Veeva Systems

Veeva Systems Inc. is a vertical software company exclusively serving life sciences (pharmaceutical, biotechnology, medical device/diagnostics, CDMO, generics, CRO, animal health). Incorporated in Delaware, headquartered at 4280 Hacienda Drive, Pleasanton, California 94588. Founded 2007 by Peter Gassner (CEO) and Matt Wallach (President until June 2019, now a director). Public on NYSE: VEEV; IPO October 2013. In February 2021, Veeva became the first publicly traded company to convert to a Delaware Public Benefit Corporation. Founder-led; no PE or sponsor overhang.

All 1,500+ customers are life-science organizations. Vendor reports 13 of top 20 biopharmas standardized globally on Veeva Link Key People; 19 of top 20 pharmas use Vault QualityDocs; 6 of top 20 standardized on Vault QMS. Headcount: 7,291 employees as of January 31, 2025; 7,928 as of January 31, 2026 (+8.7% YoY). International offices include Pleasanton, Boston, Kansas City, Raleigh, Lyndhurst NJ, New York, Philadelphia, Dublin OH, Wayne PA; international hubs in Barcelona, Shanghai, Tokyo, Sao Paulo - operations across roughly 25 cities on six continents.

Portfolio per the 10-K is grouped into four product categories: Veeva Commercial Cloud (Vault CRM, CRM Suite, Vault PromoMats, MedComms, MedInquiry, Veeva Network, OpenData, Crossix); Veeva Development Cloud (Vault Clinical - eTMF, CTMS, EDC/CDB, eCOA, Study Startup, SiteVault - plus Vault RIM, Vault Safety, Vault Medical); Veeva Quality Cloud (Vault QMS, QualityDocs, Training, LIMS, Batch Release, Validation Management, Station Manager, Product Surveillance); Veeva Data Cloud (Veeva Link, Compass, Crossix patient analytics). One unified Vault Platform underpins all R&D, Quality, Regulatory, Safety, and (now) Commercial applications - the Salesforce-based legacy CRM is the historical exception, now sunsetting.

Pharma-only vendor with 100% focus on life sciences. Vendor reports 1,500+ customers as of late FY2026 disclosures; 13 of top 20 biopharmas standardized globally on Veeva Link Key People; 19 of top 20 pharmas use Vault QualityDocs; 6 of top 20 standardized on Vault QMS.

Named pharma customers (vendor-disclosed): Bristol Myers Squibb (committed to Vault CRM Sept 22, 2025), Roche (committed to Vault CRM globally Nov 24, 2025), GSK, Merck KGaA, Boehringer Ingelheim, Bayer, Eli Lilly, Gilead Sciences, Novartis, Novo Nordisk, Otsuka Europe, Moderna, Jazz Pharmaceuticals, Alkermes, Alnylam, bluebird bio, Idorsia, Dicerna Pharmaceuticals, SK Life Science (Pfizer subsidiary), Melinta Therapeutics, Cara Therapeutics, AOP Health, Heron Therapeutics, Medicines360. MedTech: Boston Scientific (Vault Clinical Operations and Vault QMS). CRO: Labcorp Drug Development (Vault EDC). CDMO and generics are explicit segments with dedicated Quality Suite offerings. Veeva Basics adopted by 100+ biotechs per Q3 FY26 commentary.

Regulations explicitly supported per vendor documentation: FDA 21 CFR Part 11; EU GMP Annex 11 (published Compliance Assessment); statements of alignment with GLP, GCP, cGMP predicate rules. Vault delivers IQ/OQ documentation per release. Vendor materials reference ICH guidelines and ISO 13485/ISO 14971 in MedTech context. Coverage of DSCSA, FSMA 204, ICH Q7/Q9/Q10, MHRA, PMDA, NMPA, ANVISA, and Health Canada is unstated in primary vendor documentation. Regional offices are located in Shanghai, Tokyo, and Sao Paulo.

No 483s or Warning Letters publicly identified that name Veeva Vault as a contributing system. Vendor publishes customer case studies citing successful audit/inspection readiness (e.g., Dicerna), but no regulator-issued document has been located naming Veeva.

FY2026 (ended January 31, 2026): total revenue $3,195.3M (+16% YoY); subscription revenue $2,684.2M (+17% YoY); professional services ~$511M. FY2025 (ended January 31, 2025): total revenue $2,746.6M (+16%); subscription $2,284.7M (+20%). FY2026 GAAP operating income $916.4M (+33% YoY); net income $908.9M (+27%); diluted EPS $5.44. Non-GAAP operating income $1,433.8M; non-GAAP net income $1,352.5M; non-GAAP diluted EPS $8.10.

FY2027 guidance: total revenues $3,585-$3,600M; non-GAAP operating income $378-$381M for Q1; long-stated $6B run-rate target by 2030 (CFO commentary). International revenue ~41% from outside North America (FY25 10-K). Top-10 customers: 28% of revenues (FY25 10-K) - broad customer diversification. Profitable on both GAAP and non-GAAP with significant net cash position and no meaningful debt. Market cap ~$28.3B based on close price of $191.93 on July 31, 2024 (10-K).

M&A: Crossix Solutions (patient marketing analytics) acquired September 2019 for $430M cash + ~$120M retention equity; Physicians World (speakers bureau) acquired late 2019; Ostro (AI brand engagement platform for MLR-approved patient/HCP chat) acquired March 10, 2026 for ~$100M cash plus equity retention; earlier deals include Zinc Ahead (PromoMats foundation) and Veracity Logic. No major divestitures. Selective acquirer.

Portfolio grouped per 10-K into four categories: Veeva Commercial Cloud (Vault CRM, CRM Suite - Events Management, Service Center, Campaign Manager, Patient CRM - plus Vault PromoMats, MedComms, MedInquiry, Veeva Network, OpenData, Crossix); Veeva Development Cloud (Vault Clinical: eTMF, CTMS, EDC/CDB, eCOA, Study Startup, SiteVault; Vault RIM: Registrations, Submissions, Submissions Publishing, Submissions Archive; Vault Safety; Vault Medical); Veeva Quality Cloud (Vault QMS, QualityDocs, Training, LIMS, Batch Release, Validation Management, Station Manager, Product Surveillance); Veeva Data Cloud (Veeva Link, Compass for patient and HCP data, Crossix patient analytics).

For FY2026, R&D Solutions revenue overtook Commercial Solutions revenue. CRM Suite has dropped to ~20% of total revenue (from 25% two years earlier); FY26 R&D subscription revenue guided to ~$1,420M vs Commercial subscription ~$1,252M. Recent launches: Vault CRM GA April 2024 (migration target replacing Veeva CRM on Salesforce); Direct Data API included in Vault Platform at no incremental fee (announced Feb 27, 2025); Vault LIMS early customer adoption ramp 2024-2025; Vault Batch Release released August 2023; Veeva AI branding and roadmap announced April 2025; Veeva AI Agents for Vault CRM and PromoMats GA December 3, 2025 (Free Text Agent, Voice Agent, Pre-call Agent, Quick Check Agent, Content Agent); Ostro acquisition March 10, 2026 adds AI-driven MLR-approved patient/HCP chat.

AI architecture: Veeva AI uses Anthropic and Amazon LLMs hosted on Amazon Bedrock; custom agents may use Veeva-hosted models or customer-provided models on Amazon Bedrock or Microsoft Azure AI Foundry. Pricing is usage-based at the Vault level (vendor-stated; specifics not disclosed). Pre-existing TMF Bot for eTMF document classification; Vault CRM Bot/Voice Control announced November 2024.

Vault CRM end-of-support accelerated from September 2030 to December 2029 (March 3, 2026 announcement). Legacy Veeva CRM (Salesforce-based) customers must migrate by that date.

Hyperscaler/cloud: Vault is hosted on AWS (primary); Veeva AI runs on Amazon Bedrock; custom AI agents may run on Bedrock or Microsoft Azure AI Foundry. Data/analytics: Direct Data API connectors planned for Amazon Redshift, Snowflake, Databricks, and Microsoft Power BI.

Salesforce - historical and current: Veeva CRM was originally built on Salesforce Force.com. In December 2022 Veeva announced it would not renew the Salesforce contract when it expired September 2025 and would migrate CRM to its own Vault Platform. Vault CRM GA April 2024; existing customer migrations 2025; must complete by December 2029. Salesforce subsequently launched Life Sciences Cloud for Customer Engagement (GA October 11, 2025) in partnership with IQVIA leveraging OCE. Salesforce relationship has effectively transitioned from supplier to direct competitor in CRM.

IQVIA: Eight years of litigation (filed 2017) resolved August 18, 2025 - no damages either way, both parties dismiss claims with prejudice. IQVIA joined Veeva's Technology, AI, Services Partner programs and CRO Clinical Data Partner program; parties signed Third-Party Access agreements for cross-platform data use. OpenEvidence: long-term partnership announced October 2025 to create "Open Vista" AI-driven healthcare solution.

Tier-1 SIs with named formal Veeva practices: Accenture (Premier services partner; first strategic implementation partner for Vault RIM in 2017; AI Partner Program); Deloitte/Deloitte Digital (alliance partner for Digital Field Engagement); Capgemini, PwC, EY (via EY-Aqurance), HCLTech, Cognizant, TCS, Infosys, Wipro, IBM Consulting. Pharma-niche/boutique SIs: NNIT, BASE life science, Aqurance, Conexus Solutions, Clarkston Consulting, fme, ProMeasure, Slipstream, Indegene, C&F, Genpact.

Industry standards: contributes to and aligns with DIA EDM Reference Model, TMF Reference Model, HL7/FHIR, IDMP, eCTD v4.0, IMDRF and 510(k) for MedTech. Confirmed ISPE/PDA/PQG/ASTM/GS1/USP/IEEE working-group memberships are unstated. Vault Connections (Veeva-delivered cross-application integrations) are the most direct integration path; SAP, Oracle, third-party LIMS (LabWare, STARLIMS), MES integrations are SI-built via Vault REST APIs and Direct Data API.

Veeva publishes a global Trust Site for service availability and operates support across regions. Specific 24/7 SLA tiers and language coverage not enumerated on public-facing pages; typical enterprise customers receive support through their account team and the Veeva Support portal.

Professional services lines: implementation, validation, training, and ongoing managed services delivered both by Veeva Business Consulting and partners. Veeva Business Consulting also supports business-process redesign for AI Agent rollouts. Professional services revenue was approximately $511M in FY2026 (~16% of total revenue).

User community: Veeva Connect (online community platform); Veeva Summits - Commercial Summit (US, Europe, APAC, Brazil, Korea), R&D and Quality Summit (US, Europe, APAC), MedTech Summit. The 2025 Boston R&D and Quality Summit drew attendees from 440+ companies; European Commercial Summit drew 1,200+ attendees; vendor cites 2,500+ attendees at the US R&D Summit. Certification: partner certification program with Premier, Preferred, Specialist tiers across Commercial Cloud, Development Cloud, Quality Cloud; individual practitioner certifications (Vault Admin, Vault Developer) included.

Pre-configured offerings: Vault delivers preconfigured lifecycles, workflows, and data models for QMS, RIM, eTMF, EDC etc., based on industry reference models (DIA EDM Reference Model, eTMF Reference Model, IDMP, IMDRF). Veeva publishes IQ/OQ validation documentation per Vault release that customers can leverage.

Certifications (vendor-stated): ISO/IEC 27001:2013 certified by Schellman; aligned with ISO/IEC 27017 and 27018 for cloud and privacy. SOC 2 Type II - Veeva publishes annual SOC 2 Type II reports; data center providers also publish SOC 1 Type II. ISO 9001:2015 referenced for Veeva QualityOne. HITRUST is unstated on Veeva's Trust page.

Analyst recognition: cited as Leader in IDC MarketScape Worldwide Life Sciences CRM Software 2015 Vendor Assessment; cited in Gartner Market Guide for CRM in Pharma and Biotech (2016) as one of two vendors with global CRM coverage; cited in Gartner Market Guide for QMS Software (Veeva QualityOne); Everest Group PEAK Matrix for Veeva Service Providers 2021. No current Gartner Magic Quadrant exists for "life sciences eQMS" or "life sciences RIM" as named markets; Gartner Peer Insights aggregates user reviews for Vault Quality Suite.

Leadership: Peter Gassner (Founder, CEO, Director); Brian Van Wagener (CFO since 2024; succeeded Tim Cabral who remains on board); Tom Schwenger (President and Chief Customer Officer); Paul Shawah (EVP, Strategy); Andy Han (SVP Veeva AI Solutions); Arno Sosna (President CRM Suite); Mike Jovanis (VP Quality Cloud); Vivian Welsh (Chief People Officer); Nitsa Zuppas (Chief of Staff/President's Office); Asaf Evenhaim (CEO Veeva Crossix); Matt Wallach (Co-founder, former President; retired from operating role June 2019; remains on Board). Gassner remains CEO with a performance-based stock option for 2,650,000 shares granted in 2024.

Thought leadership: industry benchmark reports (e.g., 2025 MedTech Postmarket Quality Benchmark Report); active Vault Help and Developer Portal documentation; three Vault Summits annually with 100+ breakouts each. Named FDA workshop or ISPE working-group participation by Veeva employees is unstated.

Press release frequency is high - averaging multiple PRs per month via PR Newswire and Veeva IR. Coverage clusters around quarterly earnings (March, May, August, November), Summits, customer wins, and AI announcements.

Conference presence: Veeva owns its primary stage via the Summit franchise - Veeva Commercial Summit (US Boston May 2026; Europe Copenhagen May/November 2026), Veeva R&D and Quality Summit (Boston October 2026; Madrid November 2026), Veeva MedTech Summit (Chicago May 2026), APAC Commercial Summit, Korea Summit, Brazil Summit. Also exhibits at DIA Annual, RAPS Regulatory Convergence, MedTech Conference, BIO, INTERPHEX (more limited), TOPRA. ISPE Annual Meeting and PDA participation for the recent period is unstated.

Website quality: veeva.com includes localized sites (US, EU, APAC, KR, BR, LA), a public Vault Help domain, Trust portal, IR site, Developer Portal, customer story library, and resource center with current 2026 content. Multilingual content for Korea, Japan, Brazil, EU.

Narrative and positioning (2025-2026): three threads - (1) "Industry cloud for life sciences" (vertical depth versus horizontal SaaS); (2) "Vault Platform unification" (moving customers off Salesforce-based CRM onto a Veeva-controlled stack); (3) "Veeva AI" (agentic AI delivered as deep application-specific agents rather than generic toolkits, with usage-based pricing).