Veeva's Q1 results were a clean beat driven by strong CrossX growth and record services revenue. Management used the call to heavily emphasize the launch of Falcon, its agentic AI labor product, which it views as accretive to its system-of-record business. Veeva is positioning Falcon as a new labor-replacement product, priced by the document or case, not by the seat, providing a significant new TAM.
Veeva's Q1 results were a clean beat driven by strong CrossX growth and record services revenue. Management used the call to heavily emphasize the launch of Falcon, its agentic AI labor product, which it views as accretive to its system-of-record business. Veeva is positioning Falcon as a new labor-replacement product, priced by the document or case, not by the seat, providing a significant new TAM.
Management is aggressively positioning Veeva as a leader in industry-specific AI, introducing Falcon for agentic labor in drug development and highlighting strong adoption of Vault AI. They see AI as accretive to their business, with usage-based pricing models for agents, and…
Veeva is positioning Falcon as a new labor-replacement product, priced by the document or case, not by the seat, providing a significant new TAM.
Management is aggressively positioning Veeva as a leader in industry-specific AI, introducing Falcon for agentic labor in drug development and highlighting strong adoption of Vault AI. They see AI as accretive to their business, with usage-based pricing models for agents, and…
Management expressed strong confidence in their AI vision, execution momentum, and ability to win market share, while acknowledging some macro uncertainty.
Management is aggressively positioning Veeva as a leader in industry-specific AI, introducing Falcon for agentic labor in drug development and highlighting strong adoption of Vault AI. They see AI as accretive to their business, with usage-based pricing models for agents, and are investing in a strategic acquisition (OSTRO) to expand commercial AI engagement.
Q1 R&D growth strong despite no large top 20 wins; pipeline robust.. Management expressed strong confidence in their AI vision, execution momentum, and ability to win market share, while acknowledging some macro uncertainty.
Management expressed strong confidence in their AI vision, execution momentum, and ability to win market share, while acknowledging some macro uncertainty.
“most likely that Salkin will be charged by the document, most likely, most likely. You can imagine that safety will be most likely charged by the case.”
“overall, our, our win rates over 80%. So we're just executing really, really well.”
“the first ones we're looking at are processing documentation involved with clinical trials, specifically the stuff that comes from clinical sites.”
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Revenue | FY2027 | $3.3B–$4.5B | $3.9B | RAISED |
| RevenueSUBSCRIPTION | FY2027 | $3B–$4B | $3.5B | MAINTAINED |
| Дата прогноза | Показатель | Целевой период | Прогноз | Факт | Результат |
|---|---|---|---|---|---|
| FY2026 Q3 | Revenue | FY2026 Q4 | $0.84B–$0.845B | $0.836B | Met / beat |
Veeva's commercial cross-sell is succeeding: it has 10 of 16 top-20 CRM migration wins, with win rates above 80%, and close to 40 successful migrations. — This is direct, quantifiable share gain against Salesforce in the most valuable pharmaceutical CRM accounts, signaling continued erosion of Salesforce's Life Sciences footprint.
“The remaining four, um, there's 10, 10 wins for Viva so far, six for Salesforce.”
Hey, thank you. Paul, I'm curious if you've had any update on top 20 CRM migration decisions or discussions that you're having. And I guess related to that, you know, I think at one point you had said, hey, we're going to kind of pause on the commercial cross-sell opportunity and focus on migration first. When do you start leaning in on the cross-sell conversations with the customers that have made a decision to go with Vault?
Yeah. Hey DJ. So yeah, I can give you an update first. Um, things are going really well, aren't just across broadly across all CRM. We had, uh, you probably just saw over the last two weeks, we had a couple of big announcements with Teva and Merck KGAA. Those are significant wins, obviously very proud. They selected us globally. We're going to make them very successful. Uh, but just a, maybe a clarifying point. We don't actually count them in the top 20. We built the top 20 list about five years ago. We created it. We use it across all of our products. We haven't changed it in the last five years. And that list includes the largest 17 biopharmas, which generally don't change year by year. And then kind of the final three in the list, they change a little bit annually, but we've kept our list the same. And those final three are Astellas, Biogen, and Daiichi Senkyo. Merck and KGA and Teva, but we don't count them in that top 20. The remaining four, um, there's 10, 10 wins for Viva so far, six for Salesforce. So there's four decisions left. Um, we expect to win, uh, the majority of those four remaining decisions. And we're very confident in that. And we have, um, uh, give you maybe one stat from this year, overall, our, our win rates over 80%. So we're just executing really, really well. in the Vault CRM space. I expect that win rate to continue. And that showed through with all of the innovation that we have. We have customers now, 100 over 150 customers live on Vault CRM. We've done a lot of migrations. It's over 40 migrations that we've done. We're just executing well. And now we have customers turning on AI in Vault CRM. So a lot of the innovation that we talked about, it's there. Customers are using it. So there's just a lot of excitement. There's a lot of energy, a lot happening in the CRM space. So we're pleased where things are headed there.
The first Falcon agent deployments are focused on high-volume, outsourced labor roles — clinical trial document intake and safety case triage — the same type of work that specialized labor providers and CROs do today. — While CROs should benefit from pharma running more trials, specialized back-office labor providers that monetize per-case document processing face an existential threat as Veeva's agents take over that work cheaper and faster.
Veeva's new Falcon product will be priced by the document or by the case, creating a new unit-based revenue model that is fully accretive and cannibalizes none of its existing system-of-record revenue.