Anshul Thakral

Background

• Took over as Fortrea CEO Aug 4, 2025, succeeding Tom Pike (stepped down amid a steep stock decline) and interim CEO Peter Neupert.
• Spent 2016-2022 at PPD in commercial/biotech leadership; co-founded Carlyle/Abingworth-backed Launch Therapeutics (2022-2025), a risk-financing clinical co-development model.
• Operating Executive at Carlyle; sits on boards of Opthea, TriNetX, and Saama Technologies.

Current Focus

• Executing Fortrea's cost-cutting and "profitable growth" transformation plan following a rocky post-Labcorp spinoff (2023) and credit-rating pressure.
• Q2 2025 results showed revenue up 7.2% YoY to $710.3M with raised full-year guidance ($2.6-2.7B) — early proof points for his tenure.

What He Cares About

• Risk-sharing/co-development financing models (his Launch Therapeutics playbook) vs. traditional fee-for-service CRO work.
• Biotech/emerging-biopharma customer relationships — he built his reputation running PPD Biotech.
• Operational execution speed (his deals emphasize enrolling patients "ahead of schedule").

Potential Sensitivities

• Fortrea's turnaround is unproven; a second-half revenue miss or further downgrade could reopen leadership-stability questions.
• His prior company, Launch Therapeutics, competes for the same biotech risk-financing deal flow Fortrea may want to court — watch for conflict-of-interest framing.
• Newly appointed (under 6 months); may be guarded on forward guidance beyond public earnings calls.

Questions to Ask

1. How does the Launch Therapeutics risk-financing model translate into Fortrea's core CRO contracting — is co-development/risk-share now a strategic priority?
2. What specific levers (cost base, biotech mix, credit profile) does the transformation plan target first, and on what timeline?
3. Given his Carlyle Operating Executive role, how does he view PE-backed biotech/CRO consolidation playing out over the next 2-3 years?