For the quarter ended January 2024, Veeva Systems (VEEV) reported revenue of $630.62 million, up 11.9% over the same period last year. EPS came in at $1.38, compared to $1.15 in the year-ago quarter. The reported revenue represents a surprise of +1.59% over the Zacks Consensus Estimate of $620.75 million. With the consensus EPS estimate being $1.30, the EPS surprise was +6.15%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall St ...

Veeva Systems (VEEV) came out with quarterly earnings of $1.38 per share, beating the Zacks Consensus Estimate of $1.30 per share. This compares to earnings of $1.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.15%. A quarter ago, it was expected that this provider of cloud-based software services for the life sciences industry would post earnings of $1.28 per share when it actually produced earnings of $1.34, delivering ...

[Financial Performance](index=1&type=section&id=Financial%20Performance) [Fourth Quarter Fiscal 2024 Results](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202024%20Results) Veeva reported strong Q4 FY2024 results with total revenues up 12% to $630.6 million, despite a 22% GAAP net income decrease due to a contracting change | Financial Metric | Q4 FY2024 | Q4 FY2023 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenues | $630.6M | $563.4M | +12% | | Subscription Services Revenues | $521.5M | $460.2M | +13% | | GAAP Operating Income | $135.3M | $108.9M | +24% | | Non-GAAP Operating Income | $239.1M | $209.4M | +14% | | GAAP Net Income | $147.4M | $188.5M | -22% | | Non-GAAP Net Income | $226.3M | $186.3M | +21% | | GAAP Diluted EPS | $0.90 | $1.16 | -22.4% | | Non-GAAP Diluted EPS | $1.38 | $1.15 | +20.0% | - A customer contracting change standardizing termination for convenience (TFC) rights, effective February 1, 2023, altered revenue recognition timing and negatively impacted reported revenues and profits for the quarter[3](index=3&type=chunk) [Full Fiscal Year 2024 Results](index=2&type=section&id=Full%20Fiscal%20Year%202024%20Results) Full fiscal year 2024 saw total revenues grow 10% to $2,363.7 million, with non-GAAP net income up 14% despite a 6% GAAP operating income decrease | Financial Metric | Fiscal Year 2024 | Fiscal Year 2023 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenues | $2,363.7M | $2,155.1M | +10% | | Subscription Services Revenues | $1,901.6M | $1,733.0M | +10% | | GAAP Operating Income | $429.3M | $459.1M | -6% | | Non-GAAP Operating Income | $842.5M | $830.5M | +1% | | GAAP Net Income | $525.7M | $487.7M | +8% | | Non-GAAP Net Income | $791.0M | $695.6M | +14% | | GAAP Diluted EPS | $3.22 | $3.00 | +7.3% | | Non-GAAP Diluted EPS | $4.84 | $4.28 | +13.1% | - The customer contracting change involving TFC rights also impacted full fiscal year results, reducing reported revenues and profits[6](index=6&type=chunk) [Business and Operational Highlights](index=2&type=section&id=Business%20and%20Operational%20Highlights) Veeva ended FY2024 with 1,432 customers, advancing its Clinical Platform adoption and fully launching the Veeva Compass Suite - Total customer count grew to **1,432**, an increase of **44** year-over-year, comprising **1,078** R&D Solutions and **693** Commercial Solutions customers[6](index=6&type=chunk) - The Veeva Clinical Platform is gaining traction, with over **500** customers using at least one Vault Clinical solution and over **85** customers using products for both clinical operations and data management[6](index=6&type=chunk) - The Veeva Compass Suite of commercial data products is now fully available, and the **ninth** top 20 biopharma company selected Veeva Link for Key People[6](index=6&type=chunk) [Financial Outlook](index=3&type=section&id=Financial%20Outlook) [Q1 Fiscal 2025 Guidance](index=3&type=section&id=Q1%20Fiscal%202025%20Guidance) Veeva projects Q1 FY2025 total revenues between $640 million and $643 million, with non-GAAP operating income of $245 million to $247 million | Metric | Q1 FY2025 Guidance | | :--- | :--- | | Total Revenues | $640M - $643M | | Non-GAAP Operating Income | $245M - $247M | | Non-GAAP Fully Diluted EPS | $1.42 - $1.43 | [Full Year Fiscal 2025 Guidance](index=3&type=section&id=Full%20Year%20Fiscal%202025%20Guidance) For full fiscal year 2025, Veeva expects total revenues between $2,725 million and $2,740 million, with non-GAAP operating income around $1,070 million | Metric | Full Year FY2025 Guidance | | :--- | :--- | | Total Revenues | $2,725M - $2,740M | | Non-GAAP Operating Income | ~$1,070M | | Non-GAAP Fully Diluted EPS | ~$6.16 | [Consolidated Financial Statements (GAAP)](index=5&type=section&id=Consolidated%20Financial%20Statements%20(GAAP)) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of January 31, 2024, Veeva's balance sheet shows strong liquidity with total assets of **$5.91 billion**, cash and short-term investments over **$4.0 billion**, and total stockholders' equity of **$4.64 billion** | Balance Sheet Item (in thousands) | Jan 31, 2024 | Jan 31, 2023 | | :--- | :--- | :--- | | Cash and short-term investments | $4,027,756 | $3,102,628 | | Total Assets | $5,910,920 | $4,804,296 | | Total Liabilities | $1,266,096 | $1,088,044 | | Total Stockholders' Equity | $4,644,824 | $3,716,252 | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) For fiscal year 2024, total revenues increased 10% to **$2.36 billion**, with subscription services as the primary driver at **$1.90 billion**, resulting in **$525.7 million** net income | Income Statement Item (FY2024, in thousands) | Amount | | :--- | :--- | | Total Revenues | $2,363,673 | | Gross Profit | $1,686,382 | | Operating Income | $429,334 | | Net Income | $525,705 | | Revenue Breakdown (FY2024, in thousands) | Veeva Commercial Solutions | Veeva R&D Solutions | Total | | :--- | :--- | :--- | :--- | | Subscription Services | $995,803 | $905,790 | $1,901,593 | | Professional Services & Other | $185,981 | $276,099 | $462,080 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In fiscal year 2024, Veeva generated **$911.3 million** in net cash from operating activities, while using **$1.08 billion** in investing activities, primarily for short-term investments | Cash Flow Item (FY2024, in thousands) | Amount | | :--- | :--- | | Net cash provided by operating activities | $911,339 | | Net cash used in investing activities | ($1,076,351) | | Net cash used in financing activities | ($16,188) | | Net change in cash | ($182,980) | [Non-GAAP Financial Measures & Reconciliation](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliation) [Explanation of Non-GAAP Measures](index=8&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Veeva utilizes non-GAAP financial measures, excluding non-cash expenses and related tax effects, to enhance understanding of operating results and facilitate period-over-period comparisons - Non-GAAP measures exclude **stock-based compensation**, **amortization of purchased intangibles**, **excess tax benefits from employee stock plans**, and their related income tax effects[25](index=25&type=chunk) - The company uses these measures internally for budgeting and believes they aid investors in comparing core business results across periods and with peers[22](index=22&type=chunk) [Reconciliation of GAAP to Non-GAAP Metrics](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Metrics) For fiscal year 2024, GAAP to non-GAAP reconciliation primarily involved adjusting for **$393.7 million** in stock-based compensation and **$19.5 million** in amortization of purchased intangibles | Reconciliation of Operating Income (FY2024, in thousands) | Amount | | :--- | :--- | | GAAP Operating Income | $429,334 | | Add: Stock-based compensation expense | $393,733 | | Add: Amortization of purchased intangibles | $19,459 | | **Non-GAAP Operating Income** | **$842,526** | | Reconciliation of Net Income (FY2024, in thousands) | Amount | | :--- | :--- | | GAAP Net Income | $525,705 | | Add: Stock-based compensation expense | $393,733 | | Add: Amortization of purchased intangibles | $19,459 | | Less: Income tax effect on non-GAAP adjustments | ($147,937) | | **Non-GAAP Net Income** | **$790,960** |

Mid-sized pharmaceutical company sets digital foundation to drive more effective and precise engagement BARCELONA, Spain, Feb. 27, 2024 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today announced that mid-sized pharmaceutical company Dr.Pfleger Arzneimittel GmbH has selected Veeva Commercial Cloud, including Veeva CRM and Veeva CLM, alongside Veeva OpenData. With Veeva Commercial Cloud, Dr.Pfleger's field team can lead more effective field engagement in Germany and Austria, reaching the right healthcare prof ...

Wall Street analysts expect Veeva Systems (VEEV) to post quarterly earnings of $1.30 per share in its upcoming report, which indicates a year-over-year increase of 13%. Revenues are expected to be $620.75 million, up 10.2% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.2% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company announces it ...

Veeva Systems Inc. (VEEV) is well-poised for growth in the coming quarters, courtesy of its strong product portfolio. The optimism, led by a solid third-quarter fiscal 2024 performance and strategic deals, is expected to contribute further. Stiff competition and data security threats persist.Over the past six months, this currently Zacks Rank #2 (Buy) stock has risen 16.6% compared with 40.9% growth of the industry and a 13.2% rise of the S&P 500 Composite.The renowned provider of cloud-based software appli ...

Veeva System (VEEV) recently announced that Boehringer Ingelheim, a global animal health leader, has selected Veeva Vault Clinical and Veeva Vault RIM applications as its technology foundation for clinical and regulatory management of its health business unit.Boehringer can expedite clinical execution for the development of new medications that improve animals' quality of life by implementing unified apps on a single platform.Price PerformanceFor the past six months, VEEV’s shares have gained 15.4% compared ...

Global animal health leader adopts Veeva Vault Clinical and Veeva Vault RIM for greater efficiency, visibility, and speed PLEASANTON, Calif., Feb. 14, 2024 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today announced that Boehringer Ingelheim has selected Veeva Vault Clinical and Veeva Vault RIM applications as its technology foundation for clinical and regulatory management in its animal health business unit. By adopting unified applications on a single platform, Boehringer Ingelheim can streamline clinical ...

Online training program guides users from regulatory planning to submissionPLEASANTON, Calif., Feb. 12, 2024 /PRNewswire/ -- DIA RSIDM 2024 — Veeva Systems (NYSE: VEEV) today announced Veeva Vault Submissions Publishing eLearning, a new regulatory information management (RIM) application that educates users on key publishing processes for seamless development of compliant content. With on-demand process-based training, companies can quickly onboard employees to use Veeva Vault Submissions Publishing while i ...

Veeva Systems (VEEV) ended the recent trading session at $204.24, demonstrating a -1.24% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.32% for the day. Elsewhere, the Dow saw a downswing of 0.71%, while the tech-heavy Nasdaq depreciated by 0.2%.Prior to today's trading, shares of the provider of cloud-based software services for the life sciences industry had gained 11.37% over the past month. This has outpaced the Computer and Technology sec ...