New York, June 3, 2026, 18:01 EDT
- Veeva shares ended the day off 2.3% at $178.69. The stock dropped further in after-hours trading following its results.
- Fiscal Q1 revenue and adjusted EPS came in ahead of market forecasts.
- The company lifted its outlook for fiscal 2027 as investors looked at AI spending plans and risks from CRM migration.
Veeva Systems Inc. shares dropped after hours Wednesday. The life-sciences software firm topped quarterly estimates and boosted its full-year forecast, but that didn’t move investors looking for more than just earnings numbers in line.
The stock ended regular hours at $178.69, down 2.3%. After the bell, shares changed hands at $170.50 as of 5:40 p.m. Eastern, MarketBeat said. Veeva posted adjusted EPS of $2.24, topping the $2.13 estimate, with revenue at $882.95 million, beating forecasts for $857.73 million.
Veeva’s timing is in focus. The company entered the S&P 500 in May, putting the stock in the sights of index funds and a wider set of investors at a time when software firms face pressure to show their AI offerings can deliver steady revenue. S&P Dow Jones Indices said Veeva took Coterra Energy’s place in the gauge before markets opened on May 7.
Veeva reported fiscal first-quarter revenue up 16% to $882.9 million, with subscription revenue rising 15% to $730.2 million from a year ago. Non-GAAP earnings came in at $2.24 a share, up from $1.97. The figure leaves out some items, such as stock-based comp.
Veeva CEO Peter Gassner said “rapid progress with Veeva AI” is fueling its next stage. CFO Brian Van Wagener said first-quarter numbers “exceeded guidance on all metrics.” Veeva raised its outlook for fiscal 2027 revenue to a range of $3.635 billion to $3.645 billion, and put its second-quarter revenue forecast at $902 million to $905 million. SEC
Selling continued. Some software names saw gains earlier in May, but Veeva’s late-day action pointed to investor pressure on management over how they’re handling AI adoption, billings, and the push to move customers onto the Vault CRM platform.
Veeva said its newly acquired AI company Ostro is now integrated into Commercial Cloud. Vault AI is set to launch for all Vault applications in August. The company also said Veeva Falcon, its platform for agentic labor, is still scheduled for early adopter rollout in November.
CRM migrations look tougher for Veeva. The company said it picked up 27 Vault CRM clients in the quarter and has over 150 live now. Veeva is expecting migrations to pick up pace in 2027 and 2028, with the last customers leaving Veeva CRM by the end of 2029.
Veeva is up against usual competitors here. In its latest annual filing, Veeva named Salesforce as its main CRM rival. It also said IQVIA goes up against Veeva in data and analytics, and noted IQVIA has licensed CRM software to Salesforce.
But the risks are clear. Veeva said its outlook counts on no major shift in the macro backdrop or in FX rates. In its filing, Veeva warned that customer migrations from legacy Veeva CRM to Vault CRM could create disruption, delays or other migration issues. It also said Salesforce has locked in promises from some of Veeva CRM’s biggest customers.
Stocks slipped Wednesday. The S&P 500 fell 0.74%, the Nasdaq dropped 0.89%, and the Dow lost 1.21% as inflation concerns and geopolitical risks weighed.
