Veeva Systems Inc at Raymond James TMT and Consumer Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Peterson - Raymond James - Analyst : So I want to hit on the third one and the second one. But on the third one, just about the people and the hiring, like is there anything culturally in how you guys approach things and how you guys manage people because you've kind of done this twice. I'd love to maybe unpack that a little bit in terms of Veeva culture and what you think that brings to the table? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 11, 2024 / 3:40PM, VEEV.N - Veeva Systems Inc at Raymond James TMT and Consumer Conference

Question: Brian Peterson - Raymond James - Analyst : Oh, sorry Paul. (inaudible) But just in terms of some of the opportunities and still being in the early innings, is there anything that's really exciting for you now that we should be paying attention to maybe over the next couple of years.

Question: Brian Peterson - Raymond James - Analyst : And Paul, maybe one for you. Just on the Vault CRM transition. I know you have four of the top 20, I would love to get some of the feedback in terms of what customers are saying and where are you in those efforts?

Question: Brian Peterson - Raymond James - Analyst : And so what do you think are some of the key factors that kind of go into that decision in terms of Veeva or Salesforce? And when you have discussions with some of these customers, like what are they really pressing on? Is it a certain product feature or just love to understand that a bit more?

Question: Brian Peterson - Raymond James - Analyst : And Paul just following up here. As we think about the unification of sales service marketing. Why is Pharma -- large Pharma kind of been late to that? And what do you think that you can do in terms of having these all integrated on [all CRM]?

Question: Brian Peterson - Raymond James - Analyst : And so how do we think about that transitioning into growth? I know you gave the $2 billion commercial target. Like how do we think about the key incremental revenue drivers as we look to that 2030 target of $2 billion?

Question: Brian Peterson - Raymond James - Analyst : Maybe pivoting to R&D here. EDC gets a lot of product moment or discussion with investors. Talk about where you are? And what is your core advantage versus some of the incumbents CRM?

Question: Brian Peterson - Raymond James - Analyst : And maybe just looking at suites broadly across R&D, like, are you finding that large customers are looking to purchase more of a suite than they were a few years ago? I know you have more products in each of those areas, but maybe talk about how customers are looking to buy versus maybe a few years ago.

Question: Brian Peterson - Raymond James - Analyst : And as we head into calendar year '25 how do you think about the pipeline of R&D deals? Where was that stand versus maybe a year ago?

Question: Brian Peterson - Raymond James - Analyst : And so maybe, Brian, putting some numbers behind that. I know you laid out a $4 billion target for R&D. Like is that was there?

Question: Brian Peterson - Raymond James - Analyst : And just obviously, we get the $4 billion and the $2 billion adding to $6 billion. Like how do we think about kind of the arc of that growth rate as we go to 2030? And anything you want to pack in terms of the subscription versus services?

Question: Brian Peterson - Raymond James - Analyst : Maybe just talk about kind of the growth versus margin balance. I know you have the floor set at 35%. You know, what are your key investment priorities today? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 11, 2024 / 3:40PM, VEEV.N - Veeva Systems Inc at Raymond James TMT and Consumer Conference

Question: Brian Peterson - Raymond James - Analyst : So you mentioned at the Analyst Day, the intent is to build kind of a horizontal application starting with the platform. Maybe talk about the strategic rationale behind that and where you think you have the opportunity to add value?

Question: Brian Peterson - Raymond James - Analyst : And I know you mentioned maybe M&A could be something that you would look at there. How do you think about the build versus buy, especially as you're looking at more of a horizontal opportunity?

Question: Brian Peterson - Raymond James - Analyst : And maybe just thinking about the cash on the balance sheet, if you take a step back in terms of capital deployment more broadly, is M&A the priority? How are you thinking about maybe putting the balance sheet to work over the next few years?

Question: Brian Peterson - Raymond James - Analyst : And Paul, I wanted to ask you, Crossix is something that you've mentioned that has done better pretty consistently over the course of the year. What's driving that? And how are you thinking about the growth rate for that business?

Question: Brian Peterson - Raymond James - Analyst : In like, it's funny a couple of years ago, we were talking about head count in life science and how that was transitioning. How, how are some of the customers thinking about that digital motion versus kind of head count motion? Where are we in that evolution?

Question: Brian Peterson - Raymond James - Analyst : Maybe just unpacking some of the areas on the R&D side where you think there's a big opportunity. Like what are your existing customers doing there in a product like safety? Are there some incumbents? Or how do you feel about the competitive positioning in some of those markets?

Question: Brian Peterson - Raymond James - Analyst : And just maybe thinking about the various opportunities with AI. I think there's a lot of different use cases. But where do you see the early ones? And where are your customers in terms of kind of embracing AI in that evolution?

Question: Brian Peterson - Raymond James - Analyst : And last one for me. Just as you guys think about the overall environment for pharma, I know there's a lot of debate around regulatory, IT demand. Like what is kind of the current state of the union in terms of the customer base?

Question: Brian Peterson - Raymond James - Analyst : Great. We are out of time. Brian, Paul, thanks so much.