Veeva Systems Inc. reported strong financial performance for the three months ended April 30, 2025, with total revenues reaching $759.0 million, a 16.8% increase from $650.3 million in the same period last year. The growth was primarily driven by a 19% rise in subscription services revenue, which amounted to $634.8 million, up from $534.0 million. The company also saw an increase in net income, which rose to $228.2 million, compared to $161.7 million in the prior year, resulting in diluted earnings per share of $1.37, up from $0.98.
In terms of operational metrics, Veeva's customer base expanded to 1,477 as of April 30, 2025, up from 1,432 a year earlier. The company reported that 730 customers subscribed to its Commercial Solutions, while 1,125 utilized its R&D Solutions. The geographic distribution of revenues showed that North America accounted for 61% of subscription services revenue, followed by Europe at 27% and other regions at 12%. The increase in customer count and revenue was attributed to the expanding use of existing products and higher prices due to annual inflation adjustments.
Veeva's strategic developments included continued investment in research and development, with expenses rising to $184.0 million from $162.7 million year-over-year. This increase was primarily due to higher employee compensation costs associated with an expanded workforce aimed at enhancing product offerings. The company also reported a slight increase in sales and marketing expenses, which totaled $98.6 million, reflecting ongoing efforts to drive customer engagement and market presence.
The company's balance sheet showed significant liquidity, with cash and cash equivalents totaling $1.96 billion as of April 30, 2025, compared to $1.12 billion at the end of January 2025. Veeva's total assets increased to $7.77 billion, up from $7.34 billion, while total liabilities rose modestly to $1.55 billion. The company’s deferred revenue stood at $1.25 billion, indicating a strong backlog of future revenue. Looking ahead, Veeva anticipates continued growth in both subscription and professional services revenues, driven by increased adoption of its cloud solutions and expansion into new markets.
About VEEVA SYSTEMS INC
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