Fortrea Holdings Inc. (FTRE) Citi Annual Global Healthcare Conference 2025 December 2, 2025 1:00 PM EST
Company Participants
Anshul Thakral – CEO & Director
Jill McConnell – Chief Financial Officer
Conference Call Participants
Patrick Donnelly – Citigroup Inc. Exchange Research
Presentation
Patrick Donnelly
Citigroup Inc. Exchange Research
Right. We do look to get started. Thank you for joining us. I’m Patrick Donnelly, the tools diagnostic CRO analyst here at Citi. Happy to have Anshul and Jill with us from Fortrea.
Question-and-Answer Session
Patrick Donnelly
Citigroup Inc. Exchange Research
And 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 Thakral
CEO & Director
Yes, sure. Happy to. Well, first of all, Patrick, thanks for having us here. I think — thanks for picking a nice warm location. It’s awfully cold in New York. So happy to be here.
Look, I think the first thing you have to start off with is what we talked about Q2 being an anomaly. I think we had some customer hesitation around the CEO transition, as I had alluded to when I first joined the company, and as Peter alluded to, that disappeared quicker than thought. I mean, I was able to get out and engage with majority of our top customers, but really be on the road with our sales team and our executive team.
So the noise around the leadership transition disappeared very quickly. So that was obviously a help. I think in general, we are starting to see some
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