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Stock Strategist

Veeva Extends Its Leadership

The wide-moat company is expanding outside life sciences for even more growth.


Founded in 2007, Veeva Systems (VEEV) has grown to become the leading vertical software provider specifically supporting the mission-critical operations of the life sciences industry. This dominant position enables Veeva to generate excess returns commensurate with a wide-moat company. We expect the company’s strong retention, continued development of new applications, increasing penetration with existing customers, addition of new customers, and expansion into industries outside life sciences to allow Veeva to extend its market leadership.

The company operates in two categories: Veeva Commercial Cloud, which entails vertically integrated customer relationship management services, and Veeva Vault, a horizontally integrated content and data manager. Veeva’s CRM application supports real-time collaboration and regulatory oversight and enables incremental add-on solutions. The incremental functionality is critical to improving marketing programs while remaining in compliance with mandated antikickback laws and statutes. This service has been well received by the life sciences industry and has propelled Veeva to the leading position in this niche with over 80% share (based on seats). As a follow-on, management introduced the Veeva Vault platform to broaden the portfolio that addresses the needs of the life sciences industry outside CRM. Each module offers features and functionality targeting four key areas in life sciences: clinical (research and development), regulatory (compliance), quality of manufacturing, and safety.

Soo Romanoff does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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