Veeva Systems Inc.: Industry Datapoints Mixed, Particularly DOCS on Pharma Ad Spending; FY27 Billings Bar Seems Prudent Based on R&D Mix Shift

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Veeva Systems Inc.: Industry Datapoints Mixed, Particularly DOCS on Pharma Ad Spending; FY27 Billings Bar Seems Prudent Based on R&D Mix Shift

Equity Research

U.S. Software

26 May 2026

Veeva Systems Inc.

Industry Datapoints Mixed,

Particularly DOCS on Pharma Ad Earnings Preview

VEEV OVERWEIGHTSpending; FY27 Billings Bar Seems

U.S. Software POSITIVE

Price Target USD 250.00Prudent Based on R&D Mix Shift

Price (21-May-26) USD 158.27

VEEV reports earnings on Wed 6/3 after the close, and we are Potential Upside/Downside +58.0%

modeling ~12% billings growth which assumes directionally Source: Bloomberg, Barclays Research

similar seasonality as FY26. We see ~11% FY27 billings growth U.S. Software

guide as a prudent starting bar particularly on the R&D side – Saket Kalia, CFA

more on DSY/IQV read-thru's, M&A, S&P 500 below. +1 212 526 8465 saket.kalia@barclays.com

BCI, US

Four points into VEEV's Q1: (1) we are modeling ~12% normalized billings here in Q1 which Ryan Powderly-Gross

contemplates directionally similar seasonality compared to last year, and we note this quarter +1 212 526 7126

has the toughest comp on Crossix; (2) ~11% normalized billings growth for the year feels like a ryan.powderly-gross@barclays.com

prudent starting bar for the year - but also remember that there is a shift happening within the BCI, US

R&D business as growing faster growing products like EDC, RTSM, Safety need to scale in order

to bolster growth from more mature products like eTMF; (3) Dassault reported a head-to-head

CRO win against VEEV and sounded mixed on clinical trial starts, Doximity sounded negative on

pharma ad budgets for this year, and IQVIA sounded good around pipeline and emerging

biopharma (EBP) funding; (4) VEEV announced a $100M acquisition of Ostro on the commercial