What does Veeva Systems do and what are its main business segments?

What guidance did Veeva Systems's management provide for the next earnings period?

What is Veeva Systems's latest dividend and current dividend yield?

What factors drove the changes in Veeva Systems's revenue and profit?

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Did Veeva Systems beat or miss consensus estimates last quarter?

What were the key takeaways from Veeva Systems's earnings call?

What is the revenue and EPS growth rate for Veeva Systems year over year?

- **Q3 Strong Performance**: $811M revenue, $365M GAAP operating income, driven by Crossix, Clinical, and CRM migration.
- **AI Transformation**: AI agents to be embedded in all applications by Q4 2026, targeting 10-20%+ efficiency gains in clinical and commercial.
- **CRM Migration Update**: 14/20 top biopharma on Vault CRM, 6 opting for custom solutions; no material impact until 2028+.
- **Growth Drivers**: Crossix (15-20%+ growth), eTMF (20/20 adoption), and Quality Cloud (LIMS, batch release) expand addressable market.
- **2030 Vision**: Diversified growth with CRM suite shrinking to <15% of revenue, Crossix and Clinical leading the way.

**【CEO Summary Section】**
- Q3 2026 revenue reached $811 million, with GAAP operating income of $365 million, exceeding guidance.
- Veeva AI is a strategic focus, with progress in automating industry-specific applications (e.g., CRM, Safety case processing).
- CRM suite represents 20% of total revenue, with 14 of 20 top biopharma customers migrating to Vault CRM, while 6 are opting for custom solutions.
- Crossix and Clinical (e.g., eTMF) are key growth drivers, with 20 of 20 top customers adopting eTMF.
- Long-term focus on Industry Cloud, integrating software, data, and consulting for end-to-end solutions.

**【CFO Financial Commentary】**
- CRM-related Salesforce royalties and AWS hosting costs create a modest headwind, but subscriptions gross margin remains stable.
- Hiring in product and services teams (e.g., AI development, business consulting) supports long-term growth, though impacting near-term margins.
- 2030 goals remain on track, with diversification across CRM, Crossix, Clinical, and Quality.

**【Q&A Key Highlights】**
- **CRM Migration**: 6 top 20 customers opting for custom solutions, but no material revenue impact expected until 2028+. Veeva retains 14/20, with potential win-backs over time.
- **AI in Clinical**: AI agents to be embedded in all applications by Q4 2026, targeting process automation (e.g., eTMF document review).
- **Crossix Growth**: Measurement and audience businesses driving 15-20%+ growth, with digital marketing spend trends supporting expansion.
- **Safety & Regulatory**: Long sales cycles, but AI-driven efficiency gains (e.g., adverse event processing) accelerate adoption.
- **IQVIA Partnership**: Enhances interop and customer confidence, though revenue impact is gradual.
- **Margins & Hiring**: Service team expansion (e.g., business consulting) supports customer success, with investments in product innovation.
- **2030 Vision**: Diversified growth across CRM, Crossix, Clinical, and Quality, with CRM suite becoming a smaller share of total revenue.

Veeva Systems Inc.(VEEV)-20251121-2026 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VEEV

VEEV fundamentals

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