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Investing.com -- Veeva Systems Inc (NYSE:VEEV) reported third-quarter fiscal 2026 results that exceeded analyst expectations, with the cloud software provider raising its full-year guidance as it continues to expand its AI capabilities and development cloud offerings.
The life sciences industry cloud solutions provider posted adjusted earnings of $2.04 per share for the quarter ended October 31, beating analyst estimates of $1.95. Revenue reached $811.2 million, surpassing the consensus forecast of $792.75 million and representing a 16% increase YoY. Subscription services revenue, which forms the core of Veeva’s business model, grew 17% YoY to $682.5 million.
Shares of Veeva fell 1.8% in after-hours trading Thursday despite the strong results and raised outlook.
"Continuing to lead through innovation, Veeva AI delivers on our vision for industry-specific AI that will help the life sciences industry reach new levels of productivity and customer centricity," said CEO Peter Gassner. "Veeva AI is advancing rapidly and our early adopter projects are demonstrating the clear value in deep, specialized AI agents running in Veeva applications."
The company raised its full-year fiscal 2026 guidance, now expecting revenue between $3.166-3.169 billion, above the consensus estimate of $3.14 billion. Veeva also increased its adjusted EPS forecast to $7.93, higher than analysts’ expectations of $7.81.
For the fourth quarter, Veeva projects revenue between $807-810 million and adjusted EPS of approximately $1.92.
"Our third quarter results and increased full-year guidance demonstrate the broad-based strength we see across the business," said CFO Brian Van Wagener. "We are executing well against the large opportunity ahead and are on track toward our 2030 $6 billion revenue run-rate goal."
The company reported significant progress in its product offerings during the quarter, with Veeva Vault CRM adding 23 new customers to reach 115 customers live. Veeva’s Development Cloud also gained traction with three top 20 biopharmas selecting Veeva applications as their enterprise standard.