Veeva Systems Inc.

Q3 performance was strong vs guidance; AI and product execution are key - Total revenue $811M in fiscal Q3; non-GAAP operating income $365M. - Management characterized the quarter as “above guidance” with strength across Vault CRM, Crossix, clinical, and safety. - Veeva AI is positioned as a major strategic initiative; management believes it can be significant for customers, the industry, and Veeva—emphasizing practical, industry-specific automation rather than generic experimentation.

CRM “top 20” migration: potential attrition exists, but near-term financial risk is limited - Veeva previously said 14 of the top 20 customers are expected to migrate to Vault CRM; 6 could opt for other solutions (win-backs possible). - Most important nuance: management does not want to size the revenue at risk, but argues the business is less exposed than before: - CRM is ~20% of total revenue today vs ~25% ~2 years ago (share shifted because other product areas grew). - No material impact expected this year; likely nothing material for next year. - Longer-term, management does not expect CRM migration outcomes to derail 2030 goals. - Surprising detail: management suggested the specific “EDC/CRM switching back” example cited by a competitor (and one CRM loss case) is largely customer-specific, tied to internal dynamics rather than a repeating pattern.

CRM upside framing: offsets via add-ons (service center, marketing automation, Veeva AI) and cross-sell potential - Veeva’s strategy: even if some customers don’t migrate immediately (or churn), retained customers can adopt additional CRM modules and Veeva AI, improving monetization per account. - Management expects the “retained Vault CRM customers” to expand broader adoption over time (they’re already seeing some add-on uptake). - They highlighted that CRM is “healthy,” with strong conversion/win rates; also noted distribution benefits (CRM is not the majority of Veeva anymore).