PLEASANTON, Calif., Jan. 8, 2024 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today announced that Peter Gassner, founder and CEO, will present at the 42nd Annual J.P. Morgan Healthcare Conference on Wednesday, January 10, 2024, at 2:15 p.m. PT in San Francisco.The presentation will be webcast. Links to the live and archived webcast will be available on Veeva's investor relations website at https://ir.veeva.com.About Veeva SystemsVeeva is the global leader in cloud software for the life sciences industry. Com ...

Financial Data and Key Metrics - Total revenue for Q3 2024 was $617 million, with GAAP operating income of $235 million, both ahead of guidance [8] - The company trimmed billings by $40 million, with half related to services, and the rest split between higher mix of quarterly billers and timing of deals [16][17] Business Line Data and Key Metrics - The commercial segment saw strong growth, driven by established products like commercial content and newer products like Link and Crossix [26][27] - Data products, particularly Compass, showed strong momentum with new customer acquisitions and expansions, validating the company's strategy [29][30] Market Data and Key Metrics - The company is seeing strong momentum in Europe, with over 1,000 attendees at the European Commercial Summit, and key customers like Bayer and GSK committing to Vault CRM [72][90] - The clinical data market is moving slower due to conservatism and competitive behavior, but the company is making progress, especially with smaller companies [86][87] Company Strategy and Industry Competition - The company is focused on product excellence and customer success, aiming to become an essential strategic partner in the life sciences industry [8] - Veeva is building a modern data platform with Compass, aiming to be the standard data provider for large pharma companies, with new products like Prescriber and National launching next year [30][34] - The company is leveraging its strong position in both clinical and commercial solutions to drive integration and stickiness, particularly through a common data platform [55][56] Management Commentary on Operating Environment and Future Outlook - Management noted that macroeconomic factors like interest rates and global conflicts have led to more conservative decision-making, but the company is well-positioned due to its focus on core capabilities [60][61] - The company reiterated its fiscal year 2025 revenue target of $2.75 billion, with confidence in its ability to execute despite some deal timing shifts [25][68] Other Important Information - The company is working on automating migration processes for Vault CRM, with a focus on repeatability and scaling services to support customers globally [78][79] - Veeva is also focusing on modular content in the commercial space, bringing content closer to engagement channels through the Vault platform [104][105] Q&A Session Summary Question: What drove the decision-making process for Bayer and GSK to commit to Vault CRM? - The decision was driven by innovation and the desire for a future-proof solution, with both companies looking to avoid the complexities of multiple CRM implementations [11][12] Question: How should investors think about the correlation between subscription and services? - Services are not a leading indicator for subscription growth, as they are influenced by deal timing and customer-specific requirements [18][19] Question: What is the outlook for the commercial segment, particularly non-CRM products? - The commercial segment has seen upside due to strong performance from both established and newer products like Link and Crossix, with data products also contributing to growth [26][27] Question: How is the company managing the migration process for Vault CRM? - The company is focused on making the migration process repeatable and scalable, with dedicated teams and partnerships to support global customers [78][79] Question: What is the impact of macroeconomic factors on decision-making? - Macro factors have led to more conservative decision-making, but the company is seeing pent-up demand for modernization, particularly in top 100 life sciences companies [60][61] Question: How is the company approaching generative AI in clinical trials? - While generative AI is being explored for tasks like protocol writing, the company sees more value in having the right data and algorithms for clinical decision-making [114][115]

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the North American market [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered the European market, with initial sales exceeding expectations [4]. - A new distribution center was opened in Asia to support growing demand in the region [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Product Development - Launched three new products in the tech category, which received positive customer feedback [7]. - R&D investment increased by 20% to accelerate innovation and product differentiation [8]. - A new line of eco-friendly products is set to be released next quarter [9]. Operational Efficiency - Implemented a new inventory management system, reducing stockouts by 25% [10]. - Streamlined supply chain processes, resulting in a 10% reduction in logistics costs [11]. - Employee training programs were expanded to improve productivity and reduce turnover [12]. Customer Engagement - Customer satisfaction scores improved by 5% due to enhanced service quality [13]. - Launched a loyalty program that has already attracted 100,000 new members [14]. - Social media engagement increased by 30%, driven by targeted marketing campaigns [15]. Risk Management - Identified potential supply chain disruptions and developed contingency plans [16]. - Cybersecurity measures were strengthened to protect customer data [17]. - Compliance with new regulatory requirements was achieved ahead of schedule [18]. Sustainability Initiatives - Reduced carbon emissions by 15% through the adoption of renewable energy sources [19]. - Achieved a 20% reduction in water usage across manufacturing facilities [20]. - Committed to achieving net-zero emissions by 2030 [21].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition p ...

Your next question comes from the line of Saket Kalia with Barclays. Your line is open. Okay. Great. Hey, guys. Thanks for taking my questions here. Apologies in advance if these questions have been asked, but I'm going to try it anyway. Peter, maybe first for you. Great to see the growth in the EDC customer base. I think we said we added eight, right, in the quarter. Maybe the question for you is, are there any commonalities that you're seeing across some of those wins? Whether it's coming from one or two ...

Safe Harbor and Other Information Statement Regarding Use of Non-GAAP Financial Measures Copyright © Veeva Systems 2023 3 | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|-------------------------------------|-------| | | | | | | Subscription 29% 32% 26% 17% ~ 9% - | | | Services | 24% | 37% | 28% | 15% | ~ 13% | - | | Total | | | | | 28% 33% 26% 16% ~ 10% ~ 18% | | 429 442 460 415 471 ~ 493 106 111 103 112 120 121-123 534 552 563 526 590 614-616 $- $100 $200 $300 $400 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition ...

Company Participants Paul Shawah - EVP, Commercial Strategy Conference Call Participants Ken Wong - Oppenheimer & Company Richard Poland - RBC Capital Markets Craig Hettenbach - Morgan Stanley Jack Wallace - Guggenheim Securities Saket Kalia - Barclays Tyler Radke - Citi Stanislav Berenshteyn - Wells Fargo Securities Hello, and welcome to the Veeva Systems' Fiscal 2024 First Quarter Results Conference Call. [Operator Instructions] Gunnar Hansen Today's call will be used primarily for Q&A. With me today for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-K ____________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

Q4'23 Quarterly Results March 1, 2023 Statement Regarding Use of Non-GAAP Financial Measures TFC Impact to Q1'24 and FY 2024 Guidance 1 Guidance issued on March 1, 2023. Revenue guidance assumes foreign currency exchange rates will remain constant. Our Q1'24 revenue guidance reflects a roughly $8 million FX headwind compared for Q1'23. Our FY 2024 revenue guidance reflects a roughly $15 million FX headwind compared to FY 2023. We are not able, at this time, to provide GAAP targets for operating income for Q ...