What Happened?
Shares of life sciences cloud software provider Veeva Systems (NYSE: VEEV) jumped 2.8% in the afternoon session after the company expanded its partnership with IQVIA, which selected Veeva clinical operations software as enterprise standard tools.
Under the expanded partnership, IQVIA selected Veeva CTMS, eTMF, Study Startup, and Site Connect as enterprise standard tools for clinical development studies. The agreement extends an existing electronic data capture collaboration between the two companies.
Veeva Systems also discussed forward-looking expectations for its products and services, as well as expected benefits resulting from its partnership with IQVIA.
The shares closed the day at $301.71, up 2% from the previous close.
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What Is The Market Telling Us
Veeva Systems’s shares are somewhat volatile and have had 14 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was about 2 months ago when the stock gained 17% on the news that the company reported second-quarter financial results that exceeded Wall Street expectations for revenue and adjusted earnings.
According to a company press release, Veeva Systems reported revenue of $928 million, up 17.6% year on year. This surpassed Wall Street consensus estimates of $905.3 million. The company's adjusted earnings came in at $2.35 per share, beating projections of $2.22 per share. Additionally, adjusted operating income reached $415.9 million, ahead of the $394.8 million expected by analysts.
The release also said Veeva raised its full-year revenue guidance to $3.68 billion at the midpoint and increased its full-year adjusted earnings outlook to $9.21 per share. Growth was supported by strong customer momentum in its Vault CRM platform, with 12 of the top 20 biopharma companies committed to the solution, as well as rapid adoption of Veeva Falcon, its artificial intelligence offering.
Veeva Systems is up 37% since the beginning of the year, and at $300.75 per share, it has set a new 52-week high. Investors who bought $1,000 worth of Veeva Systems’s shares 5 years ago would now be looking at an investment worth $1,006.
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