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PLEASANTON, Calif. and NASHVILLE, Tenn. - Sarah Cannon Research Institute (SCRI), a leading oncology research organization, has entered into a strategic collaboration with Veeva Systems (NYSE: VEEV), a financially robust cloud software provider with a 75.5% gross profit margin and over $2.8 billion in annual revenue, to adopt the Veeva Clinical Platform. This move aims to enhance the delivery of oncology clinical trials by unifying SCRI’s contract research organization (CRO) and site management organization (SMO) operations across its extensive network of over 200 research site locations.
The integration of Veeva Clinical Platform into SCRI’s digital infrastructure is anticipated to drive speed and efficiency in clinical trials, enabling seamless data flow and improved collaboration among clinical teams and research sites. According to InvestingPro data, Veeva’s strong financial position, with minimal debt and a current ratio of 4.6, positions it well to support such strategic initiatives. SCRI’s Chief Information and Digital Officer, Yazhene Krishnaraj, expressed enthusiasm about the partnership, highlighting the potential for delivering groundbreaking therapies with increased precision and speed.
Veeva Clinical Platform provides a comprehensive suite of applications, including Clinical Trial Management System (CTMS), Electronic Data Capture (EDC), and other tools designed to streamline clinical trials from start-up to close. The platform’s connected products are expected to automate key processes and standardize trial procedures, contributing to a more efficient experience for SCRI’s sites.
Jim Reilly, president of Veeva Development Cloud, emphasized the innovative nature of the partnership, marking it as a first-of-its-kind arrangement where the Veeva Clinical Platform will serve as the clinical trial foundation for SCRI’s CRO and SMO.
SCRI has been at the forefront of oncology research for over three decades, conducting community-based clinical trials and playing a pivotal role in drug development. The institute has been involved in over 850 first-in-human clinical trials and has contributed to research that led to the approval of many new cancer therapies by the FDA in the past ten years. With Veeva’s impressive 14.78% revenue growth and "GREAT" financial health score according to InvestingPro, this partnership brings together two strong organizations in the healthcare sector.
Veeva Systems, a global leader in cloud software for the life sciences industry, supports over 1,000 customers, including large biopharmaceutical companies and emerging biotechs. As a Public Benefit Corporation, Veeva is dedicated to balancing the interests of various stakeholders in the industry.
This strategic collaboration is based on Veeva’s and SCRI’s current expectations, and actual results could differ materially. The partnership is subject to risks and uncertainties, which are detailed in Veeva’s filings with the SEC. For detailed analysis and additional insights about Veeva’s financial outlook, investors can access comprehensive research reports and 15+ additional ProTips through InvestingPro.
The information in this article is based on a press release statement.
In other recent news, Veeva Systems reported strong financial results for the first fiscal quarter, prompting several analysts to adjust their outlooks on the company. Mizuho analysts raised their earnings per share estimates for fiscal years 2026 and 2027, citing the company’s strong performance in its Crossix Solution and Commercial Cloud divisions. Consequently, they increased Veeva’s stock price target to $295. Similarly, Jefferies analysts elevated their price target to $335, highlighting Veeva’s robust margins and growth in commercial operations, despite challenges in the pharmaceutical supply chain sector.
TD Cowen also adjusted its outlook, raising Veeva’s price target to $284 following the company’s exceptional first-quarter results, particularly in the Crossix business segment. The analysts noted an upward revision in revenue and billings guidance for fiscal year 2026. Meanwhile, Citi analyst Tyler Radke increased the price target to $329, maintaining a Buy rating, as Veeva outperformed expectations in total revenue and billings. The analyst emphasized the strong demand for Veeva’s Crossix solutions and the company’s continued success with its Vault CRM, which now has 80 live customers.
In another development, Veeva Systems announced that Astellas will implement Veeva Vault CRM for its global commercial operations. This collaboration is expected to enhance Astellas’ commercial agility and execution. The partnership with Astellas reflects Veeva’s commitment to providing advanced technology solutions and data management for the life sciences industry.
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