Veeva Systems, which has its headquarters in California but a significant east coast presence based in Radnor, announced its Q4 fiscal 2020 and full year results Tuesday, exceeding a billion dollar annual run rate and beating analyst estimates for revenue and earnings.
Total revenues for the fourth quarter were $311.5 million, up from $232.3 million one year ago, an increase of 34% year-over-year. Fiscal Year 2020 Total Revenues were $1,104.1M, up 28% . Fiscal year 2020 net income was $301.1 million, compared to $229.8 million one year ago, an increase of 31% year-over-year.
For Fiscal 2021, revenues are expected to be within $1.40-$1.41 billion. Adjusted EPS is expected to be $2.50.
Veeva (NYSE: VEEV) has a current market cap of $21.7 billion. Its current share price, $146.54, is still below its all-time high of $176.90 achieved last year.
Veeva’s Paul Shawah, Senior VP Commercial Strategy, also told me that Veeva is aiding life sciences companies’ communications with physicians, which has become more difficult in some places due to the Corona Virus (COVID-19).
In China, for example, people are often being asked to stay at home. This is having a major impact on doctors as it cuts off an important communications channel to the pharma reps and medical professionals they depend on for information on the latest research and treatments. This is especially true for oncologists and cancer treatment. If the pharma industry can’t reach the doctors, they can’t educate them on the latest medicines for their patients
In response to the growing challenge of COVID-19, Veeva is offering a rapid remote detailing enablement program using Veeva CRM Engage Meeting, a web-based video and content sharing platform designed for unique needs of life science companies. This will allow Veeva customers to engage with healthcare providers in a compliant way and ensure continuity of care for patients, whilst avoiding the need to travel or meet in person.
This offer is valid exclusively for Veeva CRM customers not currently using Engage Meeting and for customers wishing to extend their existing Engage Meeting country deployment in other countries not currently using Engage Meeting. This offer does not apply to Engage Meeting licenses already contracted for.
In just two weeks, nearly 12,000 reps across 6 major pharma companies have taken advantage of this offer and gone live.
Another way in which Veeva can help is by having the other side of Veeva’s business, Veeva Vault, manage clinical trials for life sciences companies with potential therapies or vaccines for the virus using Veeva Vault CDMS. These clinical trials will obviously have a need for speed by streamlining the process while still meeting the regulatory hurdles. But I have no confirmation on specifics for that at this time.