Fortrea shares rise after FTRE tops Q1 estimates on biotech demand, margin gains

Fortrea Holdings Inc. (FTRE) rose after the contract research company reported first-quarter results that beat Wall Street expectations for revenue and non-GAAP earnings, helped by stronger biotech client activity and improved commercial execution. Management said the company posted a higher book-to-bill ratio for the third consecutive quarter, citing new wins among early-stage and publicly listed biotech firms. CEO Anshul Thakral said customer diversification supported growth, while CFO Jill McConnell pointed to cost controls and optimization efforts as drivers of margin expansion. Fortrea traded at $14.99 after the earnings update, up from $12.25 before the report. Investors are watching whether biotech bookings remain durable, whether the FIT platform improves trial efficiency, and whether additional cost savings can support further margin improvement.