Veeva's Q1 2026 Earnings Call: Unraveling Contradictions in CRM Adoption, AI Strategy, and Market Growth

Vault CRM adoption and decision timelines, horizontal CRM expansion timeline, AI strategy and milestones, customer migration and adoption of Vault CRM, and Crossix growth and market conditions are the key contradictions discussed in Veeva's latest 2026Q1 earnings call.



Revenue and Margin Performance:
- Veeva reported total revenue of $759 million for the quarter, with a non-GAAP operating margin of 46%.
- The strong financial results were driven by broad-based execution across the business.

Customer Migration to Vault CRM:
- Veeva is on track to have 200 customers live on Vault CRM by the end of the year, with approximately 28 customers added in the quarter, half of which were migrations.
- The migration decisions were influenced by Vault CRM's superior capabilities and integration of sales, marketing, and medical data.

Crossix Revenue Growth:
- Crossix outperformed expectations, contributing significantly to Veeva's revenue growth.
- The growth was attributed to investments in product enhancements, strategic long-term agreements, and increased adoption of usage-based pricing.

AI Integration and Commercial Strength:
- Veeva is progressing with AI integration, with AI agents expected to be available by year-end, enhancing CRM and other applications.
- This strategic focus on AI and strong execution across business units has led to increased commercial strength and market share gains.