Veeva shares up 5x in three years, CEO Peter Gassner focused on 2025

Veeva’s software helps pharmaceutical developers like AstraZeneca, GlaxoSmithKline and Bayer move to the cloud with products that are custom built for the intricacies of their highly regulated industry. It’s also working with companies pursuing clinical trials, allowing them to digitally monitor their progress, while helping them track and analyze their data.

Gassner started the company in 2007 after a career in the software industry at IBM, PeopleSoft and Salesforce. In an interview with CNBC this week, he said the company is focused on 2025, by which point analysts expect Veeva to be well past $2 billion in sales. He’s got three main goals that he shares with employees.

First off? “We have to still be Veeva.”

The company currently has over 2,400 employees, and Gassner said that it could have 10,000 by then. At that size, “how do you have the special culture, the secret sauce?” he said. “How are we able to change and keep morphing” and be a place “where people authentically like to work? It’s not easy to do.”

The second goal is “to have a lot of room to grow.” Veeva sells into the $3.5 trillion health-care market, but the players in that industry tend to move slowly when it comes to technology. Veeva has to keep developing products that save companies money and make them more efficient, and must be able to serve a wider array of customers.

The third goal relates to internal financial projections, which Gassner said he’s not at liberty to share. “We’re a pretty aggressive company,” he said. For fiscal 2024, analysts project revenue of just over $2 billion, according to FactSet, with $1.7 billion coming from subscription services. That’s as far out as analysts are projecting.

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