12:33 PM EDT, 05/29/2025 (MT Newswires) -- Veeva Systems ( VEEV ) shares were up 18% in recent Thursday trading after the company reported fiscal Q1 earnings and revenue that topped consensus estimates.

The company's fiscal Q1 non-GAAP earnings rose to $1.97 per diluted share from $1.50 a year earlier. Analysts polled by FactSet expected $1.74.

Revenue for the quarter ended April 30 rose to $759.0 million from $650.4 million a year earlier. Analysts surveyed by FactSet expected $728.4 million.

The company set fiscal Q2 adjusted EPS guidance of $1.89 to $1.90 on revenue of $766 million to $769 million. Analysts expect EPS of $1.79 on revenue of $750.8 million.

Veeva Systems ( VEEV ) also lifted its full-year adjusted EPS guidance to about $7.63 on revenue of $3.09 billion to $3.10 billion from an EPS of $7.32 on revenue of $3.04 billion to $3.06 billion previously. Analysts expect EPS of $7.31 on revenue of $3.05 billion.

UBS had a neutral rating on the stock and lifted price target to $285 per share from $250. Morgan Stanley remained underweight but lifted its price target to $210 per share from $201. RBC Capital Markets reiterated its overweight rating on the stock and ramped its price target to $330 per share from $285.

RBC analysts said that management highlighted the rise in Veeva's ( VEEV ) new Vault CRM customers in Q1, and is on track to reach 200 customers, including three top biopharma companies, by year-end, further driving commercial momentum. Management said an agreement between Takeda (TAK) and Salesforce ( CRM ) under which the pharmaceutical company selected Salesforce's ( CRM ) Life Sciences Cloud platform for customer engagement is not expected to have an impact in fiscal 2026 as clients eye investments in artificial intelligence projects instead of building a custom CRM.

Morgan Stanley analysts said its underweight rating reflects CRM market risks as management discussions with clients revealed a general unease amid a bleak tariff outlook, executive order on drug pricing, and workforce downsizing at the US Food and Drug Administration, potentially impacting the funding landscape for early-stage biotech firms and driving conservatism at established biopharma companies.

Price: 277.03, Change: +42.54, Percent Change: +18.14