Veeva Systems Two More Logos, Bigger Debate: Tracking Top-20 Pharma CRM “Wins”

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Veeva Systems Two More Logos, Bigger Debate: Tracking Top-20 Pharma CRM “Wins”

J P M O R G A N North America Equity Research

27 May 2026

Veeva Systems Overweight

VEEV, VEEV US

Two More Logos, Bigger Debate: Tracking Top-20 Price (26 May 26):$158.54

Pharma CRM “Wins”

Vertical SaaS & HealthTech

Alexei Gogolev AC

(1-212) 622-9391

alexei.gogolev@jpmorgan.com

Destiny Jackson

(1-212) 622-4360

destiny.jackson@jpmorgan.com

Veeva announced this morning the addition of Merck KGaA and Teva

Ella Smith

Pharmaceuticals as new commitments to Vault CRM. These two wins bring the

(1-212) 622-2451

company’s Top 20 win count to 12 (from 10 previously) on our account. Remember ella.smith@jpmchase.com

that Veeva is currently targeting ~14 of the Top 20 wins once the migration Isabella A Camaj

concludes. We also note that we recently met with Salesforce to better understand (1-212) 834-2379

its “Top 20” positioning in life sciences CRM; in this note we discuss the differing bella.camaj@jpmorgan.com

lists and definitions used by Veeva versus Salesforce, which can make headline J.P. Morgan Securities LLC

“win counts” directionally useful but not always apples-to-apples. Of note, Veeva

recently pushed up its end-of-life date for its legacy CRM platform to 2029, citing

that the Vault CRM migration is progressing better than expected. We view today’s

announcement as an incremental positive proof-point of Vault CRM momentum

in large pharma, consistent with Veeva’s stated path to ~14 of the Top 20 over time.

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

has 12 of the Top 20 pharmaceutical customers as committed clients to Vault

CRM. These customers include 1) Roche 2) Merck 3) Bristol Myers Squibb 4)

Novo Nordisk 5) GSK 6) Boehringer Ingelheim 7) Gilead Sciences 8) Bayer