Q3 2026 Veeva Systems Inc Earnings Call Transcript
Key Points
- Veeva Systems Inc (VEEV) reported total revenue of $811 million and non-GAAP operating income of $365 million, exceeding guidance.
- Veeva AI is progressing well and is expected to significantly benefit customers, the industry, and Veeva itself.
- The company is delivering significant innovation across all product areas, including Vault CRM, Crossix, clinical, and safety.
- Crossix continues to be a strong growth driver, with stable measurement business and successful audience delivery.
- Veeva Basics has been adopted by 100 clients, providing a professional solution for small biotechs and supporting industry growth.
- 14 out of the top 20 customers are expected to migrate to Vault CRM, with six opting for other solutions, posing a potential revenue risk.
- One top 20 customer decided to return to a previous provider for EDC, although this is not seen as a trend.
- The CRM suite, which is about 20% of total revenue, is not a growing business and faces competition from custom-built solutions.
- Safety and regulatory sales cycles remain long and unpredictable, requiring careful management.
- The competitive landscape in the CRM market could become more challenging if competitors improve their offerings over time.
Ladies and gentlemen, thank you for standing by. My name is Colby and I will be your conference operator today. At this time, I would like to welcome you to the Veeva Systems fiscal 2026 third quarter results conference call. (Operator Instructions)
I'd now like to turn the call over to Gunnar Hansen, Head of Investor Relations. Please go ahead.
Good afternoon, and welcome to Veeva's fiscal 2026 third quarter earnings conference call for the quarter ended October 31, 2025. As a reminder, we posted prepared remarks on Veeva's Investor Relations website just after 1:00 PM Pacific today. We hope you have had a chance to read them before the call. Today's call will be used primarily for Q&A.
With me today for Q&A are Peter Gassner, our Chief Executive Officer; Paul Shawah, EVP, Strategy; and Brian Van Wagener, our Chief Financial Officer.
During this call, we may make forward-looking statements regarding trends, our strategies and the anticipated performance of the business,
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