Veeva Systems Inc. (VEEV) Q1 2026 Earnings – Full Coverage

This video summarizes the Veeva Systems Inc. Q1 2026 earnings call, providing critical updates on product adoption, strategic AI initiatives, and commercial performance within the life sciences industry. A primary focus was the successful migration and adoption of Vault CRM, which is rapidly becoming the new standard for commercial operations. Veeva reported having over 80 customers live on the platform and is on track to reach approximately 200 live customers within the next year, driven by both net new wins and migrations from the legacy Veeva CRM. The move is fueled by the platform's ability to integrate sales, marketing, and medical functions into a single customer database, enabling unprecedented customer-centricity and innovation in the regulated space.

The strategic direction of Veeva AI was a major topic, with CEO Peter Gassner expressing strong bullishness on its potential to revolutionize the life sciences sector. Veeva is emphasizing the development of deep, embedded AI agents rather than generic solutions. Examples include a CRM bot designed to automate pre-call planning and data entry for field teams, a medical legal regulatory approval agent, and a safety AI agent capable of transcribing pretext into structured safety cases. Gassner projected that the successful implementation of Veeva AI across its core applications could lead to a 15% increase in life sciences efficiency by 2030, positioning AI as a new computing paradigm that automates tasks previously impossible for traditional software.

Commercial operations exhibited significant strength, achieving the highest growth rate in three years, largely propelled by the Crossix business. Crossix, which focuses on digital consumer and Healthcare Provider (HCP) measurement and optimization, is currently growing at over 30% year-over-year. This success stems from heavy investment in expanding the product offering, allowing customers to significantly improve the ROI on their digital advertising spend. The integration of Crossix, Data Cloud, and Link demonstrates Veeva’s evolution beyond being solely a CRM company, with the CRM platform now serving as the foundational core for a broader suite of commercial solutions.

Finally, the call addressed the macro environment and Veeva's strategic expansion plans. While acknowledging increased uncertainty in the market (stemming from US administration dynamics, potential drug pricing impacts, and funding concerns for small biotechs), Veeva noted that its long-term, subscription-based, mission-critical contracts provide insulation from short-term swings. Strategically, Veeva confirmed its pursuit of the Horizontal CRM market outside of life sciences, leveraging its product excellence and customer success values with a dedicated team. The company aims to secure its first horizontal customers by the end of the year, targeting large enterprises in need of innovation.

Key Takeaways:

• Vault CRM Migration Acceleration: Veeva is on track to have approximately 200 customers live on Vault CRM within the next year, up from 80+ currently. This migration is being driven by the desire for a unified platform that integrates sales, marketing (Campaign Manager), and service (Service Center) in a single customer database, a unique value proposition in life sciences.
• Veeva AI as a Productivity Driver: Veeva is highly focused on embedding specialized AI agents deeply into core applications (e.g., CRM bot for productivity, regulatory approval agent). The company anticipates that this approach could yield a substantial 15% increase in life sciences efficiency by 2030.
• Prioritization of Sales Productivity via AI: Investment in AI for commercial operations is heavily prioritized on the sales side, aiming to deliver significant productivity and effectiveness gains for the field team through tools like the CRM bot, which automates engagement planning and data entry.
• Crossix as a Key Growth Engine: The Crossix business is experiencing robust growth (over 30% YoY), driven by expanded offerings in HCP measurement and optimization, and audience building. This reflects a continued industry trend of leaning into digital spend optimization for fast ROI.
• Strategic Shift to Data and Analytics: Veeva’s commercial solutions are evolving beyond CRM, with Data Cloud (including Compass) and Crossix becoming increasingly central. The company is focused on solving the industry challenge of fragmented data by harmonizing data sets and integrating them fundamentally with software.
• Clinical Operations Maturity: Veeva’s clinical offerings show strong maturity in certain areas, with 19 out of the top 20 pharma companies using ETMF. This success signals Veeva's commitment to doubling down on investment to standardize and simplify clinical operations.
• EDC Adoption is a Marathon: While Vault EDC is gaining traction (9 out of top 20 customers), adoption is still in the early adopter phase. The ramp-up for these multi-year deals is expected to be slow, but the structural advantage lies in providing an integrated clinical platform from operations to data management.
• Macro Uncertainty is Managed: Despite increased macro uncertainty (tariffs, geopolitical conflict, funding environment for small biotechs), Veeva's business remains insulated in the short term due to the mission-critical nature and long-term subscription structure of its contracts.
• Horizontal CRM Expansion: Veeva is strategically entering the horizontal CRM market outside of life sciences, targeting large enterprises where the company believes its differentiated business model and technology can drive innovation. This is a separate, long-term initiative.
• Customer Challenges: Top-of-mind challenges for pharma executives include fragmented data, the need for faster insights, and the difficulty in achieving full ROI from previous generic AI investments. This reinforces the need for IntuitionLabs' specialized data engineering and industry-specific AI solutions.

Tools/Resources Mentioned:

• Vault CRM: Next-generation CRM platform for life sciences.
• Veeva CRM: Legacy CRM platform.
• Crossix: Digital measurement, optimization, and audience solution (30%+ YoY growth).
• Veeva AI: Strategic AI initiative, including specialized agents.
• Campaign Manager: Marketing application integrated into Vault CRM.
• Service Center: Customer service application integrated into Vault CRM.
• Data Cloud: Data integration and analytics platform.
• Compass: Data product for sales data projection across retail and non-retail channels.
• ETMF (Electronic Trial Master File): Clinical operations application.
• EDC (Electronic Data Capture): Clinical data management application.

Key Concepts:

• Veeva AI Agents: Specialized, non-deterministic computing programs embedded within core Veeva applications (e.g., CRM bot, safety AI agent) designed to automate specific, complex tasks that traditional software could not handle.
• Horizontal CRM: Veeva's new market initiative to offer CRM solutions to industries outside of life sciences, leveraging its core platform technology and operating model.
• Connected Commercial Cloud and Data Cloud: The strategy of integrating Veeva's application layer (Commercial Cloud) with its data and analytics layer (Data Cloud) to provide modular yet connected solutions, moving beyond a single CRM focus.

Examples/Case Studies:

• Top 20 Pharma Vault CRM Adoption: Four top 20 pharma companies have publicly announced their decision to migrate to Vault CRM, with one SVP confirming a global rollout across nearly 20,000 users by the end of the year.
• ETMF Penetration: Veeva has achieved near-total penetration in the largest pharma segment, with 19 out of the top 20 companies using its ETMF solution.
• Digital Spend ROI: The value proposition of Crossix is framed around providing fast ROI, allowing customers to potentially double the impact of significant digital advertising budgets (e.g., $500 million).