Veeva Systems (VEEV) – Q2 FY1/2026 Earnings Review
- Veeva delivered another strong quarter, with overall solid execution.
- The Vault CRM implementation is on track, and the AI strategy is crystallizing more definitively in the form of products.
- The IQVIA settlement removes a long-standing barrier, unlocking new opportunities in commercial cloud and data integration.
- Read on for a detailed financial and technical analysis, as well as rating.
Earnings Beat, AI Progress, and IQVIA Partnership
by Abhishek Singh
Veeva Systems delivered a strong fiscal Q2 2026, here’s the headline numbers.
Q2 FY1/26 results underscore robust demand across Veeva’s product lines despite a still uncertain macro environment. Management also increased its full-year outlook while assuming no significant change in macroeconomic conditions near-term. Lets dive deeper into the business updates.
1. Veeva and IQVIA Settle Long-Standing Dispute
A major development this quarter was Veeva’s new partnership with IQVIA, which fully resolves a decade-long legal dispute between the companies. All litigation has been dropped, and importantly IQVIA’s data will now be allowed to integrate into Veeva’s software.
- This is a transformative change for Veeva’s Commercial Cloud: previously, Veeva’s analytics and customer data products were restricted from using IQVIA’s industry-leading datasets, limiting their adoption. With those barriers removed, Veeva can push forward with these products as part of a more complete commercial solution.
- This development unlocks Veeva’s ability to offer a unified commercial cloud. Historically there were two artificial barriers in Veeva’s commercial business: one was the Salesforce platform dependency (now solved by moving CRM off Salesforce to Vault), and the second was the IQVIA data restriction. With both obstacles removed, Veeva’s Commercial Cloud suite now faces no immediate constraints to its development.
- Beyond data integration, the partnership also has a clinical angle: IQVIA (a major CRO) will become a close implementation partner for Veeva’s EDC (Electronic Data Capture) and clinical products. This could accelerate Veeva’s penetration in clinical data management by leveraging IQVIA’s trial execution capabilities.
Overall, settling the IQVIA dispute removes a significant overhang and opens up new addressable market opportunities for Veeva in both commercial and R&D realms.