Veeva(VEEV)2025-05-28 22:00Financial Data and Key Metrics Changes - Total revenue for Q1 2026 was 3 billion for calendar year 2025 [7] Business Line Data and Key Metrics Changes - Vault CRM is performing well, with over 80 customers live, and the expectation to reach about 200 customers live in the next year [12][13] - Crossix is highlighted as a significant growth driver, with strong performance in marketing and optimization, growing over 30% year-over-year [32][43] Market Data and Key Metrics Changes - The macro environment is described as more uncertain compared to the previous quarter, but no material changes in financial results or pipeline have been observed [7][17] - The company is seeing strong growth in its R&D business, with guidance for the year set at 19% [32] Company Strategy and Development Direction - The company is focusing on horizontal CRM applications, with plans to have first customers by the end of the year [22][25] - The AI initiative, Veeva.ai, is expected to significantly enhance efficiency in the life sciences industry, with a target of increasing efficiency by 15% over the next few years [58][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertainty in the macro environment but emphasizes that the business remains insulated due to long-term subscription contracts [68][85] - There is optimism regarding the integration of AI into core applications, which is expected to provide substantial value to customers [60][88] Other Important Information - The company is committed to maintaining a disciplined approach to acquisitions, focusing on synergistic opportunities in horizontal applications [121] - The recent Commercial Summit indicated strong customer sentiment and excitement around new product offerings, particularly in CRM and AI [91][96] Q&A Session Summary Question: Customer migration to Vault CRM - Management noted that the migration to Vault CRM is driven by its superior capabilities compared to Veeva CRM, with a mix of new customers and migrations contributing to growth [12][14] Question: Impact of macroeconomic factors on revenue - Management stated that while there is uncertainty in the macro environment, it has not yet impacted financial results or pipeline, with ongoing projects proceeding as expected [17][70] Question: Horizontal CRM strategy - The company is excited about the potential of horizontal CRM applications, with plans to identify customer segments and product areas [22][25] Question: Drivers of Crossix's growth - Crossix's growth is attributed to its expanded product offerings and the increasing demand for digital marketing effectiveness among clients [32][43] Question: AI integration and customer feedback - Initial customer feedback on Veeva.ai has been positive, with expectations that it will enhance operational efficiency and provide significant value [88][96] Question: CRM conversion pace among top pharma companies - Management indicated that progress with top 20 pharma companies is on track, with no urgency to migrate as customers are satisfied with existing solutions [107][109] Question: Customer focus on ROI and budget priorities - There is a noted increase in focus on digital marketing and analytics among pharma executives, reflecting a systematic approach to commercial strategies [111]