Key Takeaways:
- Veeva is building a comprehensive Industry Cloud for life sciences through integrated software, data, and consulting capabilities while accelerating AI agent deployment across all products.
- VEEV stock could reasonably reach $303 per share by January 2028, based on our valuation assumptions.
- This implies a total return of 26% from today’s price of $240, with an annualized return of 11% over the next 2.2 years.
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Veeva Systems (VEEV) is strengthening its position as the life sciences Industry Cloud leader through strategic Vault CRM migrations, exceptional momentum in Development Cloud, and comprehensive AI agent rollouts planned across all product areas by the end of 2026.
The software leader serves pharmaceutical and biotech companies through Commercial Cloud (CRM, Crossix, content management), Development Cloud (clinical operations, Safety, Quality), and an integrated business consulting organization that helps customers implement industry-specific solutions.
The company delivered third-quarter revenue of $811 million and non-GAAP operating income of $365 million, driven by strong execution across the business and earlier-than-expected deal closures.
Veeva now has 115 customers live on Vault CRM, including the top 20 pharma companies, secured 20 of 20 top pharma companies for eTMF (electronic trial master file), and continues to win in Development Cloud areas, including Safety, Quality, and clinical operations.
Here’s why Veeva stock could deliver substantial returns through 2028 as it scales its Industry Cloud vision and deploys practical AI solutions to automate industry-specific workflows.
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What the Model Says for Veeva Stock
We analyzed the upside potential of Veeva stock using valuation assumptions based on its diversified business model, Development Cloud growth trajectory, and unique positioning as an integrated software, data, and consulting provider for life sciences.
Based on estimates of 13% annual revenue growth, 46% operating margins, and a normalized P/E multiple of 29x, the model projects Veeva stock could rise from $240 to $303 per share.
That would be a 26% total return, or an 11% annualized return over the next 2.2 years.
Our Valuation Assumptions
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Our Valuation Assumptions
TIKR’s Valuation Model lets you plug in your own assumptions for a company’s revenue growth, operating margins, and P/E multiple, and calculates the stock’s expected returns.
Here’s what we used for Veeva stock:
1. Revenue Growth: 13%
Veeva delivered a strong Q3 performance with results above guidance. It raised full-year expectations, driven by improved Q4 visibility from earlier deal timing and broad strength across commercial, R&D, and services.
CRM represents about 20% of total revenue today, down from 25% two years ago as other areas grow faster.
Management expects 14 of the top 20 pharma companies to migrate to Vault CRM, with potential to win back some of the 6 pursuing alternatives. These are multiyear projects with no material impact expected for next year.
We used a 13% forecast, reflecting Veeva’s ability to grow Development Cloud and Crossix while navigating CRM transitions, balanced against the maturing nature of some commercial products and conservative approach to guidance.
2. Operating margins: 46%
Veeva achieved operating margins of 42% over the most recent 12 months, demonstrating the high-margin nature of its software model and its efficient operations.
The company maintains disciplined cost management while investing in areas that drive customer value.
The integrated consulting business enables higher-value engagements and more comprehensive solutions versus point products.
We forecast 46% operating margins, reflecting Veeva’s software leverage, the high-margin nature of established products, and continued investment in AI capabilities that will drive future productivity gains for customers and Veeva.
3. Exit P/E Multiple: 29x
Veeva stock currently trades at a P/E multiple of 28.9x, reflecting its mission-critical role in life sciences, sticky customer relationships, and long-term growth visibility.
We maintain a similar exit multiple given Veeva’s unique positioning as the only vendor building a comprehensive Industry Cloud for life sciences, the strategic value of its integrated software-data-consulting model, and 2030 goals that remain on track despite CRM transition dynamics.
The company’s competitive moats are substantial.
- Development Cloud has a first-mover advantage with core platform investments dating to 2012.
- Veeva Basics extends its reach to smaller biotechs, enabling them to graduate to enterprise solutions without system changes.
- The IQVIA partnership on the commercial side adds customer confidence and interoperability benefits.
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What Happens If Things Go Better or Worse?
Different scenarios for Veeva stock through 2030 show varied outcomes based on Development Cloud adoption pace and AI monetization success (these are estimates, not guaranteed returns):
- Low Case: CRM attrition exceeds expectations and Development Cloud growth disappoints → 8% annual returns
- Mid Case: Steady Development Cloud wins and successful AI agent deployment → 15% annual returns
- High Case: Accelerated clinical adoption and AI drives significant productivity gains → 21% annual returns
Even in the conservative case, Flutter stock offers positive returns supported by its dominant U.S. position, diversified international earnings, and disciplined capital allocation.
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How Much Upside Does Veeva Systems Stock Have From Here?
With TIKR’s new Valuation Model tool, you can estimate a stock’s potential share price in under a minute.
All it takes is three simple inputs:
- Revenue Growth
- Operating Margins
- Exit P/E Multiple
If you’re not sure what to enter, TIKR automatically fills in each input using analysts’ consensus estimates, giving you a quick, reliable starting point.
From there, TIKR calculates the potential share price and total returns under Bull, Base, and Bear scenarios so you can quickly see whether a stock looks undervalued or overvalued.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
