Company Reports

Veeva is the leading provider of cloud-based software solutions tailored to the life sciences industry. It provides an ecosystem of products to address the operating challenges and regulatory requirements that companies in the space face. Instead of focusing on a general, one-size-fits-all system, Veeva has created platforms that are purely designed to serve one industry. And this vertical focus has allowed the company to shape its products for its specific customers to fit their specific needs. Veeva is deeply penetrated in its addressable market, and its continued expanding portfolio of applications presents itself as one of the most attractive offerings in the space.

Veeva delivered 18% revenue growth (15% in commercial growth and 20% in research and development growth) and 18% adjusted EPS growth during the second fiscal quarter. Both figures landed ahead of guidance. Shares are up 9% after hours Aug. 27.

On June 23, Veeva Systems announced the acquisition of Copli, a developer of artificial intelligence-powered medical, legal, and regulatory solutions for the life sciences industry. Financial terms were not disclosed. Veeva shares were up 5% in midday trading.

Veeva delivered 16% and 13% revenue and adjusted EPS growth, respectively, during first-quarter fiscal 2027. Both figures landed ahead of guidance. Full-year guidance for revenue and EPS was raised by a low single digit. Shares were down 5% afterhours.

Veeva Systems will be added to the S&P 500 on May 7. The shares jumped 11% in early May 1 trading on the news.

Veeva is the leading provider of cloud-based software solutions tailored to the life sciences industry. It provides an ecosystem of products to address the operating challenges and regulatory requirements that companies in the space face. Instead of focusing on a general, one-size-fits-all system, Veeva has created platforms that are purely designed to serve one industry. And this vertical focus has allowed the company to shape its products for its specific customers to fit their specific needs. Veeva is deeply penetrated in its addressable market, and its continued expanding portfolio of applications presents itself as one of the most attractive offerings in the space.

In the fourth quarter, Veeva grew total revenue by 16% year-over-year and adjusted EPS climbed 20% to $2.06. Management provided initial revenue and EPS guidance for fiscal 2027 that was ahead of FactSet consensus. Shares traded up 7% in early trading on March 5.

After hitting a three-year high in October 2025, Veeva shares have sold off over the past three months and are trading near a 52-week low. Since reporting third-quarter earnings in late November, shares are down roughly 25%.

Veeva announced a $2 billion share repurchase program on Jan 5. with a term of two years. Shares are up roughly 7% on the news.

Veeva delivered 16% revenue growth and $2.04 adjusted EPS for its third fiscal quarter. Both came ahead of guidance by low- and midsingle digits, respectively, and full-year guidance was raised by a low single digit. Despite the raise and beat, shares dropped 6% after hours.

Veeva is the leading provider of cloud-based software solutions tailored to the life sciences industry. It provides an ecosystem of products to address the operating challenges and regulatory requirements that companies in the space face. Instead of focusing on a general, one-size-fits-all system, Veeva has created platforms that are purely designed to serve one industry. And this vertical focus has allowed the company to shape its products for its specific customers to fit their specific needs. Veeva is deeply penetrated in its addressable market, and its continued expanding portfolio of applications presents itself as one of the most attractive offerings in the space.

Veeva reported fiscal second-quarter results with 16.7% year-over-year revenue growth and 22.4% adjusted earnings per share growth. Both figures were a low-single-digit percentage ahead of guidance.

Veeva is the leading provider of cloud-based software solutions tailored to the life sciences industry. It provides an ecosystem of products to address the operating challenges and regulatory requirements that companies in the space face. Instead of focusing on a general, one-size-fits-all system, Veeva has created platforms that are purely designed to serve one industry. And this vertical focus has allowed the company to shape its products for its specific customers to fit their specific needs. Veeva is deeply penetrated in its addressable market, and its continued expanding portfolio of applications presents itself as one of the most attractive offerings in the space.

Wide-moat Veeva started the year on a solid note with results better than our expectations. Total sales of $760 million were up 16.7% year over year, higher than our $730 million estimate, and adjusted earnings per share of $1.97 was up 31.3%, above our $1.75 estimate. This quarter's performance suggests that the 2025 revenue target of $3 billion, set in 2019, will be met. It also reinforces our conviction that the 2030 goal of $6 billion in revenue, established in November 2024, is well within reach. Against the backdrop of strong results, full-year revenue and EPS guidance was raised 2% and 4%, respectively. After raising our near-term assumptions, we are increasing our fair value estimate to $282 per share from $275.

Wide-moat Veeva reported solid fourth-quarter results that came in slightly ahead of our forecasts. Total sales of $720 million grew 14% year over year, driven by strong performance in both the subscription and services segments. Margins also improved, with the adjusted operating margin reaching 42.7%, up 500 basis points from the prior year. In light of this strong performance, management provided a robust revenue outlook for the next fiscal year, projecting $3.040 billion to $3.055 billion in revenue and adjusted EPS around $7.32. The market reacted positively, with shares rising about 7% in early trading. After making slight adjustments to our near-term forecast, we are maintaining our $275 fair value estimate, and we are encouraged to see investors appreciate the promising growth outlook for Veeva.

Wide-moat Veeva shares declined 5% on Dec. 11 after a key executive member noted at an investor conference that one of Veeva’s customers chose Salesforce over Veeva during a CRM migration process. For context, Veeva has spent the last few years building out its core CRM business to migrate from the Salesforce 1 platform to the Vault platform following the decision not to renegotiate its contract with Salesforce. The migration process has been ongoing for about a year, and, so far, four of the top 20 biopharma companies have committed to transitioning to Veeva's Vault CRM. Management noted that most customers will migrate over by the end of 2026. Today’s news came as a surprise, given that we had interpreted the management’s tone regarding customer retention throughout the past year as positive and expected no major customer losses. We think investors are feeling a similar level of surprise with shares declining materially.

Wide-moat Veeva reported strong third-quarter earnings that came in above our estimates. Total sales of $699 million were up 13.4% year over year and came in about 2% higher than our projected $684 million. While the macroeconomic environment looks unchanged, new customer wins, innovation, and strong execution made for a positive readout. Margins also expanded nicely, with adjusted EBIT margin coming in at 43.5%, up 200 basis points sequentially and over 500 basis points compared with last year. Against the backdrop of solid performance, management raised sales and EPS guidance around the low single digits, primarily driven by subscriptions, with mild contributions from services. The market seems to appreciate yet another quarter of strong numbers from Veeva, with shares up about 7% after hours. Investors lost appetite in Veeva after the firm made two guidance cuts in 2023, but we think they are starting to regain confidence in Veeva’s ability to deliver growth, with more reassurance coming from November investor day updates. After slightly raising our near-term assumptions, we've inched up our fair value estimate to $275 per share from $273. Even after the jump in shares following results, we still think there is a fair amount of upside to the name and maintain a favorable long-term outlook on the firm.

Veeva is the leading provider of cloud-based software solutions tailored to the life sciences industry. It provides an ecosystem of products to address the operating challenges and regulatory requirements that companies in the space face. Instead of focusing on a general, one-size-fits-all system, Veeva has created platforms that are purely designed to serve one industry. And this vertical focus has allowed the company to shape its products for its specific customers to fit their specific needs. Veeva is deeply penetrated in its addressable market, and its continued expanding portfolio of applications presents itself as one of the most attractive offerings in the space.

Wide-moat Veeva Systems held its annual investor day on Nov. 7, during which it gave new details on where things are today and where the firm is heading. Management established a new long-term goal and now targets $6 billion in sales with at least a 35% adjusted EBIT margin by 2030. Looking at revenue from the most recent quarter, the target assumes about a 13% compound annual growth rate to the end of 2030. Veeva’s fiscal year ends in January, so the end of calendar 2030 lines up more or less with the end of fiscal 2031. This follows Veeva’s previous goal for 2025, which was set a number of years ago; the firm is tracking well to meet and even beat that target. Our valuation model incorporates a five-year revenue CAGR of about 13.5% through fiscal 2029, so we think this $6 billion target could be achievable. A 35% margin reflects about a 500-basis-point decline from today’s level, but management did note that the 35% is the low end of the expected range. We think the current margin trajectory gives the firm a lot of room to invest without risking landing below this floor. We have not made any material changes to our model and maintain our fair value estimate of $273 per share.

Wide-moat Veeva reported solid second-quarter results that came in above our expectations. Total sales of $676 million were up 14.6% year over year and beat our forecast of $670 million. The firm demonstrated strong performance throughout the customer size spectrum with wins from both large pharmas and small biotechs. Veeva also executed well on the cost-control front and margins for both subscription and services were lifted during the quarter. We think a favorable product mix, a headcount reduction, and an increased efficiency all drove the improvement. On the backdrop of a successful quarter, the firm inched up the low end of the sales guidance range about 1% and raised EPS guidance to $6.22 from $6.16. After updating our model and accounting for time value of money, we raise our fair value estimate to $273 per share from $270.