Fortrea names William Sharbaugh to board of directors

DURHAM, N.C. - Fortrea (NASDAQ:FTRE), a contract research organization with annual revenue of $2.73 billion, announced Monday the appointment of William Sharbaugh to its Board of Directors. According to InvestingPro data, while the company is currently operating at a loss, analysts expect it to return to profitability this year, with 5 analysts recently revising their earnings estimates upward.

Sharbaugh brings over three decades of pharmaceutical industry experience, with expertise in finance, operations, manufacturing, and quality. He currently serves as chairman of the board at Ora LLC, an ophthalmic research organization, and as a board member of Launch Therapeutics, Inc.

His previous roles include chief operating officer at PPD, Inc. from 2007 to 2021 and vice president of Global Development Operations at Bristol-Myers Squibb from 2001 to 2007. Sharbaugh also worked at Merck & Co. for 10 years in various positions and served as an officer in the U.S. Army.

"I’m looking forward to joining Fortrea’s Board as the company focuses on the future as a trusted partner to its clients," Sharbaugh said in the press release.

Fortrea CEO Anshul Thakral stated that Sharbaugh’s "experience and leadership acumen will be valuable to Fortrea as we execute on our plans."

Sharbaugh holds degrees from the U.S. Military Academy at West Point, the University of Pennsylvania, Temple University School of Pharmacy, and Boston University School of Arts and Sciences.

Fortrea provides phase I-IV clinical trial management, clinical pharmacology, and consulting services to biopharmaceutical, biotechnology, medical device, and diagnostic companies across approximately 100 countries. With a market capitalization of $920 million, the company currently trades at a high EBITDA multiple, suggesting investors are pricing in significant growth expectations. InvestingPro analysis reveals 8 additional key insights about Fortrea’s financial health and growth prospects, available to subscribers.

In other recent news, Fortrea Holdings Inc. reported a significant earnings beat for the second quarter of 2025. The company achieved earnings per share of $0.19, surpassing analyst forecasts of $0.08. Revenue also exceeded expectations, reaching $710.3 million compared to a projected $631.5 million. This strong financial performance has been a focal point for investors. Jefferies, a research firm, responded by raising its price target for Fortrea to $7.00 from $5.00, while maintaining a Hold rating. The firm noted improvements in Fortrea’s income statement, highlighting stronger revenue, EBITDA margin, and earnings per share than consensus expectations. These developments are drawing attention from the investment community, reflecting a positive outlook on the company’s recent financial results.

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