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Sentiment · FY2027 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“they're leaving Veeva, purgatory Veeva, including AstraZeneca, Novartis, Takeda and of course, Albert at Pfizer. They're all saying that they are going to Salesforce Life Sciences”
Salesforce claims major pharma customers are switching from Veeva to its new Agentforce for Life Sciences product, a direct competitive threat to Veeva's core life-sciences CRM.
“but we have this partner who decided to become our competitor, Veeva.”
Salesforce says it is taking Life Sciences Cloud market share from Veeva, a negative competitive read-through for Veeva's life sciences franchise.
“Life Science Cloud, we are killing Viva in many other, in the turf.”
Salesforce's president claims its Life Sciences Cloud is beating Veeva ('Viva') in the life sciences vertical, a direct competitive jab.
“If you saw our partnership with BioMarin and you look at what they're doing, they're treating genetic diseases primarily in young and disadvantaged children who have parents and brothers and sisters.”
Veeva cited its partnership with BioMarin, whose therapies target genetic diseases in children, as an example of the life-sciences impact its platform supports.
“It's us and Medidata. Although they do better in the study-by-study area.”
Veeva named Medidata as the co-leader in the EDC/clinical data management market, noting Medidata's relative strength in the study-by-study segment.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brian Peterson | Raymond James | 11 (0%) |
| Stan Berenshteyn | Wells Fargo | 11 (9%) |
| Joe Vruwink | Robert W. Baird |
“Anthropic made a lot of noise when they launched Claude for Life Sciences and signed up a lot of deals and maybe lost in that was Veeva is an enabling and launch partner of Claude for Life Sciences.”
Veeva is an enabling and launch partner of Anthropic's Claude for Life Sciences, positioning the two as symbiotic rather than competitive in life-sciences AI.
“Now on the other hand, not all of Salesforce projects are going so well, and they're different.”
Veeva contrasted its stable Vault CRM migrations against customers who chose to build custom CRM on Salesforce, framing those Salesforce-based projects as struggling.
“You also asked about the royalty payments to Salesforce, and those will wind down as customers roll off of Salesforce. So once everybody is off, then those payments will stop.”
Veeva's legacy CRM ran on Salesforce; as customers migrate to Vault CRM, Veeva's royalty payments to Salesforce wind down and eventually stop, a declining revenue stream for Salesforce.
“a couple of the large top 20, for example, were on IQVIA. Okay. Those are going on over to Veeva.”
Veeva flagged competitive takeaways in CRM, with a couple of top-20 pharma customers migrating off IQVIA onto Veeva, a negative read-through for IQVIA's CRM franchise.
“as it relates to Merck, there was a strategic partnership we announced”
Veeva clarifies its Merck relationship is a strategic partnership rather than a commitment to use Veeva everywhere, a read-through on Merck's selective R&D-software standardization.
“This partnership with IQVIA is a very positive macro-level trend for the business, especially on the commercial side.”
Veeva describes its interoperability partnership with IQVIA as a positive macro trend benefiting both its data and software businesses, signaling constructive collaboration between the former rivals.
“what we're seeing Salesforce is, you know, kind of just entering. They have a very new product in the CRM space.”
Salesforce is competing in pharma CRM and won roughly six of Veeva's top-20 CRM customers, though Veeva characterizes Salesforce's offering as a new, incomplete product — a competitive read-through for Salesforce in life-sciences CRM.
“So just to give you the full picture, the latest is Veeva Systems Inc. has nine top 20 wins. Salesforce is at three.”
Veeva reports leading Salesforce nine to three in top-20 pharma CRM commitments, framing Salesforce's wins as unproven with go-lives years away, a negative competitive read-through on Salesforce Life Sciences CRM.
“We still compete with IQVIA in the areas of things like reference data, our open data product, our Compass product, things like that.”
Veeva continues to compete with IQVIA in reference and open data and its Compass product, while noting IQVIA exited pharmaceutical CRM after Salesforce entered the market.
“We partner in many, many areas, and we compete in some.”
Veeva and IQVIA resolved their roughly ten-year dispute; IQVIA data (previously barred from Veeva Network and Nitro) is now permitted and the two now partner broadly in customers' interest.
| Ken Wong | Oppenheimer | 10 (20%) |
| Saket Kalia | Barclays | 9 (22%) |
| Tyler Radke | Citigroup | 9 (11%) |
| Craig Hettenbach | Morgan Stanley | 8 (0%) |
| Rishi Jaluria | RBC Capital Markets | 8 (0%) |
| Jailendra Singh | Truist Securities | 8 (0%) |
| Dave Windley | Jefferies | 7 (14%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wells Fargo | 1 | 11 (9%) |
| Raymond James | 1 | 11 (0%) |
| Robert W. Baird | 1 | 11 (0%) |
| Citigroup | 2 | 10 (10%) |
| Oppenheimer | 1 | 10 (20%) |
| Truist Securities | 2 | 9 (11%) |
| Barclays | 1 | 9 (22%) |
| Morgan Stanley | 1 | 8 (0%) |
Veeva closed fiscal 2026 with $836 million in Q4 revenue (16.0% YOY growth) and $3.195 billion for the full year, surpassing its $3 billion run rate goal while generating $1.434 billion in non-GAAP operating income. Close to 140 customers are now live on Vault CRM with the end-of-support date pulled forward to December 2029, while CRM top 20 commitments remain on track at roughly 14 of 20. The company achieved milestone wins with its first top 20 RTSM enterprise standardization and continued the safety surge with another top 20 win and first Signal and Workbench go-live. AI agents are rolling out across all application areas through 2026 with token-based pricing, and management introduced FY2027 guidance at 13% total revenue growth while highlighting the study-by-study CRO channel as a potential $1 billion business.
Demand | Product Launch | Competitive Dynamics | Cloud & AI | Revenue Growth | Innovation & R&D | Macroeconomic | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2025Q3 | 7 | 6 | 6 | 1 | 5 | 2 | 2 | 1 |
| 2025Q4 | 11 | 9 | 3 | 4 | 6 | 3 | 1 | |
| 2026Q1 | 12 | 7 | 6 | 4 | 6 | 4 | 7 | 3 |
| 2026Q2 | 10 | 11 | 11 | 8 | 6 | 4 | 1 | |
| 2026Q3 | 12 | 9 | 11 | 5 | 7 | 2 | 1 | 1 |
| 2026Q4 | 7 | 7 | 10 | 14 | 8 | 2 | 1 | 4 |
| 2027Q1 | 11 | 9 | 7 | 9 | 5 | 5 | 1 | 3 |
| '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | '27Q1 | |
|---|---|---|---|---|---|---|---|
| Demand | 7 | 11 | 12 | 10 | 12 | 7 | 11 |
| Product Launch | 6 | 9 | 7 | 11 | 9 | 7 | 9 |
| Competitive Dynamics | 6 | 3 | 6 | 11 | 11 | 10 | 7 |
| Cloud & AI | 1 | 4 | 4 | 8 | 5 | 14 | 9 |
| Revenue Growth | 5 | 6 | 6 | 6 | 7 | 8 | 5 |
| Innovation & R&D | 2 | 3 | 4 | 4 | 2 | 2 | 5 |
| Macroeconomic | 2 | 7 | 1 | 1 | 1 | 1 | |
| Guidance Reliability | 1 | 1 | 3 | 1 | 4 | 3 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
VEEV Veeva Systems Inc. | 9 | +16.3% | |
| GEHC GE HealthCare | 4 | +7.4% |