Veeva Stock Takes Off After Best CRM Quarter Ever: Analysts Approve

Veeva Systems Inc. (NYSE:VEEV) shares are surging on Thursday after the company reported upbeat earnings and guidance. Subsequently, several analysts boosted the price targets for the company.

The company reported second-quarter adjusted EPS of $2.35, surpassing the consensus estimate of $2.22 and revenue of $927.96 million, exceeding the Street estimate of $905.28 million. The company said the quarter was its strongest CRM (customer relationship management) quarter ever.

Veeva Systems raised its fiscal 2027 adjusted EPS guidance from $9.05 to $9.21, versus the $9.06 analyst estimate, and raised its revenue outlook to between $3.682 billion and $3.687 billion, versus the $3.65 billion estimate.

• Veeva Systems shares are climbing with conviction. What’s behind VEEV gains?

Conference Call Takeaways

Commercial subscription revenue rising about 13% year over year and broad-based growth across CRM, Content, Data Cloud and Crossix.

CRM momentum continued to accelerate, with 12 of the top 20 biopharma companies committed to Vault CRM. More than 180 CRM customers are now live, and Veeva expects to retain more than 70% market share long-term, with potential Salesforce win-backs concentrated in 2027-28 and CRM providing a backstop through 2029.

Veeva also highlighted strong early demand for Falcon, its new agentic labor offering, with five early adopters expected and initial go-lives planned this year. Falcon requires limited implementation, is expected to have software-like gross margins and will see investment scale with revenue, with no material incremental fiscal 2027 investment planned.

In R&D, Veeva is shifting from legacy products such as eTMF, CTMS, QDocs, QMS and regulatory toward EDC, eCOA, RTSM, Safety and LIMS, which management views as significant long-term opportunities through 2030 and beyond.

The IQVIA partnership continues to progress, combining complementary services, data and software capabilities, while strong pharma marketing and digital spending is supporting Crossix and creating potential AI-driven upside.

Overall, management said the life sciences industry has stabilized after several volatile years, with customers continuing to prioritize core initiatives despite geopolitical and technological disruptions.

CRM Momentum Boosts Analyst’s Confidence

Following the release, several analysts made changes to their price targets for the company, including:

• Needham analyst Ryan MacDonald maintained a Buy rating and raised the price forecast from $270 to $310.
  The analyst said three notable CRM wins (Lilly, Biogen and Regeneron) boost confidence in winning the remaining two undecided top-20 accounts and potential win-backs over the next two years. MacDonald writes that continued R&D and Crossix strength, along with healthy early demand for Falcon, support confidence in Veeva’s 2030 targets.
• Guggenheim analyst Tamjid Chowdhury also kept a Buy rating and boosted the price target from $276 to $310.
  The analyst estimated New ARR growth accelerated to roughly 26% year-over-year in the second quarter from 14% in the first quarter of fiscal 2027, despite an easier comparison. The analyst wrote Veeva is progressing in helping customers capture AI-driven value and will remain part of the life sciences industry’s AI evolution, although it is still early.
• RBC Capital analyst Rishi Jaluria reiterated an Outperform rating and increased the price forecast from $275 to $325.
  The analyst added that Vault CRM adoption continued to advance, with more than 180 customers now live, while a top-20 pharmaceutical company deployed Agentic Call Report across all U.S. field representatives, highlighting Veeva’s AI innovation.

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