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Veeva Systems Inc Class A VEEV Stock Quote

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Morningstar‘s Stock Analysis VEEV

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Veeva Posts Strong Q3 Results and FVE Raised 3%; Veeva CRM Moving from Salesforce to Vault Platform

Keonhee Kim Equity Analyst

Analyst Note

| Keonhee Kim |

Wide-moat Veeva reported third-quarter results that were slightly ahead of our assumptions. Total sales were up 16% year-over-year, supported by subscription services and professional services both rising 16%. Management stated that they are tracking a year ahead of their 2025 revenue goal of $3 billion, and we attribute this to Veeva's quality products and consistent customer wins. Veeva continues to show its success in winning over new customers and penetrating its user base with additional products with a couple of key achievements during the quarter. For example, it established a 10-year strategic partnership with Merck that pushes Merck to use products from Veeva over other firms when they are fit for purpose, and the first top 20 pharmaceutical customer went live with Vault Safety. We are raising our fair value estimate to $265 from $257 to bake in the accelerated revenue run-rate target.

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Key Statistics VEEV

Company Profile VEEV

Business Description

Veeva is the global leading supplier of cloud-based software solutions for the life sciences industry. The company’s best-of-breed offerings address operating and regulatory requirements for customers ranging from small, emerging biotechnology companies to departments of global pharmaceutical manufacturers. The company leverages its domain expertise to improve the efficiency and compliance of the underserved life sciences industry, displacing large, highly customized and dated enterprise resource planning systems that have limited flexibility. Its two main products are Veeva CRM, a customer relationship management platform for companies with a sales force, and Veeva Vault, a content management platform that tackles various functions within any life sciences company.

4280 Hacienda Drive
Pleasanton, CA, 94588
T +1 925 452-6500
Industry Health Information Services
Most Recent Earnings Jul 31, 2022
Fiscal Year End Jan 31, 2023
Employees 5,482

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