Nov. 21 at 6:59 PM
Veeva Systems delivered another strong quarter, beating expectations with adjusted EPS of
$2.04 on
$811.2 million in revenue, and raising its full-year guidance for a third consecutive time. Management now forecasts roughly
$7.93 in adjusted EPS and
$3.17 billion in revenue — both slightly ahead of Wall Street estimates.
However, the stock dropped more than 10% as the market reacted negatively to an update on Vault CRM adoption among major pharmaceutical companies. Veeva expects to win only 14 of the top 20 biopharma firms as customers, coming up short of earlier expectations. Rival Salesforce has secured the remaining six, highlighting a more competitive environment following Veeva’s 2022 split from Salesforce and the transition to its own CRM platform.
Analysts noted that despite the healthy financial outlook and steady execution, the investor focus is shifting toward Veeva’s competitive positioning in large enterprise CRM deals — a key driver for future growth.
$VEEV $CRM