Veeva Systems

Veeva Systems (NYSE: VEEV) is a Pleasanton, California, company that sells cloud software and data to the life-sciences industry. Founded in 2007, it is best known for Vault, a content and data platform used across clinical, regulatory, safety and quality work; for customer relationship management (CRM) software for pharmaceutical sales teams; and for Veeva Data Cloud, which includes the OpenData reference database of healthcare professionals. It appears here not as a drugmaker or an AI-native lab but as a large life-sciences software and data vendor adding AI to its own platform, and it does sell AI products. Since February 2021 it has been a Delaware public benefit corporation.

Its pattern is the embedded-AI platform vendor: rather than training its own frontier models, Veeva places task-specific agents inside the applications where customers' regulated data already lives. In October 2025 it announced Veeva AI, agents planned across all of its applications, and said they use large language models from Anthropic and Amazon, hosted on Amazon Bedrock, with usage-based pricing. In December 2025 the first agents became available: Free Text, Voice and Pre-call agents in Vault CRM, and Quick Check and Content agents in PromoMats, its promotional-content application. Agents for safety, quality, clinical, regulatory and medical work were announced on a published schedule; Veeva's own releases confirm general availability only for the commercial agents.

The CRM business is the other half of the story. Veeva's original CRM ran on Salesforce's platform; the company chose not to renew that agreement when it expired on September 1, 2025, and has been moving customers to Vault CRM on its own platform, with the older product supported until September 1, 2030. In March 2026 it said more than 125 customers were live on Vault CRM, and in August 2026 Eli Lilly committed to Vault CRM globally. In May 2026 it announced Falcon, which it calls its first offering in agentic labor: standard agents for trial master file document intake, health authority correspondence and safety case triage. Those Falcon agents are not yet generally available; Veeva has said early adopters come first.

Veeva has also bought AI capability. In March 2026 it acquired Ostro, a chat tool that answers patient and doctor questions on brand websites using only approved materials, for about 100 million dollars in cash. In June 2026 it acquired Copli, a Copenhagen company whose software checks promotional materials, and relaunched it as Falcon MLR, for medical, legal and regulatory review; Veeva says it could eliminate 70 percent or more of manual review labor within five years. In August 2025 it settled litigation with IQVIA dating to 2017, and the two agreed that IQVIA data can be used in Veeva software, including Veeva AI.

The honest framing: Veeva's value rests on being the system of record for regulated life-sciences work, and on the reference data behind it, not on AI. The agents are a lever on that position, run on licensed models, and their edge is access to data customers already keep in Veeva. What is measured so far is Vault CRM adoption, not AI savings; the 70 percent review figure is the company's projection for a product launched in June 2026. Unlike Eli Lilly, Merck & Co. or Novo Nordisk, which apply AI to their own drug pipelines, Veeva sells AI into those companies' workflows; its closest catalog peers are IQVIA, a data vendor, and Epic Systems, which plays a similar system-of-record role on the provider side.