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Investing.com - Stifel has reiterated its Buy rating and $320.00 price target on Veeva Systems (NYSE:VEEV) following Bristol Myers Squibb’s commitment to Veeva Vault CRM. According to InvestingPro data, Bristol Myers Squibb, with its market capitalization of $91.8 billion, stands as a prominent player in the pharmaceuticals industry.
Veeva announced during market hours that Bristol Myers Squibb, ranked eighth among pharmaceutical companies, has formally committed to its Vault CRM platform. The pharmaceutical giant, which boasts a robust 73.9% gross profit margin and has maintained dividend payments for 55 consecutive years according to InvestingPro, represents a significant win for Veeva. This announcement confirms one of the two verbal commitments Veeva had disclosed during its fiscal second-quarter earnings call in late August.Want deeper insights? InvestingPro subscribers have access to over 12 additional exclusive ProTips and comprehensive financial analysis for Bristol Myers Squibb, including detailed valuation metrics and growth projections.
Prior to the second-quarter earnings report, Veeva had secured formal commitments from six top pharmaceutical companies, including Merck, Novo Nordisk, GSK, Boehringer Ingelheim, Bayer, and Astellas. The company had stated that seven top-20 pharma customers had formally committed to the Vault CRM platform by the end of the second quarter, up from four at the end of the first quarter.
Since reporting earnings, Veeva has announced commitments from both Bristol Myers Squibb and Gilead Sciences, representing the two verbal commitments previously mentioned during the earnings call. Gilead Sciences ranks 14th among pharmaceutical companies.
Stifel noted that while today’s announcement does not represent incremental news, it serves as "a reminder of VEEV’s progress in converting the IB to the new platform." The firm maintained its positive outlook on Veeva Systems with the unchanged price target of $320.00.
In other recent news, Bristol Myers Squibb announced plans to launch its schizophrenia treatment, Cobenfy, in the United Kingdom in 2026. The company has set the price for this medication at $22,500 annually in both the UK and the US, establishing a consistent pricing strategy across these markets. Additionally, Bristol Myers Squibb has amended its partnership with BioNTech for the bispecific antibody BNT327, which targets multiple solid tumor types. As part of this agreement, Bristol Myers Squibb will make a $1.5 billion upfront payment to BioNTech, with potential milestone payments reaching up to $7.6 billion. In another development, Bristol Myers Squibb and SystImmune received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for their experimental lung cancer drug, iza-bren. This designation is for treating advanced non-small cell lung cancer with specific EGFR mutations. These recent developments highlight Bristol Myers Squibb’s ongoing efforts in expanding its treatment portfolio and strategic partnerships.
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