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This statistic highlights Veeva Systems’ revenue breakdown by segment from Q1 2016 onwards, split across subscription services and professional services segments.
Veeva is one of the leading providers of industry cloud solutions for the global life sciences industry. Their solutions facilitate companies in the life science industry in the development and launch of new products faster and more effectively, in the marketing and sale of these products as well as the in maintaining compliances with the government regulations.
|Segment||Q2 2021||Q1 2022||Q2 2022||Contribution in Q2 2022|
|Professional Services and others||$283.50||$92.45||$89.15||20%|
(All figures are in millions, except percentages)
Veeva Systems’ revenue is primarily generated by sales to its customers in the life sciences industry which is sold through its direct sale organization. Its total revenue grew from $353.68 million in Q2 2021 to $455.58 in Q2 2022, marking a 28.81% increase on a YoY basis.
The company’s revenue is further bifurcated into its subscription services and professional services and other services as shown in the following paragraphs.
The subscription services of Veeva include cloud-based solutions which provide data, software, services, and an extensive ecosystem of partners to support clients’ most critical functions from R&D through commercial functions.
The share of the revenue from services stood 80% for Q2 2022, amounting to $366.43 million, marking an increase of 29.25% year on year from Q2 2021when the revenue from subscription services amounted to $283.50 million.
The revenue in Q2 2022 was up 7.4% from the last quarter(Q1 2021) when the share of the revenue from subscription services stood at $341.11 million.
Professional Services and Others
Veeva’s professional services offer several packages to jumpstart deployment for small and medium life sciences companies. Its professional services team ensures that there is a rock-solid and efficient deployment of the client’s solution. The team shepherds the client from project startup to go live with a structured, iterative approach that eliminates stress on the client’s team and prepares their users for adoption, and also gives the client an on-time and on-budget solution that works.
The share of the revenue from professional services in Q2 2022 was $89.15 million, with a contribution of 20% in the total revenue during that quarter. It was up 27.03% YoY from Q2 2021 when the revenue from professional services stood at $70.18 million but down 3.5% from Q1 2022 when the revenue from this segment was $92.45 million.
About the Company
Veeva Systems’ (NYSE: VEEV) is a provider of industry cloud solutions for the global life sciences and pharmaceutical industry. It was founded in 2007 on the premise that industry-specific cloud solutions could best address the operating challenges and regulatory requirements of life sciences companies. The solutions and services that the company provides range from cloud software, to data, and business consulting that are specifically designed to meet the unique needs of its clients. The company also provides the benefits of its content and data management solutions to customers outside of the life sciences and pharma industry in three regulated industries: consumer goods, chemicals, and cosmetics.
In 2021, it became a Delaware public benefit corporation which further reflects its core values which are-do the right thing, customer success, employee success, and speed. It has served around 893 customers to date which includes pharma and life sciences giants such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck & Co., Inc., and Novartis International AG, etc.
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