CROs: Privately-Held CRO Executive Points to Consistent Demand Recovery with Limited Near-Term AI Disruption

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CROs: Privately-Held CRO Executive Points to Consistent Demand Recovery with Limited Near-Term AI Disruption

Truist Securities

Equity Research Report June 16, 2026

HEALTHCARE: Contract Research

Organizations CROs: Privately-Held CRO Executive

Points to Consistent Demand Recovery

Jailendra Singh with Limited Near-Term AI Disruption

212-401-4406 Last week, we hosted CTI Clinical Trials’ Chairman and CEO, Tim Schroeder, for

Jailendra.Singh@truist.com

a virtual call with a group of investors. The discussion centered on industry trends,

competitive landscape, and the impact of AI. By way of background, CTI (private) is a

Eduardo Ron mid-sized CRO founded 28 years ago with approximately 1,500 employees across 69

212-326-3152 countries. We provide our detailed takeaways from the conversation. Please reach out Eduardo.Ron@truist.com

to us or your Truist Securities salesperson if you want access to the replay.

Payton Engdahl

212-319-5476 Demand Environment – Recovery Now More Consistent and Broad-Based. Mr.

Payton.Engdahl@truist.com Schroeder characterized the CRO demand environment as clearly improving and more

consistent versus prior periods, with a noticeable inflection beginning in 4Q25 and

7 Page Document continuing through 1H26. The improvement is being driven by stronger biotech funding,

increased pharmaceutical M&A activity, and a more constructive capital markets

backdrop, which have collectively supported an increase in RFP flow, larger deal sizes,

Reasons for this report and improved conversion timelines. Importantly, the recovery is no longer uneven, with

both biotech and large pharma showing improved engagement, supported by better

✓ Truist Securities Hosted Event Takeaways funding positions among smaller companies and the completion of restructuring and