Veeva rose about 2 percent today, marking its eighth straight day of gains and pushing the stock to a new high. We think this is mostly about Eli Lilly committing to use Veeva's new software platform globally, which is a major win for the company's long-term strategy.
Our view
Landing a giant like Eli Lilly for the new platform is a major milestone that should help boost profits over time. If you have been thinking about buying the stock, this is a fair price to pay for a high-quality business.
Eli Lilly has committed to using Veeva Vault CRM for its global operations. This is a major win for Veeva as it works to move its customers off of Salesforce technology and onto its own proprietary platform. CRM software helps drug companies manage their relationships and sales interactions with doctors and healthcare providers.
This transition is the core of our view on the company. By moving giant customers like Lilly to its own technology, Veeva stops paying licensing fees to Salesforce, which should leave it with more profit from every dollar of sales. Securing a commitment from a player as large as Lilly suggests the migration is on track and that the industry's biggest spenders trust the new system for their most critical work.
The company has set August 26 to share its latest quarterly performance. This will be an important update for tracking how many customers are moving to Vault CRM, the company's own platform for managing customer relationships. Moving customers to this in-house technology is a major part of the plan to increase profits. It allows the company to stop paying licensing fees to Salesforce, which has historically been a significant cost.
Analysts recently issued a flurry of mixed rating updates and price target adjustments. Most analysts, 29 of 43, rate the stock a buy, though the average target of $235 is essentially equal to the current price.
Average target$235.14-1%vs $236.58 today
Avg price
Low $165High $320
Buy43 analysts
1Bearish
13Neutral
29Bullish
FirmRatingPrice TargetDate
Guggenheim
Buy
$232
7/22/2026
BNP Paribas
—
$285
6/4/2026
Morgan Stanley
Equal Weight
$215
6/4/2026
BMO Capital
Market Perform
$220→$175
6/4/2026
Robert W. Baird
Outperform
$250→$260
6/4/2026
Canaccord Genuity
Hold
$235→$220
6/4/2026
Mizuho Securities
Outperform
$270
6/4/2026
Goldman Sachs
Sell
$190→$165
6/4/2026
Wells Fargo
Overweight
$320
6/4/2026
UBS
Neutral
$250→$235
6/4/2026
Evercore ISI
In Line
$185
6/4/2026
Stifel Nicolaus
Buy
$230
6/4/2026
Veeva Systems earnings
Veeva has a perfect record of beating analyst targets over the last two years. Management consistently sets a bar they can clear, usually by about 13 cents per share.
Earnings history
EstimateBeatMiss
Veeva Systems past earnings results
Expected
Actual
Surprise
EPS
$2.14
$2.24
+4.7%
Revenue
$858M
$883M
+2.9%
Key highlights
Full year revenue raised: Management increased its sales outlook for the year to between $3,635 million and $3,645 million, showing confidence in its ability to sign more life sciences customers for its cloud software. The company also expects to earn approximately $9.05 per share in profit for the full year.
Strong subscription growth: Subscription revenue, which is the steady recurring income from customers using its software, grew 15% to $730.2 million. This is a key figure because these high-margin sales now make up nearly 83% of the company's total business.
Research segment leads: The division that helps companies manage clinical trials and drug development grew subscriptions 19% to $392.3 million. This unit is growing faster than the commercial sales segment, which grew 11%, showing that drug makers are increasingly relying on the company for more than just sales and marketing tools.
Vault CRM momentum: The company added 27 new customers for its new Vault CRM product this quarter, bringing the total number of live customers to more than 150. Moving customers to this internal platform is vital for long-term profits because it removes the need to pay licensing fees to outside partners like Salesforce.
High operating margins: The adjusted operating margin, which measures how much profit the company keeps from every dollar of sales after running its business, reached 44.8%. This is a slight dip from 46.1% last year, but it remains very high for a software company even as they invest in new artificial intelligence tools.
Our take: This was a strong and clean quarter that showed the business is successfully moving through a major technology shift. The jump in research and development subscriptions to $392.3 million is the standout, proving the company is winning deep inside the drug development process. These results reinforce the case that the company can maintain high growth and elite profit levels while building its own platform.
Veeva Systems’s next earnings date
Q2 2027
AUG
26
Expectation
EPS
$2.22
Revenue
$905M
Metrics we are tracking
Metric
Expectations
Status
Vault CRM Customers
Over 300 customers live on Vault CRM by end of FY2027
