Veeva Systems (VEEV) PT Raised to $340 at BTIG

BTIG analyst David Larsen raised the price target on Veeva Systems (NYSE: VEEV) to $340.00 (from $335.00) while maintaining a Buy rating.

The analyst comments "On Wednesday, 8/27/25 AMC, VEEV reported excellent F2Q:26 results. Revenue of $789.1M +17% y/y, exceeded BTIG / consensus estimates of $769.9M / $768M and adjusted operating income of $352.6M +26% y/y was well ahead of BTIG / consensus of $336.3M / $337M. Given the beat, VEEV raised its F2026E guidance for all metrics, including revenue, adj. operating income, adj. EPS, and billings. Both sides of the business are growing nicely, with Subscription revenue of $659.2M +17% y/y (vs. $650.3M E) and Services revenue of $129.9M +13% y/y ($119.6M E). Our view is that VEEV continues to dominate both Commercial and R&D Technology solutions within the bio-pharma industry. VEEV reached an agreement with IQVIA (IQV, Neutral), where the legacy IMS data can now be used within the VEEV suite, and it sounds like IQV is no longer competing in the CRM space. We also like how VEEV is now serving 20 of the top 20 bio-pharma entities for eTMF which in our view shows that VEEV is the most trusted R&D technology platform in the market. While the F3Q Billings guide of ~$527M +13% y/y would be a sequential decline of ~21% from the ~$666M +8% y/y delivered in F2Q:26, the full-year F2026 billings guide was increased from ~ $3,320M to ~$3,355M +14% y/y. The timing for billings can be lumpy and guidance for F2026 revenue, earnings and cash flow were all increased."

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