Bull case
Veeva Systems is viewed positively because it combines a durable life sciences software moat with deep customer relationships, making it the category leader in a defensible, highly regulated industry where reference selling and high switching costs support sticky demand and one of the highest average revenues per customer in software. Recent execution reinforces that advantage, with Q2 revenue of $928.0M up 18% YoY, non-GAAP EPS of $2.35, normalized billings up 19%, and a 44.8% operating margin, while Vault CRM won additional top-20 biopharmas and now has 12 top-20 commitments and more than 180 live customers. The outlook is further strengthened by accelerating AI innovation through Falcon MLR and Vault AI, which management believes can remove at least 70% of manual MLR labor over five years, alongside raised FY27 guidance and a best-in-class model that still pairs double-digit growth with FCF margins approaching 40%.