Veeva Systems Inc - Ordinary Shares - Class A

Strong quarter + guidance raised (core performance): Q2 FY2027 revenue $928M; non-GAAP operating income $416M; management said results were ahead of guidance and they’ve raised guidance again in Q2. (No explicit numeric FY or segment guidance was provided in the transcript beyond the fact that guidance was updated/raised.)

AI momentum is the main strategic catalyst—especially “agentic labor” (Falcon) and customer interest is high: Management said Q2 was their best CRM quarter ever and that they’re accelerating rapidly in AI, with Veeva Falcon drawing very high interest. They stressed Falcon could deliver faster time-to-value because it avoids extensive data mapping/ETL/cutover typical of traditional system migrations—but Falcon is currently the rate limiter (product readiness is the constraint).

Falcon adoption dynamics + who pays (buyers) suggests a potentially easier commercial motion: Early Falcon adopters are sponsors (not OEM/CRO-first), and sellers expect it to be a business-led budget rather than an IT-heavy budget conversation. Peter said IT is “really not involved” for Falcon because it maps to safety / clinical / regulatory business unit outcomes; on average they estimate those areas are already about 60% business-led in their existing motions. Pricing is early but should aim for predictability (likely enterprise-style agreements with escalation as capability matures).