Veeva Systems, a leading provider of industry cloud solutions for the global life sciences industry, has reported a 10% year-over-year growth in total revenues for the fiscal year ended January 31, 2024, reaching $2,364 million compared to $2,155 million in the previous year. The company's subscription services revenues also saw a 10% increase, rising to $1,902 million from $1,733 million. Net income for the fiscal year was $526 million, up from $488 million in the prior year, marking a continued upward trend in profitability. Veeva's customer base expanded to 1,432, with growth in both Commercial Solutions and R&D Solutions customers. The company's R&D Solutions are expected to account for a larger share of subscription services revenues and total revenues in the future, with a...Show More

Veeva Systems, a leading provider of industry cloud solutions for the global life sciences industry, has reported a 10% year-over-year growth in total revenues for the fiscal year ended January 31, 2024, reaching $2,364 million compared to $2,155 million in the previous year. The company's subscription services revenues also saw a 10% increase, rising to $1,902 million from $1,733 million. Net income for the fiscal year was $526 million, up from $488 million in the prior year, marking a continued upward trend in profitability. Veeva's customer base expanded to 1,432, with growth in both Commercial Solutions and R&D Solutions customers. The company's R&D Solutions are expected to account for a larger share of subscription services revenues and total revenues in the future, with a current split of 49% and 51% of subscription services revenues and 47% and 53% of total revenues from Commercial Solutions and R&D Solutions, respectively. Veeva's business development is characterized by its three major product categories—Veeva Development Cloud, Veeva Commercial Cloud, and Veeva Data Cloud—with a focus on meeting the strategic business functions of life sciences companies from R&D to commercialization. The company also offers some of its R&D Solutions to industries outside the life sciences sector, primarily in North America and Europe.