct required DDI studies for regulatory submissions with FDA-compliant methodology.
• Society for Clinical Research Sites (SCRS)coreStrategic or Co-development Partner · 20 February 2025Partnership to advance collaboration in clinical research. Focuses on strengthening site-CRO relationships and improving operational excellence in clinical trial execution.

Scale indicators15 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Medpace Holdings: Medpace is a mid-sized global CRO focused on Phase I-IV clinical trial management for biopharma and biotech, primarily full-service. It is directly comparable as a competing full-service and FSP clinical research organization competing on therapeutic depth and operational execution.
• ICON plc: ICON plc is a leading global CRO providing outsourced clinical development, FSP, and laboratory services to pharma, biotech, and medical device sponsors. It competes head-to-head with Fortrea across Phase I-IV trials, FSP arrangements, and post-approval studies.
• Parexel International: Parexel is a global CRO with biopharma and biotech focus across Phase I-IV, regulatory affairs, and pharmacovigilance. It directly competes with Fortrea for full-service and FSP engagements across similar customer segments.

Broad incumbents

• IQVIA Holdings: IQVIA is the largest global CRO and life sciences services provider, offering Phase I-IV clinical trial management, real-world evidence, and technology-enabled drug development. It is comparable to Fortrea as the dominant full-service incumbent against which Fortrea competes across therapeutic areas and delivery models.
• Laboratory Corporation of America (Labcorp) Drug Development: Labcorp retains a clinical development and central laboratory business and is Fortrea's former parent entity. It remains a structural comparable given shared Covance heritage, overlapping therapeutic area expertise, and similar enterprise CRO delivery model.
• Charles River Laboratories: Charles River Laboratories provides CRO services (notably via its acquisitions of Inotiv and other preclinical/clinical players) along with research models and manufacturing. It overlaps with Fortrea in clinical trial support, early-stage research services, and safety/ pharmacovigilance adjacent capabilities.
• Thermo Fisher Scientific (PPD): Thermo Fisher's PPD clinical research business offers comprehensive Phase I-IV CRO services and is among the largest global CRO platforms. It is a broad incumbent comparable given Fortrea's scale, therapeutic breadth, and global footprint.

Regional players

• WuXi AppTec: WuXi AppTec is a leading China-based CRO/CDMO serving global biopharma, with significant overlap to Fortrea in clinical development services and biologics/CGT programs. It competes globally but is most concentrated across Asia-Pacific clinical operations.

Emerging players

• Worldwide Clinical Trials: Worldwide Clinical Trials is a mid-sized CRO specializing in neuroscience, cardiometabolic, and rare disease clinical research. Comparable to Fortrea as a focused player competing for similar biotech and emerging-pharma study awards in selected therapeutic areas.
• Clario: Clario is a technology-enabled clinical trial endpoint data and eCOA/medical imaging company, overlapping with Fortrea in clinical trial data capture, decentralised trial enablement, and risk-based quality management. Comparable through shared technology-enabled trial delivery rather than identical full-service scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Fortrea
• YouTubeyoutube.com/@Fortrea
• Facebookfacebook.com/100091787532139
• LinkedInlinkedin.com/company/fortrea
• Instagraminstagram.com/fortreacro

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fortrea