Veeva’s Q4 2025: Navigating Contradictions in AI Focus, CRM Migration, and Customer Hesitation

These are the key contradictions discussed in Veeva Systems' latest 2025 Q4 earnings call, specifically including: AI product development momentum and customer focus, Vault CRM migration benefits, and CRM customer hesitation and decision-making:



Revenue Growth and Strategic Partnerships:
- Veeva Systems reported a strong finish to the fiscal year with total revenue of $2.75 billion, reflecting a 17% sequential increase.
- Growth was driven by strategic partnerships with top 20 pharmaceutical companies, such as the recent all-in deal with a top 20 pharmaceutical customer in clinical operations.

AI Integration and Product Innovation:
- Veeva is advancing its AI strategy with products like CRM Voice Control and CRM Bot to enhance customer experience and efficiency.
- The adoption of AI is focused on specific use cases in the workflow, aimed at improving processes like document classification and regulatory review.

Opportunities in Data Cloud and Customer Engagement:
- Veeva's Data Cloud solutions like Compass are seeing increased interest, with plans to expand globally to over 100 brands.
- The focus on cloud-based data solutions aims to enhance customer engagement and operation efficiency in the life sciences industry.

Margin Expansion and Operational Efficiency:
- The company guided for a 42% non-GAAP operating margin for full year 2026, reflecting efficiency and cost management.
- This expansion is a result of leaner teams, agile decision-making, and economies of scale that allow for greater execution speed and productivity.