Veeva Sys Inc - VEEV STOCK NEWS

Veeva Systems will announce its financial results for the second quarter of fiscal 2023, ending July 31, 2022, on August 31, 2022, after market close. A conference call is scheduled for 2:00 p.m. PT to discuss these results. The company aims to communicate its performance and strategic outlook effectively to investors.

Veeva Systems (NYSE: VEEV) released the Veeva Pulse Field Trends Report, analyzing over 130 million quarterly healthcare professional (HCP) interactions across 80% of global biotech and pharma companies. The report highlights that video meetings are three times more effective than in-person interactions, with key digital channels crucial for HCP engagement. While 73% of interactions remain in-person, nearly 30% utilize digital channels, with significant regional differences noted. The data aims to guide companies in developing effective omnichannel engagement strategies.

The United States District Court for the Southern District of New York dismissed Medidata's trade secret misappropriation lawsuit against Veeva Systems (NYSE: VEEV) on July 15, 2022, ruling that Medidata failed to substantiate its claims. This ruling is pivotal for protecting employee rights and promoting competition in the life sciences sector. The court's decision highlighted that Medidata's lawsuit was an attempt to stifle innovation and intimidate employees. The dismissed suit has reportedly cost both companies about $40 million over five years.

ANI Pharmaceuticals and Veeva Systems have partnered to enhance commercial strategies for ANI's Rare Disease Business Unit, utilizing Veeva's data-driven tools. This collaboration aims to launch ANI's first product, Purified Cortrophin Gel, in the U.S. The companies emphasize agility and precision in addressing rare disease patients' needs. ANI has adopted Veeva Commercial Cloud solutions to strengthen its sales and marketing capabilities. This partnership is expected to refine customer engagement and optimize sales interactions, marking a significant step in ANI's mission to improve patient access.

Veeva Systems recently introduced Veeva Vault Study Training, a new application designed to unify learning management and clinical operations for enhanced clinical study training. This platform allows research sites, CROs, and sponsors to train trial staff efficiently and maintain real-time inspection readiness by automating training certificate filing. The application, available to early adopters in fall 2022, aims to streamline study execution and compliance, leveraging existing clinical data to minimize redundancy and manual tasks.

Veeva Systems (NYSE: VEEV) announced that over 200 organizations are leveraging Veeva Vault Training for role-based training and qualification management. With over 13 million training assignments completed, the platform drives an average of 11,000 daily learner views. Recent enhancements include form-based evaluations and an extensive eLearning library with 170 courses. This growth in adoption highlights Veeva's commitment to streamlining training for the life sciences sector, addressing workforce efficiency and compliance challenges.

Veeva Systems Inc. reported strong fiscal Q1 2023 results, with total revenues reaching $505.1 million, a 16% increase year-over-year. Subscription services revenues also grew by 18% to $402.6 million. Despite a slight decline in operating income to $127.7 million, non-GAAP operating income increased by 10% to $199.6 million. Net income fell 13% to $100.1 million, whereas non-GAAP net income rose 9% to $159.8 million. The company maintains a positive outlook, forecasting total revenues between $2,165 and $2,175 million for the fiscal year, aided by innovations and expanding customer engagement.

Veeva Systems (NYSE: VEEV) announced significant adoption of its Vault CTMS, with over 150 companies utilizing the platform to manage clinical trial operations. The system supports more than 300,000 research sites and 1 million patients, enhancing productivity and data quality. Innovations like risk-based study management and improved site monitoring features are streamlining trial processes, allowing for faster execution. With three product releases annually, Veeva aims to further improve clinical operations and accelerate drug development.

At the Veeva Commercial Summit, Veeva Systems (NYSE: VEEV) released the 2022 Trends in Health Advertising Report, highlighting a 61% increase in digital audio impressions and an 18% rise in streaming video impressions in healthcare advertising. The report, based on over $6 billion in advertising investments, shows that digital audio campaigns, particularly in categories like women's health, were 120% more effective than traditional display ads. The study emphasizes the importance of diversifying media strategies to enhance effectiveness and reach among healthcare professionals and patients.