Veeva Systems Inc. - VEEV STOCK NEWS

Veeva Systems (NYSE: VEEV) announced the launch of Veeva Crossix Prime Segments, a new solution designed to enhance targeted advertising for life sciences brands, improving media efficiency while ensuring patient privacy. This product works alongside Veeva Crossix Reach Segments, allowing marketers to engage with highly-qualified health audiences throughout the patient journey. The initial campaigns reported a five-fold increase in consumer targeting effectiveness compared to existing segments. The technology is built on patented Veeva Crossix SafeMine to comply with regulatory standards while leveraging health data from 300 million U.S. consumers. Brands can now optimize their advertising strategies, balancing cost, scalability, and audience quality, which offers significant potential for improved engagement with specific patient populations.

On April 19, 2023, Veeva Systems (NYSE: VEEV) released its inaugural 2023 MedTech Clinical Benchmark Report, revealing key trends in clinical trials within the medtech sector. The study found that 83% of medtech companies still use manual methods like emails and paper to share data, which hampers study efficiency and increases compliance risks. Major challenges identified include 61% of firms facing integration issues with fragmented systems. The report emphasizes a pressing need for improved collaboration and digital solutions, with 45% of respondents prioritizing a shift to digital systems in the next year. The insights from over 135 global clinical professionals highlight the urgency for modernized approaches to enhance data quality and trial execution.

Veeva Systems (NYSE: VEEV) has announced the 2023 Veeva Commercial Summit scheduled for May 2-3 in Boston, featuring industry leaders from Bristol Myers Squibb, Genentech, Janssen, Lilly, and Merck. This event will host nearly 1,500 professionals and cover over 90 sessions focused on enhancing commercial strategies through digital engagement and data analytics. Veeva's CEO, Peter Gassner, will present the opening keynote, emphasizing the integration of sales, medical, and marketing. The summit aims to share insights on transforming customer engagement in the biopharma sector, featuring keynotes on omnichannel strategies, bridging marketing and medical operations, and patient-level data. The event is open to professionals in the life sciences industry.

Cognizant (NASDAQ: CTSH) and Boehringer Ingelheim are collaborating to enhance the speed and quality of medicinal therapy development through a unified technology platform. This initiative leverages the Veeva Development Cloud, aiming to connect clinical, regulatory, and quality functions for improved operational efficiency. Dubbed the One Medicine Platform, it is expected to be among the largest global implementations of Veeva technology. Cognizant's role includes program management, system architecture, training, and integration services. This collaboration reflects Boehringer Ingelheim's commitment to innovation in the biopharmaceutical sector.

On April 6, 2023, Veeva Systems (NYSE: VEEV) released findings from the Veeva Pulse Field Trends Report, highlighting a significant opportunity for biopharmaceuticals in leveraging digital content. Despite its proven effectiveness, only 39% of healthcare professional (HCP) meetings include digital content, which can more than double promotional responses compared to meetings without it. The report indicates that successful field teams utilize digital content four times more than their counterparts. Additionally, while biopharmas have increased content production by 20% over the past year, 77% of this content remains underutilized. The data suggests that a focused content strategy is essential for enhancing HCP engagement and driving sales outcomes.

Veeva Systems (NYSE: VEEV) reported that over 100 life sciences companies are utilizing its Veeva CRM Events Management platform. This integrated solution supports over one million events, enhancing engagement for healthcare professionals (HCPs) and key opinion leaders (KOLs) through virtual, in-person, and hybrid formats. Companies like GSK and Jazz Pharmaceuticals highlighted the platform's role in adapting to diverse event needs while ensuring regulatory compliance. Veeva aims to improve the coordination of customer interactions and streamline event logistics for sales, medical, and marketing teams.

Veeva Systems reported total revenues of $2,155.1 million for FY 2023, reflecting a 16% increase year-over-year. Q4 revenues reached $563.4 million, also up 16%. Subscription services revenues were $1,733.0 million for FY 2023, +17%, with Q4 at $460.2 million, rising 16%. While Q4 net income surged 94% to $188.5 million, operating income fell 9% year-over-year. Veeva anticipates FY 2024 revenues of $2,350-$2,360 million and a non-GAAP net income per share of $4.33. CEO Peter Gassner highlighted strong customer growth with 1,388 customers as of the fiscal year end.