Veeva Systems Inc - Ordinary Shares - Class A

Q1 results beat expectations; guidance unchanged—strong execution, steady macro - Quarter ended Apr 30, 2026: Total revenue $883M; non-GAAP operating income $395M. - Company says performance was ahead of guidance and they see macro environment unchanged versus when guidance was set. - No further guidance updates during the call; Q1 strength is viewed as validation of the trajectory already embedded in guidance.

R&D/DevCloud + Quality/Quality-related scaling momentum, but full-year maintained with “early lifecycle” conservatism - CFO commentary: R&D grew strongly in Q1, but much of the portfolio is early in scaling (examples: eCOA, RTSM, EDC, Safety, LIMS), which is why the full-year increase was small (raised only ~$5M). - Investors should expect continued scaling, but management is not yet signaling step-function acceleration; rather, it’s a healthy progression.

Crossix remains a key growth engine—innovation (e.g., measuring OpenEvidence/Meta) driving durable share gains - CEO/Paul Shawah: digital is a healthy end market; Crossix benefits from increasing pharma spend in digital channels. - They emphasized product innovation and new measurement capabilities (e.g., OpenEvidence now measured; Meta measurement). - They expect durable growth over the long term, acknowledging that quarterly fluctuations can occur.