Fortrea Q2 2024 Earnings Presentation

Fortrea reported Q2 2024 financial results, highlighting solid demand with increased RFP values from large pharma and biotech clients. The company doubled adjusted EBITDA versus Q1, progressed on cost reduction initiatives by exiting 60% of transition services, and divested non-core businesses while repaying $504M in debt. Key wins across top pharma and biotech companies were offset by missed book-to-bill targets due to slower biotech decision cycles.