Veeva Systems Inc. Citi’s 2026 Global TMT Conference

Well, thanks for having us, Tyler, and thanks everybody for joining today. Yes. So, I have been back at Veeva for about two years now. I was here for almost six before that. So, eight years in total at the company and have seen it really grow up. Our vision, for those of you that may not know Veeva as well, is building the Industry Cloud for life sciences. We think of that as applications, agents, data, and consulting working together. We are a vertical software company serving the life sciences industry predominantly. That is the vast majority of our revenue, roughly 98% of revenue across two, I guess three major application areas. One is commercial, the products that allow our customers to go to market with their generally biopharmaceutical products. Second is R&D, the development side, so clinical trials and the processes that bring products to market.

And then quality, which is related to their manufacturing organization. We are split across those three areas into 10 different suites, well more than 50 products. We have software products and AI products, so it is a pretty diverse portfolio in the business. I think stepping all the way back to when I started in 2017, it was only a 15-product company across five different suites, and so it is the continued ability to innovate and to run a business that is increasingly both broad and deep, and I am pleased with the progress that we are making. We have really accelerated our AI roadmap in the last 18 months as the underlying model technology has matured. We are making really good progress against that.

The core business is continuing to execute well, so we are continuing to see really strong growth across our software suite as well as our services, which had its highest growth in two years last quarter. So, really good execution across an increasingly broad range of opportunity in life sciences.

Yeah, absolutely. I think that view of maybe Veeva being wait and see was probably a common opinion. I would say we were more patient with it. One of the things that is a little bit different about vertical software versus horizontal is we make our money selling many applications, which means if you sell one, it has to work because you need to sell the next 49. For us, that reputation of having things that work as advertised is essential. They have got to deliver value, and they have got to work the way we promise. It was pretty clear early in the days of AI that the models were not mature enough for a highly regulated, large enterprise setting like life sciences.

Yeah. I think what you saw from us was not falling victim to the distraction of some of that early flailing around that happened in AI, where we are all worried about hallucinations, and you spend a lot of money on these product development cycles, and you generally do them at the expense of something else.

Our view was continue to invest in the core applications, continue to invest in maturity there, in scaling those, and then really build AI when the underlying models are ready for the environment we work in. That has really changed in the last 12 months.

Yeah. I think you saw last year us notably accelerate our Vault AI roadmap at the time, which is agents that sit inside of our applications, generally helper agents that help you do work faster and to be more productive.

About 3 months ago, we announced Falcon, which is a little bit broader vision of agents that do most of the work.

Yeah. End to end, you can think of it as agentic or digital labor rather than a helper agent.

That I think is pretty expansive and will ultimately cover every product area that we sell into and can be a pretty significant financial opportunity over time.

Yeah. Ultimately, I think we see use cases across the entirety of the business, and so maybe I will give a couple examples of what Vault AI can look like and compare that to Falcon. A great example of Vault AI in practice is our agentic call report that sits inside of our CRM product. We have got top 20 customers using it today, one using it across the entirety of their sales force in the U.S. What that helps their sales team to do is to not have to click around into 50 different records, synthesize all that, and remember what to do with the doctor they are going to see. They just type it in, the agentic call report does all the preparation, delivers them a clear synthesis of the history of that doctor, their prescribing patterns, and what it suggests you do in that call.