Fortrea is a contract research organization (CRO) that manages clinical trials on behalf of pharmaceutical, biotech, and medical device companies. Rather than building large in-house clinical operations, Fortrea's customers outsource the design, execution, and monitoring of trials across all phases — from first-in-human Phase I studies through Phase IV post-approval work — spanning more than 20 therapeutic areas. Fortrea operates two main service lines: Clinical Pharmacology, which runs early-phase studies out of four owned clinical research units with roughly 400 beds in the UK and US; and Clinical Development, the larger business by revenue, covering full-service trial management including protocol design, site selection, patient recruitment, data management, biostatistics, and regulatory affairs. Oncology represents about 40% of full-service therapeutic revenue, with additional depth in CNS, metabolic diseases, immunology, and rare diseases. Fortrea earns revenue through service fees — its own professional labor — plus pass-through costs billed back at near-cost on behalf of customers. Full-service outsourcing and functional service provider (FSP) delivery models are both offered, though full-service carries better margins. Fortrea serves large pharma (about 56% of revenue) and biotech customers globally, entering long-term contracts that build a multi-year backlog. Fortrea spun out of Labcorp in June 2023 and has since prioritized debt repayment and SG&A reduction, targeting mid-teens adjusted EBITDA margins over the medium term.