Analyst Note| Soo Romanoff |
Wide-moat Veeva reported strong second-quarter results, with broad-based strength and call-outs in its maturing commercial vault and early stage clinical suite offerings. These were complemented by traction across the rest of the business including budding areas outside of life sciences. Unlike most healthcare companies that have paused on long-term operational investments while wading through the pandemic spikes, Veeva has not taken its eyes off of its long game and believes it is still on track to achieve $3 billion in annual revenue by 2025. In the quarter, Veeva added 357 net new employees and has plans for aggressive hiring in the back half. On the development front, management plans to launch two innovative solutions through its partnership with its early adoptors, including MyVeeva, a clinical trial application, and U.S. longitudinal patient data. Both offerings are anticipated to launch at the end of the year.