Veeva Systems Inc. (VEEV) reported its fiscal second-quarter results after Wednesday's closing bell, and the numbers were good enough to give the stock a solid boost in extended trading.
The company posted earnings of $2.35 per share, beating the consensus estimate of $2.22 by 5.86%. Revenue came in at $927.96 million, also ahead of the Street's expectation of $905.28 million.
Subscription revenue, a key metric for the company, was $766.8 million in the quarter, up 16% year-over-year from $659.2 million a year ago.
CEO Peter Gassner was clearly excited about the results, tying the momentum to the company's AI push. "AI is opening up the next big chapter for Veeva and life sciences," he said in a statement.
Gassner highlighted the standout performers: "Vault CRM had its best quarter ever and Veeva Falcon accelerated rapidly. By bringing together deep industry applications, agents, data, and consulting, we are helping the industry drive new efficiencies from clinical to commercial and deliver better outcomes for patients."
Looking ahead, Veeva raised its fiscal 2027 adjusted EPS guidance to $9.21, up from the previous $9.05, and above the $9.06 analysts were looking for. The company also lifted its revenue outlook to between $3.682 billion and $3.687 billion, versus the $3.65 billion estimate.
