Veeva Systems: Eli Lilly Boosts Veeva’s Vault CRM Momentum

Research evidence excerpt

J P M O R G A N

North America Equity Research

11 August 2026

Veeva Systems

Eli Lilly Boosts Veeva’s Vault CRM Momentum

Overweight

VEEV, VEEV US

Price (10 Aug 26):$234.69

Vertical SaaS & HealthTech

This morning, VEEV announced the addition of Eli Lilly & Co as its latest top 20

pharma commitment to Vault CRM, bringing the company’s top 20 win count to

11 on our account. We note that during the 1QF27 earnings call, management

clarified that Merck KGaA and Teva Pharmaceuticals, though both top 20 pharma

companies on some accounts, were not included in the company’s internal list of

top 20 targets. At the time of the call back in early June, management noted there

were 4 decisions remaining and that the company expected to win majority of the

outstanding targets (implying ~13/20 versus a prior ~14 target). That said, we

continue to note CRM is ~20% of VEEV total revenue today and management has

previously guided CRM share to decline to ~10% by 2030E, with other revenue

components, including R&D, Clinical, Quality and Safety, expected to drive the

path to the $6B CY30E revenue run-rate goal. Management also flagged winning

over 80% of customer decisions outside of top 20 pharma majors and has expressed

confidence of retaining well over 70% share for overall CRM wins. We view

today’s announcement as an incremental positive proof-point of Veeva’s Vault

CRM momentum among large pharma, ahead of the company’s legacy CRM 2029

end of life date. We are encouraged with improving fundamentals for VEEV, which

apart from sizable deal wins are reflected in seemingly strong Crossix trends and

inflecting pharma data.

Veeva Top 20 (our records / Vault CRM commitments). We believe Veeva

now has 11 of the Top 20 pharmaceutical customers as committed clients to

Vault CRM following this morning’s announcement. These customers include

1) Roche 2) Merck 3) Bristol Myers Squibb 4) Eli Lilly 5) Novo Nordisk 6)

GSK 7) Boehringer Ingelheim 8) Gilead Sciences 9) Bayer 10) Astellas 11)

confidential. With Merk KGaA and Teva Pharmaceuticals being two notable

non-Top 20 wins according to Veeva’s internal count.

Salesforce Top 20 (our records / Customer Engagement commitments). In

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