Veeva Systems Inc. reported a total revenue of $2.75 billion for the fiscal year ending January 31, 2025, marking a 16% increase from $2.36 billion in the previous fiscal year. Subscription services revenue, which constitutes the majority of the company's income, rose by 20% to $2.29 billion, up from $1.90 billion in fiscal 2024. The company also achieved a net income of $714 million, a significant increase from $526 million in the prior year, reflecting a net income margin of approximately 26%.
The company experienced notable growth in both its Commercial and R&D Solutions segments. Subscription services revenue from R&D Solutions increased by $274 million, driven by expanding use of Veeva Development Cloud products, while Commercial Solutions saw a $109 million increase, attributed to higher adoption rates and price adjustments. As of January 31, 2025, Veeva served 1,477 customers, up from 1,432 the previous year, with 730 customers in Commercial Solutions and 1,125 in R&D Solutions.
In terms of operational developments, Veeva's employee count rose to 7,291, an increase of 119 from the previous year. The company continues to focus on geographic expansion, with 59% of subscription services revenue coming from North America, 28% from Europe, and 13% from other regions. The company is also transitioning its CRM customers to its proprietary Vault CRM platform, which is expected to enhance customer engagement and operational efficiency.
Looking ahead, Veeva anticipates continued growth in subscription services revenue, particularly from its R&D Solutions, as it expands its product offerings and enhances existing solutions. However, the company acknowledges potential challenges, including increased competition and the need to adapt to evolving market conditions and regulatory environments. The management remains optimistic about maintaining its growth trajectory while balancing the interests of stakeholders as a public benefit corporation.
About VEEVA SYSTEMS INC
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