Veeva Sys Inc Stock Price, News & Analysis

Veeva Systems Inc. reported strong fiscal Q1 2023 results, with total revenues reaching $505.1 million, a 16% increase year-over-year. Subscription services revenues also grew by 18% to $402.6 million. Despite a slight decline in operating income to $127.7 million, non-GAAP operating income increased by 10% to $199.6 million. Net income fell 13% to $100.1 million, whereas non-GAAP net income rose 9% to $159.8 million. The company maintains a positive outlook, forecasting total revenues between $2,165 and $2,175 million for the fiscal year, aided by innovations and expanding customer engagement.

Veeva Systems (NYSE: VEEV) announced significant adoption of its Vault CTMS, with over 150 companies utilizing the platform to manage clinical trial operations. The system supports more than 300,000 research sites and 1 million patients, enhancing productivity and data quality. Innovations like risk-based study management and improved site monitoring features are streamlining trial processes, allowing for faster execution. With three product releases annually, Veeva aims to further improve clinical operations and accelerate drug development.

At the Veeva Commercial Summit, Veeva Systems (NYSE: VEEV) released the 2022 Trends in Health Advertising Report, highlighting a 61% increase in digital audio impressions and an 18% rise in streaming video impressions in healthcare advertising. The report, based on over $6 billion in advertising investments, shows that digital audio campaigns, particularly in categories like women's health, were 120% more effective than traditional display ads. The study emphasizes the importance of diversifying media strategies to enhance effectiveness and reach among healthcare professionals and patients.

Veeva Systems (NYSE: VEEV) will announce its fiscal 2023 first quarter financial results on June 1, 2022, after market close. A conference call to discuss these results will be held at 2:00 p.m. PT (5:00 p.m. ET) on the same day. Prepared remarks will be available on their investor relations website at approximately 1:05 p.m. PT (4:05 p.m. ET). Veeva continues to lead in cloud software for the life sciences sector, serving over 1,000 customers, from large pharmaceutical companies to emerging biotechs.

On May 4, 2022, Veeva Systems announced that Lucid Diagnostics Inc. has selected Veeva Vault CDMS for its upcoming study on EsoGuard, aimed at detecting Barrett's esophagus and esophageal adenocarcinoma in at-risk patients. This multicenter study will gather real-world data using EsoGuard testing on samples collected with EsoCheck. Veeva aims to support the medtech sector with its unified data management solutions, enhancing study efficiency. The partnership reflects Veeva's commitment to innovation in clinical trials.

On May 3, 2022, Veeva Systems (NYSE: VEEV) announced that AmplifyBio will utilize its Veeva Vault Quality Suite to enhance quality management in preclinical drug testing. This collaboration aims to streamline processes and ensure compliance with stringent GLP requirements, facilitating better data generation for FDA submissions. AmplifyBio, a CRO specializing in toxicology and safety pharmacology, will leverage various Veeva products to manage quality consistently across its operations. The initiative underscores Veeva's commitment to supporting advancements in the life sciences sector.

Veeva Systems (NYSE: VEEV) has expanded its partnership with LEO Pharma, enhancing engagement with medical communities through Veeva Link for Key People. This tool aims to foster scientific discussions and improve patient care by allowing LEO Pharma's teams to access real-time intelligence and insights. The collaboration is set to advance new dermatology treatments every 2-3 years. Veeva Link integrates with Veeva CRM to offer comprehensive insights, positioning LEO Pharma to effectively engage with key scientific leaders in dermatology.

Veeva Systems (NYSE: VEEV) has launched four new applications under its Veeva Link product suite to provide real-time intelligence for medical and commercial teams. These include Veeva Link for Key Accounts, Veeva Link for Scientific Awareness, Veeva Link for Medical Insights, and Veeva Link+. Designed for key account management, these tools aim to improve engagement with scientific experts and enhance insights across various healthcare areas. The new applications are part of Veeva's commitment to delivering data-driven solutions in the life sciences industry.

Veeva Systems has launched Veeva Data Cloud, a suite of cloud data applications designed to enhance commercial excellence in the life sciences sector. This platform incorporates Veeva OpenData, Veeva Link, and Veeva Compass, enabling seamless interaction across sales, medical, and marketing teams through a common data architecture. It provides real-time intelligence and extensive customer reference data, with plans to expand operations to over 100 countries by year-end 2023. The initiative aims to ensure data is always current and foster collaboration for improved patient access to products.