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Investing.com - Salesforce (NYSE:CRM) has secured AbbVie (NYSE:ABBV) as its third top 20 pharmaceutical client for customer relationship management (CRM) solutions, according to Raymond James. This development impacts the competitive landscape with Veeva Systems (NYSE:VEEV), which according to InvestingPro data, maintains strong financials with a 75.59% gross profit margin and is currently trading near its 52-week high of $296.72.
The investment firm reported that LinkedIn posts from AbbVie executives indicate the company has selected Salesforce for its future CRM needs, adding to Salesforce’s previous wins with Pfizer and Takeda in the pharmaceutical sector.
Raymond James noted that Salesforce now has over 70 life sciences customers committed to its platform, while competitor Veeva Systems (NYSE:VEEV) has secured nine top 20 pharmaceutical companies.
The firm’s analysis suggests that companies choosing Salesforce typically seek more customized deployments for their CRM needs compared to other solutions in the market.
Raymond James expects Salesforce’s Agentforce contributions to Life Sciences cloud and potential integration with Marketing cloud and Data cloud will be key topics at the upcoming Dreamforce conference in mid-October.
In other recent news, Veeva Systems has seen several developments that might interest investors. Truist Securities raised its price target for Veeva Systems to $275, maintaining a Hold rating, following the company’s strong second-quarter performance. The firm noted that Veeva’s guidance remains steady, with no expected changes in the macroeconomic environment. Additionally, Gilead Sciences has committed to implementing Veeva’s Vault CRM platform, expanding their existing partnership. This commitment is part of the nine total commitments disclosed by Veeva during its fiscal second-quarter earnings call. Analyst firms such as BNP Paribas Exane and Raymond James have reiterated their Outperform ratings on Veeva Systems, with price targets set at $320 and $340, respectively. Raymond James particularly highlighted Veeva’s plans to enhance its Vault platform with AI functionalities. These developments reflect Veeva’s ongoing efforts to grow its customer base and innovate within the life sciences industry.
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