Veeva Systems reported strong Q3 FY2025 results with total revenues increasing 13% year-over-year to $699.2 million. Subscription services revenue grew 17% to $580.9 million, driven by a 24% increase in R&D Solutions revenue, while professional services revenue declined 3% to $118.4 million. Operating income rose 41% to $181.4 million with a 26% operating margin.The company saw continued momentum in its R&D Solutions segment, which contributed 52% of subscription revenues as life sciences companies expanded their use of Veeva Development Cloud products. Commercial Solutions revenue grew moderately, up 11% year-over-year, benefiting from increased adoption of Veeva Commercial Cloud products and annual price adjustments.Management highlighted plans to migrate CRM customers to the new Vault CRM platform by 2030, while maintaining support for the existing Salesforce-based solution until then. The company's cash position remained strong with $5.1 billion in cash and investments. Looking ahead, Veeva expects revenue growth to accelerate in FY2025 compared to FY2024, though noting some continued scrutiny on professional services projects.

Veeva Systems reported strong Q3 FY2025 results with total revenues increasing 13% year-over-year to $699.2 million. Subscription services revenue grew 17% to $580.9 million, driven by a 24% increase in R&D Solutions revenue, while professional services revenue declined 3% to $118.4 million. Operating income rose 41% to $181.4 million with a 26% operating margin.The company saw continued momentum in its R&D Solutions segment, which contributed 52% of subscription revenues as life sciences companies expanded their use of Veeva Development Cloud products. Commercial Solutions revenue grew moderately, up 11% year-over-year, benefiting from increased adoption of Veeva Commercial Cloud products and annual price adjustments.Management highlighted plans to migrate CRM customers to the new Vault CRM platform by 2030, while maintaining support for the existing Salesforce-based solution until then. The company's cash position remained strong with $5.1 billion in cash and investments. Looking ahead, Veeva expects revenue growth to accelerate in FY2025 compared to FY2024, though noting some continued scrutiny on professional services projects.