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Total Revenues of $789.1M, up 17% Year Over Year
Subscription Services Revenues of $659.2M, up 17% Year Over Year

PLEASANTON, Calif., Aug. 27, 2025 /PRNewswire/ -- Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its second quarter听ended July听31, 2025.

"It's exciting to see our vision of connected software, data, and business consulting for life sciences听becoming a reality," said CEO Peter Gassner. "I am especially excited about the power of Veeva AI听and听Veeva听Data Cloud to enable transformational change for听life sciences from clinical to commercial."

Fiscal 2026 Second Quarter Results:

• Revenues: Total revenues for the second quarter were $789.1 million, up from $676.2 million one year ago, an increase of 17% year over year. Subscription services revenues for the second quarter were $659.2 million, up from $561.3 million one year ago, an increase of 17% year over year.
  
  
• Operating Income and Non-GAAP Operating Income:⁽¹⁾ Second quarter operating income was $195.9 million, compared to $166.5 million one year ago, an increase of 18% year over year. Non-GAAP operating income for the second quarter was $352.6 million, compared to $279.8 million one year ago, an increase of 26% year over year.
  
  
• Net Income and Non-GAAP Net Income:⁽¹⁾ Second quarter net income was $200.3 million, compared to $171.0 million one year ago, an increase of 17% year over year. Non-GAAP net income for the second quarter was $333.4 million, compared to $267.3 million one year ago, an increase of 25% year over year.
  
  
• Net Income per Share and Non-GAAP Net Income per Share:⁽¹⁾ For the second quarter, fully diluted net income per share was $1.19, compared to $1.04 one year ago, while non-GAAP fully diluted net income per share was $1.99, compared to $1.62 one year ago.

"We delivered another strong quarter, with results for all metrics outperforming our guidance," said CFO Brian Van Wagener. "The business showed broad-based strength, reflecting our consistent execution and focus on customer success that will enable durable, long-term growth."

Recent Highlights:

• Deep, Industry-Specific听AI 鈥� Veeva听AI, which includes agentic AI in the Vault Platform and industry-specific application agents in all Veeva applications, is rapidly progressing with a clear and focused strategy that delivers significant, tangible value for听customers. The first Veeva AI agents听are planned for release in December for CRM and commercial content. New agents for clinical operations, regulatory, safety, quality, medical, and commercial are planned for 2026,听and clinical data听is targeted for 2027.

• Veeva Reaches Significant Vault CRM Suite Milestones 鈥� Veeva Vault CRM is working at scale and delivering new capabilities, including Veeva AI planned for December. In the quarter, two top 20 biopharmas successfully went live with Vault CRM in major markets and Vault CRM now has more than 100 customers live. In August, the seventh top 20 biopharma committed to Vault CRM as their commercial foundation. Veeva also expanded the Vault CRM Suite in August with the release of Patient CRM and early customers are now live on Campaign Manager and Service Center.

• Veeva Becoming the Industry's Foundation for Drug Development and Quality 鈥� In the quarter, another top 20 biopharma selected Veeva eTMF, Veeva Study Startup, and Veeva Site Connect to further modernize and unify clinical operations. Two top 20 biopharmas selected Veeva Submissions, Submissions Archive, and Registrations. Now, all top 20 biopharmas have selected Veeva eTMF, 19 of the top 20 have selected Veeva QualityDocs, and 18 of the top 20 have selected Veeva Submissions.

• Veeva and IQVIA Partner to Advance the Life Sciences Industry 鈥� Veeva and IQVIA announced a long-term global partnership and the complete resolution of all pending legal disputes in August. The partnership makes it possible for joint customers to use Veeva and IQVIA products and services together in a simple and efficient way across both commercial and clinical.

Financial Outlook:

Veeva is providing guidance for its fiscal third quarter ending October听31, 2025 as follows:

• Total revenues between $790 and $793 million.
  
  
• Non-GAAP operating income between $348 and $350 million.⁽²⁾
  
  
• Non-GAAP fully diluted net income per share between $1.94 and $1.95.⁽²⁾

Veeva is providing updated guidance for its fiscal year ending January听31, 2026 as follows:

• Total revenues between $3,134 and $3,140 million.
  
  
• Non-GAAP operating income of about $1,388 million.⁽²⁾
  
  
• Non-GAAP fully diluted net income per share of approximately $7.78.⁽²⁾

Conference Call Information

Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at . Veeva will host a Q&A conference call at 2:00听p.m.听PT today, August听27, 2025, and a replay of the call will be available on Veeva's investor relations website.

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⁽¹⁾ This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled "Non-GAAP Financial Measures"听and the tables entitled "Reconciliation of GAAP to Non-GAAP Financial Measures"听below for details.

⁽²⁾听Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the third fiscal quarter ending October听31, 2025 or the fiscal year ending January听31, 2026 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

About Veeva Systems

Veeva delivers the industry cloud for life sciences with software, data, and business consulting. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,500 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.

Veeva uses its 听website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.

Forward-looking Statements

This release contains forward-looking statements regarding Veeva's expected future performance and, in particular, includes quotes from management and guidance, provided as of August听27, 2025, about Veeva's expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, developments that impact the life sciences industry (including regulatory, funding, or policy changes), general macroeconomic and geopolitical events (including changes in trade policy or practices, inflationary pressures, currency exchange fluctuations, changes in interest rates, and geopolitical conflicts), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled "Summary of Risk Factors" on pages 32 and 33 in our filing on Form 10-Q for the period ended April听30, 2025听which you can find . Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

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Non-GAAP Financial Measures

In Veeva's public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.

• Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations,听Veeva excludes excess tax benefits for its internal management reporting processes. Veeva management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.
  
  
• Stock-based compensation expenses.听Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.
  
  
• Amortization of purchased intangibles.听Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva's revenues earned during the periods presented and will contribute to Veeva's future period revenues as well.
  
  
• Litigation settlement-related charges. We exclude certain costs related to litigation settlements, including outcome-based payments to the law firms that represented us, because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.
  
  
• Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures.

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva's management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

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