On August 27, Veeva rose 13.63% in regular trading, trading at 284.17 USD/share, with turnover of $104 million. The surge was driven by the company's fiscal Q2 earnings release, which exceeded market expectations on all key metrics.
Veeva reported adjusted EPS of $2.35, beating the consensus estimate of $2.22 by approximately 5.86% and representing an 18.09% year-over-year increase. Revenue came in at $928 million versus the $905.4 million expected. For fiscal Q3, the company guided adjusted EPS of $2.33-$2.34 on revenue of $932-$935 million, both above consensus of $2.28 and $918.1 million respectively. Full-year EPS guidance was raised to approximately $9.21 on revenue of $3.682-$3.687 billion, surpassing analyst expectations of $9.06 and $3.65 billion.
Multiple firms raised price targets following the results: Baird lifted its target to $300 from $260, while Guggenheim and Stifel set targets of $276 and $275 respectively, all maintaining buy ratings. Additionally, ahead of earnings, Veeva secured Biogen, Regeneron, and Eli Lilly as global Vault CRM clients, bringing commitments from 13 of the top 20 pharmaceutical companies and reinforcing its market-leader position in life sciences CRM.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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