Here are 1-2 brief analogies for Veeva Systems:

• Salesforce for Life Sciences
• SAP for Pharma and Biotech

• Veeva Commercial Cloud: A suite of applications for sales, marketing, and medical affairs, including CRM, content management (PromoMats), and data analytics, tailored for the life sciences industry.
• Veeva Vault Clinical Suite: Comprehensive cloud applications designed to manage and streamline clinical trial operations, covering eTMF, CTMS, CDMS, and site engagement.
• Veeva Vault Quality Suite: Software solutions for quality management, document control, and compliance across the product lifecycle within life sciences.
• Veeva Vault Regulatory Suite (RIM): Applications for managing regulatory information, submissions, and health authority interactions globally for drug, biotech, and medical device companies.
• Veeva Vault Safety Suite: Solutions for pharmacovigilance and drug safety management, enabling efficient collection, processing, and reporting of adverse events.

Veeva Systems (VEEV) sells primarily to other companies within the global life sciences industry. While Veeva does not disclose individual customers contributing a significant portion of its revenue (no single customer accounts for more than 5% of its total revenue, according to its SEC filings), its extensive customer base includes the majority of the world's largest pharmaceutical, biotechnology, and medical device companies. Therefore, its major customers are broadly represented by leading companies in these sectors.

Examples of public companies that are highly representative of Veeva's major customer base include:

• Pfizer (PFE)
• Johnson & Johnson (JNJ)
• Merck & Co. (MRK)
• Bristol Myers Squibb (BMY)
• Eli Lilly and Company (LLY)

These companies, and many others like them, leverage Veeva's cloud-based software solutions to manage various critical functions, from R&D and clinical trials to regulatory compliance, quality management, and commercial operations.

• Amazon.com, Inc. (AMZN)
• Salesforce, Inc. (CRM)

Peter Gassner, Founder and CEO

Peter Gassner co-founded Veeva Systems in 2007 and currently serves as its Founder and CEO. With over 30 years of experience in the technology sector, Gassner previously held significant roles at other prominent software companies. He began his career at IBM, later moving to PeopleSoft, where he served as Vice President and General Manager of PeopleTools. His tenure at Salesforce.com as Senior Vice President of Technology was particularly impactful, as it was there he identified the need for a cloud-based solution specifically designed for the life sciences industry, which led to the founding of Veeva. He led Veeva through its successful initial public offering (IPO) in 2013.

Brian Van Wagener, Chief Financial Officer

Brian Van Wagener is the Chief Financial Officer at Veeva Systems. He has been with Veeva for 6 years.

Tom Schwenger, President and Chief Customer Officer

Tom Schwenger serves as President and Chief Customer Officer at Veeva Systems. He is responsible for driving customer success and overseeing the company's customer-facing operations. Schwenger's career spans over three decades, including significant roles at Accenture, where he was a Senior Managing Director and Managing Director.

Nitsa Zuppas, President and Chief of Staff

Nitsa Zuppas is the President and Chief of Staff at Veeva Systems, ensuring financial health and strategic alignment across the organization. She has been with Veeva for 12 years.

Paul Shawah, Executive Vice President, Strategy, Campaign Manager

Paul Shawah is the Executive Vice President, Strategy, Campaign Manager at Veeva Systems. He is also responsible for investor and financial community relations. Prior to joining Veeva, Shawah managed the life sciences industry business at SAP, overseeing product strategy and business development globally. He also held senior product marketing and sales leadership positions at Siebel Systems and Proscape, where he was involved in leading the Pharma CRM and CLM markets.

The key risks to Veeva Systems' (VEEV) business include challenges related to its platform transition and intensified competition, the potential for slowing revenue growth in its core markets, and the inherent regulatory and compliance complexities of the life sciences industry.

1. Platform Transition and Intensified Competition: Veeva is undertaking a significant migration of its Veeva CRM application from Salesforce's platform to its proprietary Veeva Vault platform. This transition carries risks of disruption, delays, and potential customer resistance, as some clients might evaluate alternative solutions during this process. This risk is compounded by Salesforce's direct entry into the life sciences CRM market with its new Life Sciences Cloud CRM product, developed in partnership with IQVIA. Salesforce and IQVIA represent significant competitive threats, given their brand and resources. Additionally, an ongoing, decade-long lawsuit with IQVIA regarding data misuse restricts Veeva's customers from integrating IQVIA's third-party data into several Veeva applications, which is a significant concern for Veeva's Commercial (CRM) and Data Cloud offerings.
2. Slowing Revenue Growth and Market Saturation in Core CRM: Veeva has achieved substantial market penetration within pharmaceutical and biotechnology companies with its core CRM application. While the company continues to see growth, its overall revenue growth rates have slowed in recent years and are expected to continue moderating. If Veeva is unsuccessful in further increasing the use and adoption of its core CRM application or expanding into new areas effectively, the growth of its commercial solutions revenue could be adversely impacted.
3. Regulatory and Compliance Risks: Veeva's operations are almost entirely focused on the heavily regulated life sciences industry. The demand for Veeva's solutions can be affected by changes in the regulatory environment, such as new guidelines from the FDA or EMA on data handling, privacy (e.g., GDPR), or electronic records, which may necessitate rapid and costly changes to Veeva's products. A failure to meet evolving compliance standards or any data security breaches in its cloud services could lead to a loss of customer confidence, significant liabilities, or a loss of business.

Veeva Systems (VEEV) operates within the life sciences industry, offering cloud-based software and data solutions across several key product areas. The company's total addressable market (TAM) for life sciences industry-specific software, data, and services is estimated to be approximately $20 billion globally. Some analyses suggest this broader market could grow to between $30 billion and $50 billion by 2028 globally.

The addressable markets for Veeva's main product categories are:

• Veeva Development Cloud: This segment, which includes applications for clinical, regulatory, quality, and safety functions, accounts for an estimated 65% of Veeva's total addressable market opportunity. Specifically, the addressable market for Veeva's Clinical platform is estimated to be around $7 billion. This market is global in scope.
• Veeva Commercial Cloud: This suite, which includes Veeva CRM, addresses sales, marketing, and medical affairs. Veeva CRM holds a dominant market share of over 80% in the global pharmaceutical CRM space. The CRM suite represents about one-quarter of Veeva's total revenue.
• Veeva Data Cloud: This segment, which includes data products, currently contributes a smaller portion of Veeva's revenue.

Veeva Systems (VEEV) is anticipated to drive future revenue growth over the next 2-3 years through a combination of product innovation, deeper penetration within its existing customer base, and strategic market expansion.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion of Product Portfolio and Adoption of Newer Solutions: Veeva continues to innovate and expand its comprehensive suite of cloud-based software, data, and business consulting services tailored for the life sciences industry. Key drivers include the broader adoption and maturation of its Development Cloud offerings, such as Electronic Data Capture (EDC), Clinical Data Base (CDB), Quality Cloud solutions (including LIMS, Batch Release, and Validation Management), and clinical operations tools like eTMF and CTMS. Furthermore, the ongoing migration and increased adoption of Vault CRM in the Commercial Cloud, alongside new commercial applications like Campaign Manager, Service Center, and Patient CRM, are expected to contribute significantly. The rapid progress and integration of Veeva AI, including agentic AI and industry-specific application agents such as CRM Bot, Voice Control, Compliant Free Text, and MLR Bot, are poised to deliver substantial value and drive new revenue streams for customers.
2. Increased Customer Penetration and Upselling within the Existing Base: Veeva has a significant opportunity to grow by gaining market share and selling additional products to its current clients. For instance, the company is actively expanding the adoption of Vault CRM, with plans to increase its client base from approximately 80 to 200. Despite already having a strong presence with top pharmaceutical companies, there remains significant room for deeper penetration, particularly with products like EDC and CDB, where market penetration is currently estimated at around 10% or less, with contracts ramping over several years. Additionally, initiatives like Veeva Basics, adopted by over 100 emerging biotechs, are aimed at expanding its reach to smaller companies and fostering long-term growth.
3. Strategic Expansion into New Segments and Geographies: While primarily focused on life sciences, Veeva is strategically expanding into adjacent sectors, such as the MedTech industry, which represents a new avenue for growth. The company is also exploring opportunities in other adjacent industries like consumer goods and chemicals, although prioritizing its core life sciences focus. Geographically, while a significant portion of revenue comes from North America, continued international expansion, particularly in Europe and Asia Pacific, presents opportunities for growth. Strategic partnerships also play a role in strengthening Veeva's presence and enhancing its R&D applications, contributing to market expansion.

Share Repurchases

• Veeva initiated a $500 million share repurchase program in early 2024.
• This program positioned Veeva as a net repurchaser of shares.
• As of July 31, 2025, quarterly stock buybacks were reported as -$141.69 million.

Share Issuance

• Veeva operates a 2013 Equity Incentive Plan, granting stock-based awards (options, restricted shares, stock units) to employees, directors, and service providers.
• The plan allows for an annual increase in shares that can be issued, equal to the least of 5% of outstanding shares, 13,750,000 shares, or a Board-determined number.
• In June 2024, CEO Peter P. Gassner was granted a performance-based stock option to purchase 2,650,000 shares, with an estimated grant date fair value of approximately $172 million.

Outbound Investments

• Veeva acquired Veracity Logic in December 2021 for an undisclosed amount, which provides interactive web and phone solutions for clinical trials.
• Acquisition activity has been limited, with an average of 0.2 acquisitions per year over the last five years (2019–2024), and no acquisitions completed in the current calendar year (as of September 2025).

Capital Expenditures

• Veeva Systems' capital expenditures averaged $16.625 million annually for fiscal years ending January 2021 to 2025.
• Capital expenditures peaked at $26.196 million in January 2024 and reached a five-year low of $8.683 million in January 2021.
• Projected capital expenditures are $25.3 million for fiscal year 2026, $27.96 million for fiscal year 2027, and $27.54 million for fiscal year 2028.