Veeva Systems Inc Class A

VEEV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$421.00	Ljlm	Rwcdbwxn

Veeva Earnings: CRM Gains Users Against Difficult Backdrop and R&D Continues Robust Performance

Keonhee Kim

Aug 31, 2023

Wide-moat Veeva reported better-than-expected second-quarter results. Total sales were up 10.5% year over year as strong performance from R&D solutions continues to lift the company’s top line. Management raised the lower end of its total sales guidance by $5 million due to a more favorable full-year expectation of commercial business but that was already baked into our assumptions. We maintain our fair value estimate of $275 per share.

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