Veeva Systems(VEEV 2.46%) reported fiscal second quarter 2026 results on August 27, 2025, delivering $789 million in revenue and raising full-year billings guidance by $35 million. The quarter featured a strategic resolution withIQVIA(NYSE: IQV), rapid Vault CRM adoption among top-20 pharmaceutical customers, and accelerated progress on industry-specific AI agents. The following insights highlight the most significant developments and their long-term implications for investors.
IQVIA agreement unlocks Veeva commercial suite
Veeva previously faced restrictions on integrating IQVIA’s industry-leading data into its commercial products, such as Veeva Network and Nitro, which limited competitiveness. The company has now migrated 100 customers to Vault CRM after moving offSalesforce(NYSE: CRM) OEM constraints, and both Veeva and IQVIA are considered foundational platforms by pharmaceutical customers.
"Now in terms of what does it unlock for us, historically, in the commercial area, there were two barriers, two sort of artificial barriers. One was with Salesforce. Because of our OEM agreement, we couldn't develop the applications we wanted. We weren't allowed. We couldn't develop them in the way we wanted them either. So now that's gone with Salesforce since we've moved to Vault, and we have 100 live customers in CRM. That's really an anchor tenant in commercial. And then we had these important products. Veeva Network, Veeva Nitro, our commercial analytics offerings, we couldn't put IQVIA data in there. So this was sort of a hole in our boat. These products were in because they couldn't put the industry-leading data in there. That's resolved now. So you got the Salesforce thing resolved, the IQVIA restrictions resolved, so I'm really looking forward to making commercial cloud sort of like development cloud, really no limits. Very excited about that. The biggest news in commercial for a long time."
-- Peter Gassner, Chief Executive Officer
This resolution enables Veeva to offer a more integrated commercial suite, expand wallet share, and accelerate growth in analytics and data products, positioning the company for stronger long-term competitive advantage in the life sciences sector.
Veeva CRM outpaces Salesforce in top-20 pharma
During the quarter, two top-20 pharmaceutical companies went live on Vault CRM in major markets less than two years after contract signing, while Salesforce has only three total top-20 “verbal” wins with the earliest go-live not expected until 2026. Veeva now counts nine committed top-20 CRM customers (including verbal commitments), compared to three for Salesforce, with momentum for further global rollouts.
"Including verbal commitments. We added two additional top twenties for a total of nine top twenties committed to Vault CRM. So we're doing really well in the market, and part of it is the go-lives and the continued execution there. To be fair, we're also aware that Salesforce had one additional top 20 verbal commit for a total of three. So just to give you the full picture, the latest is Veeva has nine top 20 wins. Salesforce is at three. All of the wins that I talk about are not equal, and this gets to your question here. There's a very big difference between a Veeva win and a Salesforce win. So you asked about the two top twenties go live. Less than two years after they made the announcement, they're now live in major markets, and that just happened this quarter."
-- Paul Shawah, EVP Strategy
Veeva’s ability to deliver live deployments and faster time-to-value strengthens its CRM leadership in large pharma, increases customer switching costs, and provides a platform for future expansion as Salesforce faces longer and riskier migration timelines.
Veeva AI expands addressable market and platform value
Veeva is embedding artificial intelligence (AI) agents across its Vault platform, leveraging its system-of-record status and deep workflow integration. Management stated that AI will not deliver material revenue before fiscal year 2027, but expects these agents to drive billions in industry productivity and significantly expand the company’s total addressable market (TAM) over time.
"The monetization will come from selling Veeva AI, which is two things. The platform so customers can create their own custom agents, but mainly our industry-specific agents that they'll get when they buy Veeva AI. And with the model MCP, model context protocol, it's agent-to-agent interoperability. It's really easy and also vault-to-vault interoperability. We will, in terms of monetizing that, we will create billions of dollars for the industry. No doubt about that. No doubt about that. Sometimes making humans much more efficient. Sometimes reducing the need for certain people doing certain types of tasks. So there's a tremendous amount of value being captured by the industry, and we'll get our fair share of that. For sure. But we're gonna take that slow, work with our early adopters, you know, sort of end of this year in '26 or so, I don't expect any material revenue contribution for '26 or '27. For example, but I expect it's a significant increase in our market size. And that will play out over many years. But this is gonna be a tremendous benefit for Veeva. Our employees, you know, who are building all these agents. And our customers who are getting the value."
-- Peter Gassner, Chief Executive Officer
The company’s deep vertical integration and focus on agent interoperability position Veeva as a future system-of-intelligence in life sciences, supporting long-term cross-sell opportunities as AI adoption accelerates across the industry.
Looking Ahead
Management reaffirmed its $6 billion long-term revenue plan, raising full-year billings guidance for fiscal year 2026 by $35 million due to strong second quarter execution and a strengthening second-half pipeline. No material revenue from the IQVIA partnership is expected in fiscal year 2026, but meaningful contributions are anticipated in future years. Veeva does not expect significant AI-related revenue before fiscal year 2027, but forecasts accelerating Vault CRM migrations and continued Crossix-led commercial growth as category leadership solidifies.
