Veeva Systems Inc - Class A

Veeva is the dominant vertical market software system of record for the life sciences industry. Their customers rely on and trust Veeva to help them run their entire business. Veeva grew revenue and EBIT 16% and 24%, respectively in 2025 and it is off to a strong start in 2026. We believe Veeva is one of the most resilient software businesses on our MVP list due to the mission critical nature of its platform and its focus on the highly regulated life sciences industry. Veeva continues to innovate, embedding industry specific, compliant AI into its deeply integrated core applications. We see AI as just another growth driver for Veeva and believe the company will lean on its core strengths including its proprietary data, domain expertise, integrated platform, and trusted, embedded customer relationships to win.

Veeva Systems is the dominant, mission-critical software provider to the life sciences industry, with over 1,500 customers, including 19 of the top 20 global pharmaceutical companies. As pharmaceutical companies navigate the drug development process, nearly every step occurs on a Veeva product, making it exceptionally difficult to displace. Veeva's decades of industry-specific data and domain specialization provide a durable moat. The company is well-positioned to leverage AI, having built a governed data foundation essential for compliance in the regulated life sciences sector. The first Veeva AI agents went live in December, and a new agentic platform, Falcon, is set to launch soon, positioning Veeva favorably in the AI race within life sciences.

Veeva is the dominant vertical market software system of record for the life sciences industry. Their customers rely on and trust Veeva to help them run their entire business. Veeva grew revenue and EBIT 16% and 24%, respectively in 2025 and it is off to a strong start in 2026. Despite these strong results, the stock is down close to 20% year to date through the end of June in sympathy with the rest of the application software sector. We believe Veeva is one of the most resilient software businesses on our MVP list due to the mission critical nature of its platform and its focus on the highly regulated life sciences industry. Veeva continues to innovate, embedding industry specific, compliant AI into its deeply integrated core applications.

Veeva is the dominant vertical market software system of record for the life sciences industry. Their customers rely on and trust Veeva to help them run their entire business. Veeva grew revenue and EBIT 16% and 24%, respectively in 2025 and it is off to a strong start in 2026. Despite these strong results, the stock is down close to 20% year to date through the end of June in sympathy with the rest of the application software sector. We believe Veeva is one of the most resilient software businesses on our MVP list due to the mission critical nature of its platform and its focus on the highly regulated life sciences industry. Veeva continues to innovate, embedding industry specific, compliant AI into its deeply integrated core applications.

Veeva Systems is the dominant, mission-critical software provider to the life sciences industry, with over 1,500 customers, including 19 of the top 20 global pharmaceutical companies. As pharmaceutical companies navigate drug development, nearly every step occurs on a Veeva product, making it exceptionally difficult to displace. Veeva's decades of industry-specific data and domain specialization provide a durable moat. The company is well-positioned to leverage AI, as its governed data foundation is crucial in a regulated industry. Veeva's credibility advantage in compliance and audit requirements, combined with its ongoing AI developments, positions it favorably in the race for AI in life sciences.

Veeva Systems Inc. provides cloud-based software for the life sciences industry. Despite reporting strong fiscal fourth quarter results and offering guidance that surpassed Street expectations, its shares traded down by -21%. This stems from investor concerns regarding their Vault customer relationship management system. Vault CRM was launched in 2024 as they moved away from Salesforce.com and Veeva’s management team has been conservative in customer migration estimates. We added to the position on weakness.

Veeva Systems has grown to become the leading SaaS provider of cloud solutions for the global life sciences industry. Veeva’s industry-specific cloud solutions provide data, software, and services to address a broad range of needs, including multi-channel customer relationship management, content management, master data management, and customer data management. Veeva’s products help its customers bring products to market faster while maintaining compliance with government regulations.

In May 2025, Veeva Systems impressed with strong quarterly numbers, showcasing solid double-digit revenue and profit growth. The company continues to maintain its profitable growth and confirms its role as an innovation leader in the Life Science IT sector. Positive analyst ratings and a new multi-year high for the share price further bolster investor confidence in Veeva's future prospects.