Worth Considering: Veeva’s Strong Healthcare Customer Base and Growth

Veeva Systems is a company that provides cloud computing services to the life sciences and pharmaceutical industries. Its services range from clinical trial management to product commercialization to regulatory submission preparation. Its revenue is largely derived from subscriptions to cloud-based products, but it also offers business consulting services. Major pharmaceutical companies like Merck, Moderna, Novartis, and GSK are among Veeva’s clients due to the non-cyclical nature of healthcare. In the fiscal year ending Jan. 31, Veeva Systems earned nearly $2.2 billion in revenue, a 16% increase from the previous year, with subscription services accounting for the majority of its revenue. The global healthcare cloud infrastructure market is expected to grow at a compound annual growth rate of 16.7% from 2023 to 2030.

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