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Veeva Systems Inc.

VEEV 8.5

Health Information Services · 45.3B market cap · site

Price and target zones价格与目标区间

$279.92
$155–168 entry买入$267.96+ full value估值上限 · 44× ttm52wk52周 $148–$310-10% off the high距高点

What the company does公司做什么

Veeva Systems makes cloud software built only for drug companies and other life-sciences firms. It runs the record systems these firms must keep to sell medicines and to test new ones. One part tracks every doctor a sales rep visits and what was said. Another part holds the paperwork a drug trial must keep for regulators. Veeva first built its software on top of Salesforce's platform, but it has since moved its core products to its own system, called Vault.Veeva Systems制作只为制药公司和其他生命科学企业打造的云软件。它运行这些企业为了销售药品和测试新药而必须保存的记录系统。其中一部分追踪销售代表拜访过的每一位医生以及谈了些什么。另一部分保存一项药物试验为监管机构必须留存的文书。Veeva最早把自己的软件建在Salesforce的平台之上,但后来已经把核心产品迁到了自己的系统,叫做Vault。

Earns from营收来源 customers pay a recurring subscription fee to keep using Veeva's cloud programs, plus a smaller one-time fee when Veeva staff set the software up and train the customer's team.客户支付反复收取的订阅费以持续使用Veeva的云程序,另外在Veeva员工安装软件、培训客户团队时还有一笔较小的一次性费用。

Read the full description查看完整介绍

Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud comprising Veeva Vault CRM Suite for pharmaceutical and biotechnology companies; Veeva Medical that provides source of medical content across multiple channels and geographies; Veeva PromoMats, an end-to-end content and digital asset management solution; and Veeva Crossix, an analytics platform for pharmaceutical brands. It also provides Veeva Data Cloud, such as Veeva OpenData, a customer reference data solution; Veeva Link, which provides deep data; Veeva Compass, which includes de-identified and longitudinal patient data; and Veeva CRM Pulse that provides access and multichannel engagement metrics. In addition, the company offers Veeva Development Cloud consisting of Veeva Clinical Platform, which advances clinical trial execution; Veeva Clinical Data Management that helps sponsors and CROs design and run trials; Veeva Safety, which unifies systems and processes; Veeva RIM that provides regulatory information management capabilities, as well as Veeva Quality Cloud, which is used by the life sciences and consumer products industries; and Veeva Business Consulting services. Further, it provides professional and support services, including implementation and deployment planning, and project management; requirements analysis, solution design, and configuration; systems environment management and deployment; services focused on advancing or transforming business and operating processes; technical consulting services on data migration and systems integrations; training; and ongoing managed services, such as outsourced systems administration. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was incorporated in 2007 and is headquartered in Pleasanton, California.

Revenue breakdown营收构成 share of revenue营收占比

53%R&D and Quality Solutions研发与质量解决方案
47%Commercial Solutions商业化解决方案
Pick a slice for detail点击某一部分查看详情
R&D and Quality Solutions研发与质量解决方案53% · ~$1.42B

This side holds the paperwork a drug company must keep while it runs clinical trials and manufactures medicine, from patient consent forms to a factory's quality-defect logs. Regulators around the world expect these records to stay complete and traceable for years after a drug reaches market, so switching systems mid-trial or mid-approval carries real regulatory risk. It has grown into the larger of Veeva's two segments as drug companies move more of their clinical and quality work onto Vault.这部分承载药企在开展临床试验和生产药品过程中必须保存的文件,从患者知情同意书到工厂的质量缺陷记录。世界各地的监管机构要求这些记录在药品上市后仍多年保持完整、可追溯,因此在试验或审批过程中更换系统会带来真实的监管风险。随着药企把更多临床和质量工作迁移到Vault平台,这部分已成长为Veeva两大分部中规模更大的一个。

  • Vault Clinical — the system that holds all the paperwork a drug trial must keep for regulators, such as patient consent forms and site visit logs.保存一项药物试验必须为监管机构留存的全部文件的系统,比如患者知情同意书和试验中心访视记录。
  • Vault RIM — a single record of a drug's approval status and filed paperwork in every country where it is sold.一款药在每个销售国家的审批状态和已提交文件的统一记录。
  • Vault QualityDocs — the system that stores a factory's step-by-step work instructions and tracks any product defect, so inspectors can check the rules were followed.存放一家工厂逐步操作说明、并追踪任何产品缺陷的系统,好让检查人员能核实规定是否被遵守。
Commercial Solutions商业化解决方案47% · ~$1.25B

This is the software drug companies use to run sales and marketing to doctors and hospitals under strict rules on what a company may claim about a medicine. Sales reps log every doctor visit on it, and every ad or brochure is routed through it for legal sign-off before reaching a doctor. Because regulators can audit these records at any time, a drug company treats the system as compliance infrastructure it rarely rips out once installed.这是药企用来在严格规定下向医生和医院开展销售与营销活动的软件——法规严格限制企业对药品功效的表述。销售代表用它记录每一次医生拜访,每一份广告或宣传册也要经过它完成法务审批后才能送到医生手中。由于监管机构可随时审查这些记录,药企一旦安装该系统后很少会将其拆除,视其为合规基础设施。

  • Veeva CRM — software a sales rep uses on a tablet to log every doctor visit and what was discussed, so the head office knows who to see next and can prove no rules were broken.销售代表在平板上使用的软件,用来记录每一次拜访医生的经过和谈话内容,好让总部知道下一个该拜访谁,并能证明没有违规。
  • Vault PromoMats — a shared library that stores every ad, brochure, and video with its legal sign-off, so a company can prove to regulators that only approved material reached doctors.一个共享资料库,存放每一则广告、宣传册和视频及其法务批准,这样公司就能向监管机构证明,只有获批的材料才送到了医生手里。
  • OpenData — a directory of doctors, clinics, and hospitals that sales teams use to plan who to visit.一个医生、诊所和医院的名录,销售团队用它来规划该拜访谁。

Company facts公司资料

Founded成立时间
2007
Headquarters总部
Pleasanton, California
Employees员工人数
7,928
Industry行业
Health Information Services
Country国家
United States

Investment thesis投资逻辑 from the watchlist来自关注列表

📋 Re-analyzed 8/27 — conviction UP 8.0→8.5, but the price call flips to WATCH (business held, multiple moved). Q2 FY27 (8/26, the baseline's own named test event) beat and raised twice-running; +68.7% since baseline. Vault CRM top-20 wins accelerating 9→12/20 (Lilly, Biogen, Regeneron) while Salesforce migrations reportedly struggle — the #1 risk is receding, not materializing. Buybacks turned real ($227M/Q, first share-count decline in the file).

Watch

  • Spot sits above even the bull case ($271). Both stale rules re-derived: entry $155-168→$195-215; trim $250+→44x ttm (~$268), which cross-checks within 5% of the old "strong sell $280+" line spot just hit. Entry $195-215. Trim 44x ttm

8/27 重新分析——信念上调 8.0→8.5(基本面),但价格判断转为 WATCH。 Q2 FY27(8/26,基线自设的检验事件)连续两次超预期并上调指引;较基线涨 +68.7%。 Vault CRM 前 20 大客户中标 9→12 家(礼来、Biogen、再生元),而 Salesforce 迁移受阻——头号风险在消退。 回购转实($227M/季,文件史上首次缩股)。 🔴 现价高于牛市情形($271)。 两条陈旧规则均重算:入场 $155-168→$195-215,减持 $250+→44x ttm(约 $268)。

Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动

Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例

Gross profit毛利润
75%
Operating profit营业利润
30%
Net profit净利润
29%

of every $1 of revenue每 $1 营收中的占比

Return on equity净资产收益率
14%
Revenue growth营收增长
+18%

Competitors竞争对手

SalesforceIQVIAOracleDassault Systèmes (Medidata)

Why customers stay客户为什么留下

Veeva builds every product only for the strict rules drug makers must follow, and almost every large drug company already runs its trials and sales on Veeva's systems, so switching means re-proving to regulators that a new system works — a costly risk few companies choose to take.Veeva的每一个产品都只为制药商必须遵守的严格规则而打造,而且几乎每一家大制药公司都已经在Veeva的系统上跑试验和销售,所以更换就意味着要向监管机构重新证明一套新系统行得通——这是个代价高昂的风险,很少有公司愿意去冒。

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