Veeva Systems Inc. · NYSE:VEEV
Veeva Systems — Investor Day (October 2025)
51 slides from Veeva Systems's investor day presentation, Oct 16, 2025
Slide 1: Investor Day
Investor Day October 16, 2025
Slide 2: 2025 Veeva Investor Day
2025 Veeva Veeva Vision and Strategy Investor Day Peter Gassner, Founder & CEO Financial Update Brian Van Wagener, CFO Break Customer Perspective Paul Shawah, EVP Strategy Dr. Evan Bailey, Chief Medical Officer, Applied Therapeutics Q&A
Slide 3: Safe Harbor and Other Information
Safe Harbor and Other Information This presentation and associated commentary contain forward-looking statements regarding Veeva’s future plans and expected performance, market size and opportunity, and financial outlook, including guidance provided as of August 27, 2025, about Veeva’s expected futu
Slide 4: Peter Gassner
Peter Gassner Founder and CEO
Slide 5: Vision and Values
Vision Building the Industry Cloud for Life Sciences Values Do the Right Thing Customer Success Employee Success Speed A Public Benefit Corporation
Slide 6: Highlights
Highlights • Durable Company • On Track for $6B in 2030 • Veeva AI Can Be Significant • New Markets Progress
Slide 7: Strategic Partner to a Large and Growing Industry
Strategic Partner $2T+ Biopharma & MedTech to a Large and Growing Industry Growing at 6%+ CAGR Source: Evaluate
Slide 8: Early Days in a Significant Market Opportunity
Early Days in a ~16% Penetrated FY26E Revenue Significant Market Opportunity 1% $20B+ Life Sciences TAM Source: Evaluate and Veeva estimates TAM: Industry specific software, data, and business consulting Penetration and FY26E revenue based on high end of our guidance issued August 27, 2025
Slide 9: Veeva 2030
Veeva 2030 $6 Billion New Markets Still Veeva
Slide 10: Consistent Execution with a Long-term View
Consistent Execution with a Long-term View Revenue Run Rate Goal Status 2020 Goal set in 2015 $1B Achieved 2025 Goal set in 2019 $3B Achieved 2030 Goal set in 2024 $6B On Track
Slide 11: The Industry Cloud for Life Sciences
The Industry Cloud for Life Sciences Software • Data • Business Consulting Veeva Veeva Veeva Veeva Development Quality Commercial Data Cloud Cloud Cloud Cloud Business Consulting
Slide 12: The Technology Foundation for Product Development
The Technology Foundation for Product Development Clinical Clinical Drug Regulatory Operations Data Safety eTMF EDC Registrations Safety CTMS CDB Submissions SafetyDocs Payments eCOA Publishing Workbench Study Startup Labeling* Signal RTSM Site Connect Study Training Disclosures Vault Platform *Plan
Slide 13: The Technology Foundation for Quality
The Technology Foundation for Quality Quality Assurance Quality Control QualityDocs LIMS Batch Release QMS Validation Management Training Vault Platform
Slide 14: The Technology Foundation for Commercial Execution
The Technology Foundation for Commercial Execution CRM Suite Content Medical Patient CRM Data Crossix Management Omnichannel CRM PromoMats MedComms Patient CRM Network Consumer Campaign Manager MedInquiry Nitro HCP Service Center Medical Insights Audiences Events Publications* Align Grants* Vault Pl
Slide 15: Vault CRM Status
Vault CRM Status • 100+ Vault CRM customers live • 2 top 20 biopharmas live • 9 top 20 biopharmas committed • 25+ migrated, ~300 remaining • Veeva CRM end of life September 2030
Slide 16: Complete Suite of Commercial Data Products
Complete Suite of Commercial Data Products OpenData HCP 360 Link Compass Global Reference Data Global HCP Data Global Deep Data U.S. Performance Data OpenData Reference HCP Access Key People Patient HCP Metrics* Key Accounts U.S. Prescriber HCP Consent* National Common Data Architecture *Planned for
Slide 17: Business Consulting
• Started in 2019 • R&D, Quality, Commercial • 400+ people • $90M annualized revenue, growing ~25% • Significant Veeva AI opportunity
Slide 18: Veeva AI
veeva Al*
Slide 19: A Time of Change for Life Sciences
A Time of Change for Life Sciences AI Drives Efficiency and Innovation
Slide 20: Agentic AI for Life Sciences
Agentic AI for Life Sciences Agentic AI in AI Agents in All Vault Platform Veeva Applications Increase Industry Productivity
Slide 21: Veeva Vault Platform
Veeva Vault Platform Data and Content Enterprise cloud platform for life sciences Data Configurable application development Content Integrated reporting and dashboards
Slide 22: Veeva Vault Platform
Veeva Vault Platform Data, Content, and Agents Agentic AI built into Vault Platform Data Content Direct, secure content and data access Agents Configure Veeva AI Agents or create custom
Slide 23: Agentic AI for Life Sciences
Agentic AI for Life Sciences AI Built Into Vault Platform Industry-Specific AI Agents • Configure standard agents • Deep industry-specific agents • Create custom agents • Running in Veeva applications • Agents upgraded every release
Slide 24: Veeva AI Demo
veeva Al* ®DEMO
Slide 25: Veeva AI in All Veeva Applications
Veeva AI in All Veeva Applications December August 2026 April December 2026 2025 2026 Clinical Data Management Clinical Operations Safety Regulatory Vault CRM Quality Medical PromoMats
Slide 26: A Significant Opportunity
A Significant Opportunity • Industry Specific Agents • Business Consulting • Usage-based Pricing • Everything, Everywhere, All at Once
Slide 27: Horizontal Enterprise Applications
Horizontal Enterprise Applications
Slide 28: Big Leaps for Veeva
Big Leaps for Veeva Year Market Potential 2007 Pharma CRM $1B+ 2010 Industry Cloud $10B+ 2024 Enterprise Applications $100B+
Slide 29: New Markets Plan
New Markets • Autonomy Plan • Platform first approach • Long-term view • Growth and profit • Customer success • Innovation
Slide 30: New Markets Progress
New Markets • Platform progressing well Progress • Starting in the CRM area • First customers soon • Product excellence
Slide 31: Priorities and Capital Allocation
Priorities and Capital Allocation 2030 Goal, Veeva AI, New Markets Disciplined Approach to Acquisitions Always Consider Potential for Capital Return
Slide 32: Highlights
Highlights • Durable Company • On Track for $6B in 2030 • Veeva AI Can Be Significant • New Markets Progress
Slide 33: Brian Van Wagener
Brian Van Wagener Chief Financial Officer
Slide 34: Financial Update
Financial Update Executing Well Long Runway Growth and on 2030 Goal For Growth Profitability
Slide 35: Q3'26 Guidance
Q3’26 Guidance Guidance Total Revenue $790-793 million Subscription Revenue ~$671 million Services Revenue $119-122 million Non-GAAP Operating Income $348-350 million Non-GAAP Fully Diluted $1.94-1.95 Net Income per Share Normalized Billings ~$527 million Guidance issued on August 27, 2025. Our Q3’2
Slide 36: Strong Base Within Primary Biopharma Segment
Strong Base Within Primary Biopharma Segment Biopharma Other 92% MedTech Industries 5% 3% Top 20 Enterprise SMB ~50% ~15% ~35% Approximates Q2’26 revenue mix Enterprise includes top 6 CROs, with the remainder of CRO revenues included in SMB
Slide 37: On Track for 2030 Goal
On Track for 2030 Goal Today 2030 Goal Total Revenue Run Rate $3.2B $6B R&D $1.7B ~$4B Commercial $1.4B ~$2B Subscription Revenue Mix 84% ~87% Non-GAAP Operating Margin 45% 35%+ Today reflects the annualized value of Q2'26 reported results and 2030 reflects CY30. We are unable to provide a CY30 GAAP
Slide 38: Long Runway for Growth in Life Sciences
Long Runway for Growth in Life Sciences Regulatory & Safety 10% Quality 20% Clinical 35% $20B+ Life Sciences TAM Commercial 35% FY26E Revenue ~16% Penetrated Source: Evaluate and Veeva estimates TAM: Industry specific software, data, and high value services Penetration and FY26E revenue based on the
Slide 39: Veeva Through 2030
Veeva Through 2030 MedTech ~5% Regulatory & Safety ~11% Quality ~19% MedTech ~5% Clinical ~30% Regulatory & Safety ~11% Quality ~18% Clinical ~21% Commercial ~35% Commercial ~45% Today 2030 Today reflects Q2’26 and 2030 reflects estimated CY30 run rate subscription revenue
Slide 40: Veeva Product Quadrant
Veeva Product Quadrant High Regulatory Product Maturity Market Share High Source: Veeva estimates
Slide 41: Consistent History of Strong Growth and Profitability
Consistent History of Strong Growth and Profitability $3.14B Revenue $2.75B Non-GAAP Operating Income1 $2.36B $2.16B $1.85B $1.47B $1.39B $1.15B $830M $843M $759M $583M FY212 FY22 FY23 FY243 FY25 FY26E4 Fiscal Year Ending January 31 ¹ A reconciliation of GAAP to non-GAAP measures is set forth in the
Slide 42: How We Invest
How We Invest Q2’26 Mix of Total Non-GAAP Subscription Expenses Sales & Product Excellence Marketing 24% Product Supporting Customer Success Functions 67% 9% Reference Selling Total Non-GAAP Subscription Expense = Product expense + Sales & Marketing expense + Supporting Functions expense. Product ex
Slide 43: Financial Update
Financial Update Executing Well Long Runway Growth and on 2030 Goal For Growth Profitability
Slide 44: Fireside Chat: Dr. Evan Bailey
Fireside Chat Dr. Evan Bailey Chief Medical Officer, Applied Therapeutics
Slide 45: Q&A
Veeva Q&A
Slide 46: Appendix
Veeva Appendix
Slide 47: Continued Adoption in R&D
Continued Adoption in R&D Avg. Products 2.61 2.85 3.02 3.24 3.41 3.44 Per Customer: 1,165 1,125 1,078 1,025 860 548 526 542 550 664 480 389 295 300 255 239 197 168 281 304 317 236 183 107 FY21 FY22 FY23 FY24 FY25 Q2’26 Customers with: 5 or More Products 3-4 Products 2 Products or Fewer Fiscal Year E
Slide 48: Expanding Our Commercial Leadership
Expanding Our Commercial Leadership Avg. Products 3.95 4.04 4.02 4.08 4.08 4.10 Per Customer: 744 730 684 693 653 572 383 392 358 366 335 297 221 222 219 209 221 194 107 118 126 130 81 97 FY21 FY22 FY23 FY24 FY25 Q2’26 Customers with: 8 or More Products 4-7 Products 3 Products or Fewer Fiscal Year E
Slide 49: Statement Regarding Use of Non-GAAP Financial Measures
Statement Regarding Use of Non-GAAP Financial Measures We provide the following non-GAAP measures, which we define as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP: Non-GAAP gross margin, non-GAAP operating
Slide 50: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures in millions FY'21 FY'22 FY'23 FY'24 FY'25 Operating income on a GAAP basis $ 377.8 $ 505.5 $ 459.1 $ 429.3 $ 691.4 Stock-based compensation expense 185.0 234.6 351.9 393.7 437.4 Amortization of purchased intangibles 20.0 18.5 19.5 19.5 18.6 Litigation sett
Slide 51: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Q2'26 Cost of subscription services revenues on a GAAP basis $ 93.8 Stock-based compensation expense (1.9) Amortization of purchased intangibles (1.0) Cost of subscription services revenues on a non-GAAP basis $ 90.8 Q2'26 Research and development expense