On May 30, 2024, Veeva Systems Inc., a leading cloud solutions provider for the global life sciences industry, reported its financial results for the first quarter ended April 30, 2024. The company announced a 24% year-over-year increase in total revenues, reaching $650.3 million, with subscription services revenues growing by 29% to $534.0 million. Operating income saw a significant rise of 152% to $155.2 million, while non-GAAP operating income increased by 66% to $260.9 million. Net income also grew by 23% to $161.7 million, and non-GAAP net income surged by 67% to $247.0 million. Earnings per share were reported at $0.98, up from $0.81 in the previous year, and non-GAAP earnings per share increased to $1.50 from $0.91. Veeva's interim CFO Tim Cabral highlighted the company's better-than-expected performance across all metrics and...Show More

On May 30, 2024, Veeva Systems Inc., a leading cloud solutions provider for the global life sciences industry, reported its financial results for the first quarter ended April 30, 2024. The company announced a 24% year-over-year increase in total revenues, reaching $650.3 million, with subscription services revenues growing by 29% to $534.0 million. Operating income saw a significant rise of 152% to $155.2 million, while non-GAAP operating income increased by 66% to $260.9 million. Net income also grew by 23% to $161.7 million, and non-GAAP net income surged by 67% to $247.0 million. Earnings per share were reported at $0.98, up from $0.81 in the previous year, and non-GAAP earnings per share increased to $1.50 from $0.91. Veeva's interim CFO Tim Cabral highlighted the company's better-than-expected performance across all metrics and expressed confidence in Veeva's growth trajectory and commitment to customer success. The company also provided guidance for the second quarter with total revenues expected between $666 and $669 million, and for the fiscal year ending January 31, 2025, with revenues projected between $2,700 and $2,710 million. The report included recent business highlights, such as the selection of Veeva Development Cloud applications by three top 20 biopharmaceutical companies and the full availability of Vault CRM for new customers.