Veeva Systems Inc.

Q3 performance beat guidance; strong profitability - Revenue for the quarter ended Oct 31, 2025: $811M; non-GAAP operating income: $365M. - Management characterized the quarter as “excellent” with strength across the business and results above guidance. - No explicit Q4/2026 financial guidance was provided on the call (per prepared remarks/Q&A format), and the team noted they won’t provide further performance updates outside public forums.

Vault CRM migration: top-customer attrition risk exists, but near-term impact is expected to be immaterial - Veeva stated 14 of the top 20 customers are expected to migrate to Vault CRM; the remaining 6 may choose other solutions (with potential for win-back). - Brian Van Wagener said they won’t size the at-risk revenue, but emphasized CRM is ~20% of total revenue now (down from ~25% two years ago), reducing concentration risk. - Timing expectation: no impact expected this year and likely nothing material next year; longer-term they don’t expect impact to their 2030 goals. - Surprising/nuanced view: management framed one “loss” as likely customer-specific (e.g., internal preferences, executive/cultural factors), not a repeatable competitive pattern.

CRM offsets and upside: cross-sell + AI monetization potential within retained customers - Management argued the story isn’t just “revenue at risk,” but also incremental revenue opportunity from customers they retain: - Each retained Vault CRM customer has opportunity to expand into additional modules (e.g., service center, marketing/patient CRM, etc.) and Veeva AI. - They reported seeing early signs of customers starting to add more products after committing to Vault CRM. - Competitive/strategic reassurance: CRM remains healthy with strong win rate/conversion, and Veeva highlighted that the risk is concentrated in a small set of large customers; the broader customer base is more distributed.