Veeva Systems Inc (VEEV) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Colby and I will be your conference operator today. At this time, I would like to welcome you to the Veeva Systems fiscal 2026 third quarter results conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫科爾比，今天我將擔任你們的會議接線生。在此，我謹代表 Veeva Systems 宣布 2026 財年第三季業績，歡迎各位參加電話會議。（操作說明）

I'd now like to turn the call over to Gunnar Hansen, Head of Investor Relations. Please go ahead.

現在我將把電話交給投資人關係主管 Gunnar Hansen。請繼續。

Good afternoon, and welcome to Veeva's fiscal 2026 third quarter earnings conference call for the quarter ended October 31, 2025. As a reminder, we posted prepared remarks on Veeva's Investor Relations website just after 1:00 PM Pacific today. We hope you have had a chance to read them before the call. Today's call will be used primarily for Q&A.

下午好，歡迎參加 Veeva 2026 財年第三季（截至 2025 年 10 月 31 日）收益電話會議。再次提醒大家，我們已於今天太平洋時間下午 1 點剛過在 Veeva 的投資者關係網站上發布了準備好的發言稿。希望您在通話前有機會閱讀這些資料。今天的電話會議將主要用於問答環節。

With me today for Q&A are Peter Gassner, our Chief Executive Officer; Paul Shawah, EVP, Strategy; and Brian Van Wagener, our Chief Financial Officer.

今天陪同我進行問答環節的有：執行長 Peter Gassner；執行副總裁兼策略主管 Paul Shawah；以及財務長 Brian Van Wagener。

During this call, we may make forward-looking statements regarding trends, our strategies and the anticipated performance of the business, including guidance regarding future financial results. These forward-looking statements will be based on current views and expectations and are subject to various risks and uncertainties. Our actual results may differ materially.

在本次電話會議中，我們可能會對趨勢、我們的策略和預期業務表現做出前瞻性陳述，包括對未來財務表現的指導。這些前瞻性陳述將基於目前的觀點和預期，並受各種風險和不確定性的影響。我們的實際結果可能與此有重大差異。

Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q. Forward-looking statements made during the call are being made as of today, November 20, 2025 based on the facts available to us today. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information. Veeva disclaims any obligation to update or revise any forward-looking statements. We may discuss our guidance on today's call, but we will not provide any further guidance or updates on our performance during the quarter unless we do so in a public form.

請參閱我們在盈利報告中列出的風險以及我們在最近提交的 10-Q 表格文件中列出的風險因素。本次電話會議中所做的前瞻性陳述均基於我們今天（2025 年 11 月 20 日）所掌握的事實。如果今天之後重播或查看此通話，通話期間提供的資訊可能不包含最新或準確的資訊。Veeva公司聲明不承擔更新或修改任何前瞻性聲明的義務。我們可能會在今天的電話會議上討論我們的業績指引，但除非以公開形式，否則我們不會提供任何關於本季度業績的進一步指引或更新。

On the call, we may also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A reconciliation to comparable GAAP measures can be found in today's earnings release and in the supplemental investor presentation, both of which are available on our website.

在電話會議上，我們也可能會討論一些我們認為有助於理解我們財務表現的非GAAP指標。有關與可比較 GAAP 指標的調節表，請參閱今天的收益報告和補充投資者演示文稿，這兩份文件均可在我們的網站上找到。

With that, thank you for joining us, and I'll turn the call over to Peter.

那麼，感謝各位的參與，接下來我將把電話交給彼得。

Thank you, Gunnar, and welcome, everyone, to the call. We had an excellent Q3 with strength across the business and results above our guidance. Total revenue in the quarter was $811 million, and non-GAAP operating income was $365 million. Veeva AI is a major initiative for Veeva, and we're making excellent progress. We think Veeva AI can be significant for customers, the industry and Veeva.

謝謝你，Gunnar，也歡迎各位參加通話。第三季業績表現出色，各項業務均表現強勁，業績超乎預期。本季總收入為 8.11 億美元，非 GAAP 營業收入為 3.65 億美元。Veeva AI 是 Veeva 的一項重大舉措，我們取得了卓越的進展。我們認為 Veeva AI 對客戶、產業和 Veeva 本身都具有重要意義。

We're also executing well and delivering significant innovation across all product areas, including Vault CRM, Crossix, clinical and safety.

我們在所有產品領域，包括 Vault CRM、Crossix、臨床和安全等領域，都取得了良好的執行效果並實現了重大創新。

We'll now open up the call to your questions.

現在我們開放提問環節。

(Operator Instructions) Saket Kalia, Barclays.

（操作說明）Saket Kalia，巴克萊銀行。

Okay. Great. I appreciate the prepared remarks that were posted. Brian, maybe I'd love to start with you and maybe just hit one of the points in the prepared remarks kind of head on, where I think we said that 14 of top 20 customers are expected to migrate to Vault CRM, and so six are potentially opting for other solutions. Now there's clearly the potential to -- for win back, as we said, but maybe the first question is, how do you sort of think about the size of the revenue that might be at risk from those 6 customers on the CRM side?And how do you think about the time line of that potentially kind of transitioning?

好的。偉大的。我很感謝已經發布的準備好的發言稿。Brian，或許我想先和你談談，直接切入準備好的發言稿中的一點，我想我們說過，預計前 20 名客戶中有 14 名將遷移到 Vault CRM，因此有 6 名客戶可能會選擇其他解決方案。現在顯然存在著挽回客戶的潛力，正如我們所說，但或許首要問題是，您如何看待CRM方面這6位客戶可能帶來的收入風險規模？您如何看待這種潛在轉型的時間表？

Saket, I'm not going to size it, and there is the potential for win back, as you said. But maybe taking a step back, is about 20% of total revenue today, down from about 25% two years ago. And that's because other product areas have been growing.

薩凱特，我不會妄下斷言，而且正如你所說，還有挽回的可能。但或許退一步來看，目前約佔總收入的 20%，低於兩年前的約 25%。這是因為其他產品領域一直在成長。

And so in the shorter term, these are multiyear projects that we understand will take a long time to execute. So no impact expected this year and likely nothing material for next year either. Longer term, we don't expect any impact on our 2030 goals. It's a diverse business, and that means there's a lot of paths to get there, and we're still on track.

因此，短期來看，這些都是需要多年才能完成的項目，我們明白執行起來會很漫長。因此，預計今年不會產生任何影響，明年也可能不會產生實質影響。從長遠來看，我們預計不會對2030年目標產生任何影響。這是一個多元化的行業，這意味著有很多條路可以到達目的地，而我們仍然走在正確的道路上。

Got it. Got it. That's super helpful, actually. Peter, maybe for you. On the other side of the business, I'd love to talk about R&D a little bit with you.

知道了。知道了。這真的很有幫助。彼得，也許對你來說是這樣。另一方面，我很想跟你聊聊研發方面的議題。

Of course, one of your competitors talked about winning back a top 20 on the EDC side. I was wondering, just since we're all together, can you just talk about that? And maybe just comment on kind of the state of the union in that EDC market in terms of the competitive landscape and your pipeline for further market share gains?

當然，你們的某個競爭對手談到了要重新奪回 EDC 前 20 名的席位。我想問一下，既然大家都在一起，你能不能談談這件事？或許可以談談EDC市場的現狀，例如競爭格局以及你們未來如何進一步擴大市場佔有率？

Yes. We did have one customer that said they were going to go back to their previous provider. Now there's still a broad clinical customer for us and even in the EDC area. So we'll just have to see how that goes. That's not a trend I see.

是的。我們確實有一位客戶表示他們打算重新使用先前的供應商。現在我們仍然擁有廣泛的臨床客戶，甚至在電子資料收集 (EDC) 領域也是如此。所以，我們只能拭目以待了。我沒看到這種趨勢。

I think we're still trending very well in clinical, and we have a number of opportunities in the pipeline for EDC, both with large sponsors and with CROs because most customers are looking for an integrated solution across clinical operations and clinical data because it just makes sense. That's how you drive efficiency and efficiency is the name of the game.

我認為我們在臨床領域仍然發展勢頭良好，並且我們在電子數據採集 (EDC) 方面有很多機會正在洽談中，包括與大型贊助商和合約研究組織 (CRO) 的合作，因為大多數客戶都在尋求臨床運營和臨床數據的集成解決方案，這才是明智之舉。這樣才能提高效率，而效率才是關鍵。

This particular customer has more of an integrated architecture of their own, for example, they have a custom CTMS solution and a variety of other things. So at this point, it was a sort of more a decision that was something that we don't see repeating in other places.

這位客戶擁有更完善的整合架構，例如，他們擁有客製化的 CTMS 解決方案以及其他各種解決方案。所以，在這一點上，這更像是我們在其他地方不會看到的決定。

Now then also the thing that I'm very excited about is our innovation in clinical, our next-generation innovation in clinical that we have in the kitchen that will help the life sciences companies bridge between sponsors and all the way out into clinical research sites and also really help in patient recruiting over time. So future is very bright in clinical. This one, honestly, a bit of an aberration.

此外，讓我感到非常興奮的是我們在臨床領域的創新，我們正在研發的下一代臨床創新技術，它將幫助生命科學公司與贊助商建立聯繫，並最終進入臨床研究機構，隨著時間的推移，它也將真正幫助患者招募。因此，臨床領域的未來非常光明。說實話，這有點反常。

Your next question comes from the line of Joe Vruwink with Baird.

你的下一個問題來自 Joe Vruwink 與 Baird 的對話。

Great. I wanted to dig a bit more into the CRM topic. Obviously, attrition carries an implication on revenue over time. But I sit here today and I think commercial subscription revenues have been raised by about $60 million year-to-date. And then every Vault CRM customer you're retaining now has the opportunity to have service center and marketing automation and Veeva AI.

偉大的。我想更深入地了解一下客戶關係管理（CRM）這個主題。顯然，人員流失會對長期收入產生影響。但我今天坐在這裡，我認為今年迄今為止商業訂閱收入已經增加了約 6000 萬美元。這樣一來，您現在保留的每個 Vault CRM 客戶都有機會獲得服務中心、行銷自動化和 Veeva AI。

So how should we think about all of that netting together? I mean, is it the case where ultimately, you're netting out, and there's an increment here. I think the market is focusing on the lost value to Saket's question, but how to think about the offsets in the equation over the next five years?

那麼我們應該如何將所有這些因素綜合考慮呢？我的意思是，最終結果是否會是淨收益，並且還有成長？我認為市場關注的是Saket提出的問題所造成的價值損失，但是如何考慮未來五年內等式中的抵銷因素呢？

Yes. Joe, so you're absolutely right. I think there's been a lot of focus on what there is to lose. I think there's a lot of potential in what we've created, the innovation that we delivered in some of the areas that you mentioned like service center and marketing and patient CRM and some of the new products, but then also in AI. So yes, each customer that we retain, we have the potential to sell a lot of these products and new innovations.

是的。喬，你說得完全正確。我認為大家過於關注可能會失去什麼。我認為我們所創造的事物蘊藏著巨大的潛力，我們在你提到的一些領域，例如服務中心、行銷、病患客戶關係管理以及一些新產品，都實現了創新，人工智慧領域也是如此。所以，是的，我們留住的每一個客戶，都有可能向我們銷售許多這類產品和創新產品。

And I expect that over time, those customers will adopt more broadly the CRM suite, all the add-ons that are part of that.

我預計隨著時間的推移，這些客戶將更廣泛地採用 CRM 套件及其所有附加元件。

We're starting to see some of that happen already with some of the customers who've committed to Vault CRM starting to add additional products on. So that's really good. I think we'll also have the potential to win some of these customers back. We've talked about that in detail. So yes, I feel good about the upside as much as there is some potential attrition from some of the customers that we've decided to do something different.

我們已經開始看到一些這樣的情況發生，一些已經選擇 Vault CRM 的客戶開始添加其他產品。那真是太好了。我認為我們也有可能贏回其中一些客戶。我們已經詳細討論過這個問題了。所以，是的，我對前景感到樂觀，儘管我們決定採取不同的做法可能會導致一些客戶流失。

Yes. And this is Peter. I'll just add in. We've focused on the top 20 because that's how we do some things when we talk to the financial community. But it is important to remember we have about 400 customers.

是的。這是彼得。我補充一下。我們專注於前 20 名，因為我們在與金融界交流時，有些事情就是以這種方式進行的。但要記住的是，我們大約有 400 位客戶。

So it's pretty distributed in what we do. So our CRM business is very healthy. And our win rate and our conversion rate is very strong and stronger in the smaller market because not the smaller customers, they don't have this appetite for a custom built. It's just not the risk they want to take or what they want to do, and they get a lot of other product Veeva.

所以它在我們所做的工作中分佈相當廣泛。所以我們的客戶關係管理業務發展非常健康。我們的成交率和轉換率都非常高，在小市場中尤其如此，因為小客戶對客製化產品沒有那麼大的需求。他們不想承擔這種風險，也不想做這種事，而且他們也買了 Veeva 的許多其他產品。

Also just on a side note, while we didn't have 20 of the top 20 customers, 20 of the top 20 were our customers in some fashion for CRM, two of them were mainly IQVIA customers. So that's it's not to say that we're not going to gain some new customers here, right? And that can be significant as well. Bottom line is what you should take away is in business is healthy and it is an important part of Vivo, but the major it's not the largest part of Veeva anymore. That's for sure.

另外，順便提一下，雖然我們沒有前 20 名客戶中的 20 名，但前 20 名中有 20 名以某種方式是我們的客戶，用於 CRM 服務，其中兩名主要是 IQVIA 的客戶。所以，這並不是說我們在這裡就無法獲得一些新客戶，對吧？這一點也很重要。總而言之，你應該明白的是，這項業務目前發展良好，並且是 Vivo 的重要組成部分，但它不再是 Veeva 最大的組成部分了。那當然。

Okay. That's great color. Maybe one on Veeva AI. You had a few summits within the last quarter. I think you've also been making around on forum gathering feedback from your customers.

好的。顏色真好看。或許Veeva AI會提供相關資訊。上個季度你們參加了幾次高峰會。我認為你也一直在論壇上收集客戶的回饋意見。

I guess, what stood out to you both in terms of, I'll say, positive reception, but then also maybe any pushback or things where you walk away and you have more you need to work on coming out of this initial experience with AI?

我想問的是，在你們二位看來，人工智慧的正面反應最突出的是什麼？同時，在這次初步體驗中，你們也遇到了一些阻力，或是有哪些方面需要改進？

Well, I think our customers are -- they're looking for practical solutions now, right? They're looking for solutions that can add value rapidly sort of getting out of this experimentation pace. And they want to use partners where partners can help them, so they want to use Microsoft are Microsoft can help them. They want to use an topic where on top it can help them. And they know where Veeva can help them is helping to automate industry-specific applications with AI, that deep domain knowledge and the business process consulting around it.

我認為我們的客戶現在確實在尋找切實可行的解決方案，對吧？他們正在尋找能夠快速創造價值的解決方案，以擺脫這種實驗性的節奏。他們希望在合作夥伴能夠幫助他們的地方與他們合作，所以他們希望在微軟能夠幫助他們的地方與他們合作。他們想利用一個能對他們有幫助的話題。他們知道 Veeva 能為他們提供的幫助在於，利用人工智慧、深厚的領域知識以及相關的業務流程諮詢，幫助他們實現特定行業的應用程式自動化。

So how do you enable insight generation in CRM through your field team by the use of compliant free text, okay? That's a very specific thing. How do you dramatically increase the efficiency of safety case processing for adverse events because that's very specific. So that's what they're looking to us for and that's what we deliver. That's what we specialize.

那麼，如何透過合規的自由文本，讓你的現場團隊在 CRM 中產生洞見呢？那是一個非常具體的事情。如何大幅提高不良事件安全案件處理的效率？因為這是一個非常具體的問題。所以這就是他們對我們的期望，也是我們所提供的。這就是我們的專長。

In terms of what they would like differently, just like everybody else, can this be robust and proven and working tomorrow, for all cases. And so they just want us to go faster, but there's really rampant alignment on directions. Veeva is setting out to do exactly what they want Veeva to do. We just have to get there. And the customers also have to be able to adopt and do that change management work, which is that's not easy either.

至於他們希望有哪些不同之處，就像其他人一樣，他們希望這項功能能夠穩健可靠、經得起考驗，並且明天就能在所有情況下都有效。所以他們只是想讓我們走得更快，但實際上方向完全一致。Veeva 正朝著他們想要的方向努力。我們只需要到達那裡。客戶也必須能夠接受並完成這種變革管理工作，而這同樣不容易。

That's not going to happen overnight. That's one of our advantages is we have a great business consulting team.

這不會一蹴可幾。我們的優勢之一就是我們擁有優秀的商業諮詢團隊。

So we have that integrated together. Our product team, our selling team and our business consulting team to deliver AI value. That's going to be more holistic than others, and that's how you're going to have to do it in industry-specific solutions. The customers are not going to want to knit together consulting over here and software over there and AI over here. They're not going to want to do that over the long term.

所以我們已經將它們整合在一起了。我們的產品團隊、銷售團隊和業務諮詢團隊將共同交付人工智慧價值。這將比其他方法更全面，而這正是你在行業特定解決方案中必須採用的方法。客戶不會希望把諮詢服務、軟體和人工智慧混為一談。從長遠來看，他們不會想這樣做。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

And Peter, maybe a follow-up to your last answer. But as we think about AI and how that will impact your products going forward, do you think that we'll see more of a monetization in terms of commercial? Where we've already kind of seen some aspects of that today, maybe more broadly in software. But I'm curious, what do you think that opportunity could be in R&D where there seems to be more of an opportunity of innovation. Any color on like how to think about that opportunity from AI?

彼得，或許可以對你上次的回答做個補充。但當我們思考人工智慧及其對貴公司未來產品的影響時，您認為我們會看到更多商業方面的獲利模式嗎？如今，我們已經在某種程度上看到了這方面的一些現象，尤其是在軟體領域。但我很好奇，您認為在研發領域，創新機會似乎更多，那麼研發領域可能有哪些機會呢？關於如何看待人工智慧帶來的機遇，大家有什麼看法？

I think it will be not exactly, but broadly even across the board. So with some areas a bit a bit more than others. Safety, I think it's a big opportunity to reduce the amount of labor needed also in certain areas of the clinical. In commercial, it's more about insight generation and market advantage and in terms of faster insights. In regulatory, it's about speed.

我認為不會完全如此，但總體上會比較均衡。所以有些地區比其他地區略多。我認為，在安全方面，這是減少臨床某些領域所需勞動力的絕佳機會。在商業領域，更重要的是洞察力的產生和市場優勢，以及更快的洞察力。在監管領域，速度至關重要。

So the value is probably similar across all areas, but the way it's going to be implemented is differently. Some is going to focus on inside and agility. Some is going to focus on humans don't need to do that particular work anymore.

因此，其價值在各個領域可能相似，但實現方式卻有所不同。一部分將側重於內部技術和敏捷性。有些人會關注人類不再需要從事那項特定工作。

And maybe, Paul, a follow-up for you. I think there's been some debate broadly on AI and how that may impact sales reps or like how efficient sales reps could be like as you talk to some of your customers, like how are they thinking about the size of their sales force with the implementation of AI? Like what do you think that looks like going forward?

保羅，或許我該跟進一下。我認為，關於人工智慧及其對銷售代表的影響，以及人工智慧如何提高銷售代表的效率，已經存在一些廣泛的爭論。當你與一些客戶交談時，你會思考，在實施人工智慧之後，他們是如何考慮銷售團隊規模的？你覺得未來會是什麼樣子？

Yes. I mean we have seen some of the reductions that have played out over the past couple of years that we have talked about. We've kind of predicted roughly about 10%. It ended up being a little bit less than that. The way to think about it is the customers that they're calling on the HCPs number of doctors hasn't fundamentally changed.

是的。我的意思是，我們已經看到了過去幾年裡出現的一些我們之前討論過的減產措施。我們大致預測了10%左右。最終實際金額比預期略少一些。思考這個問題的方式是，他們所聯繫的客戶（醫療保健專業人員的數量）並沒有根本性的變化。

You still need people. You need a base level of sales reps to build those relationships, cover those doctors, deliver the information, the service that they need. So I think the industry is cautious and thoughtful about making significant changes or adjustments.

你仍然需要人。你需要一定數量的銷售代表來建立這些關係，涵蓋這些醫生，並提供他們需要的資訊和服務。所以我認為，業界在做出重大改變或調整時會保持謹慎和深思熟慮。

So I think there is a lot of potential for productivity gains and effectiveness gains. But I think it will likely be stable, at least for the next couple of years. We're not hearing of any AI-related reductions. It's more related to specific ramping up for launches or ramping down because of the pipeline challenge, but I think that's a normal course of business.

所以我認為這方面有很大的提高生產力和效率的潛力。但我認為它可能會保持穩定，至少在未來幾年內是如此。我們沒有聽說任何與人工智慧相關的裁員消息。這更多地與為了產品發布而進行的特定增產或因為生產線挑戰而進行的減產有關，但我認為這是正常的商業運作過程。

Alexei Gogolev, JPMorgan.

阿列克謝‧戈戈列夫，摩根大通。

Hello, everyone. Thank you for question. I have my first question. Maybe I appreciate the comments you made in prepared remarks that you have not observed material change to customer buying behaviors. But could you double click on the demand environment and the financial health of the pharma end market?

大家好。謝謝你的提問。我的第一個問題是：也許我同意您在事先準備好的發言稿中提到的，您並未觀察到顧客購買行為發生實質變化。但能否深入分析醫藥終端市場的需求環境與財務狀況？

Right. Yes. So the industry overall is pretty healthy. We've had a bit of chaos in the political environment with tariffs and other things and certainly conflict, but the industry has gotten, I guess, used to that. And so I'm seeing no changes in the end market.

正確的。是的。所以整個產業整體狀況相當健康。政治環境因為關稅和其他一些事情而變得有些混亂，當然也出現了一些衝突，但我想，業界已經習慣了這種情況。因此，我沒有看到終端市場有任何變化。

Then the science is still rapidly involving, right? So there are many, many uncured diseases that are seriously affecting people's quality of life around the death of a child or a young parent, right, that happens. And the industry is working hard to be able to cure some of those things. And there's demand for that. So I'm pretty optimistic about the industry overall, and it's pretty steady right now.

那麼，科學領域仍在快速發展，對吧？所以有很多很多無法治癒的疾病嚴重影響人們的生活質量，在孩子或年輕父母去世前後，這種情況確實會發生。業界正在努力解決其中的一些問題。而且市場對這種產品有需求。所以我對整個產業相當樂觀，目前產業發展也相當穩定。

And a very quick follow-up on the comments. First, congrats with another commitment for Vault CRM. So you suggested that you're looking to win another four out of the remaining X undecided. Do you have any durable indications from those clients already?

對評論稍作回應。首先，恭喜您再次獲得 Vault CRM 的訂單。所以你的意思是，你想從剩下的 X 個未決選票中再贏下 4 個。你們目前是否有任何來自這些客戶的可靠回饋？

No, I wouldn't get we'll probably let you know. When we've been notified, we'll let you know in general, but we won't get into the fine tune of that. Okay. We have some things that we think, and we have some things that we think we think, but we won't get any more finer than that.

不，我不會同意，我們可能會通知你。收到通知後，我們會大致通知您，但不會詳細說明。好的。我們有一些自己的想法，也有一些我們自認為的想法，但我們不會再有更精細的判斷了。

Ken Wong, Oppenheimer.

Ken Wong，奧本海默。

The first one for Paul. Crossix again, called out as a pocket of strength. Any way to help put a little context around it? Was that consistent with Q2? Just start to normalize, level off? How should we think about the Crossix dynamic?

第一個是給保羅的。Crossix再次被譽為一股強大的力量。有什麼辦法能幫忙補充一些背景資訊嗎？這與Q2的結果一致嗎？開始趨於正常，趨於穩定？我們該如何看待 Crossix 的發展動態？

Yes, it was in line with our expectations. You've seen nice outperformance of Crossix in the first couple of quarters of the year, and we expected that to continue to play out. The measurement business very stable and we've continued to perform well there. And then audiences, which can be a little bit more variable has also delivered really nicely. So yes, Crossix continues to be a nice growth driver and we expect it to be that, although there may be some variability, we expect that to be a nice driver over the next several years.

是的，這符合我們的預期。今年前兩個季度，Crossix 的表現非常出色，我們預計這種情況會持續下去。測量業務非常穩定，我們在該領域一直表現出色。而觀眾的反應可能會更加多變，但他們的表現也相當不錯。所以，是的，Crossix 仍然是一個不錯的成長驅動力，我們預計它將繼續如此，儘管可能會有一些波動，但我們預計它在未來幾年將是一個不錯的驅動力。

Perfect. And then, Brian, 115 customers live on Vault CRM, including, I think, some top 20s kind of in the motion. How should we think about when you might see some gross margin tailwind as you start to work off of the sales force royalties? What's the right time frame for something like that?

完美的。Brian，目前有 115 位客戶在使用 Vault CRM，其中我認為包括一些排名前 20 的企業。我們應該如何看待在開始減少銷售人員佣金時，毛利率可能會出現成長的情況？這類事情合適的完成時間是多久？

Yes. There are some puts and takes in the short to midterm there, Ken. So you recall that in the next couple of years, as we have other customers going through their migration, there are some customers where we have both the be the CRM on sales force royalties and the AWS hosting costs. So we'll see some customers rolling off, some that have a mix. So it's, I would say, a modest headwind actually over the next year or but pretty immaterial in the grand scheme of things.

是的。肯，短期到中期內會有一些買賣交易。所以您應該記得，在接下來的幾年裡，隨著我們其他客戶進行遷移，有些客戶既需要支付 CRM 銷售團隊的版稅，也需要支付 AWS 託管費用。所以，我們會看到一些客戶流失，有些客戶則同時流失。所以，我認為，在接下來的一年裡，這實際上會是一個小小的阻力，但從長遠來看，這無關緊要。

You can see that the gross margins on subscriptions were essentially stable, slightly up year-over-year. So it's not a significant impact over the next couple of years and then it starts to roll off a few years from now.

可以看出，訂閱業務的毛利率基本上保持穩定，較去年同期略有成長。所以未來幾年內不會有太大影響，幾年後影響力就會逐漸減弱。

Stan Berenshteyn, Wells Fargo Securities LLC.

史丹貝倫斯坦，富國證券有限責任公司。

Well, first, a follow-up on Crossix. I'm just curious, given the regulatory focus on direct-to-consumer advertising. Have you seen any changes in where audience targeting is happening on the platform? Is it changing at all?

首先，跟進一下 Crossix 的情況。我只是好奇，因為監管機構的重點是直接面對消費者的廣告。您是否觀察到平台上的受眾定向方式有任何變化？情況有變化嗎？

Yes, I'll take that one, Paul. I think the thing that when I was listening about Crossix, seem to know is that digital -- overall digital marketing spending is going up, both in consumer and in HCP because there's better digital avenues to reach people. And you're seeing that with things like open evidence and Doximity's new AI offering, right. So there's increasing effective use of that channel. And then with Crossix, specifically, what's going on is as that channel gets more important measurement and audiences and optimization get more and more important. That's one thing.

是的，我接受這個任務，保羅。我覺得我在聽 Crossix 的介紹時，他們似乎明白，數位行銷的整體支出正在上升，無論是在消費者領域還是在醫療保健專業人士領域，因為有更好的數位管道可以接觸到人們。這一點在開放證據和 Doximity 的全新人工智慧產品等事物中都有體現，對吧。因此，該管道的有效利用正在不斷提高。而對於 Crossix 來說，具體情況是，隨著該管道變得越來越重要，衡量指標、受眾群體和優化也變得越來越重要。這是一件事。

And Crossix is becoming more of a standard. So there's really a compounding effect of the excellence that we're developing in Crossix. Crossix will be -- that's going to be a well-growing business for us. You should think of that as a well-run business for the foreseeable future, three, four, five years type of thing. This is -- we've put some serious innovation in Crossix over the past years.

Crossix 正逐漸成為一種標準。因此，我們在 Crossix 所培養的卓越品質確實產生了疊加效應。Crossix將會－那將會是我們一項發展良好的事業。你應該把它看作是一個在可預見的未來（三、四、五年）都能正常運作的企業。也就是說，在過去幾年裡，我們在 Crossix 上進行了一些重大的創新。

We've invested heavily in the data network because that's a data network that we share with Compass, Compass and Crossix share that data network. So it's -- digital is becoming more important, not less important. The other you will see maybe regulations around consumer TV ads. But overall, digital is growing. It's a very effective means to meet people, and you need to measure and optimize that, and that's what Crossix does.

我們在數據網絡方面投入了大量資金，因為這是我們與 Compass 共享的數據網絡，Compass 和 Crossix 共享該數據網絡。所以，數位化正變得越來越重要，而不是越來越不重要。你也可能會看到一些關於消費者電視廣告的監管規定。但總體而言，數位化正在發展。這是結識人脈的一種非常有效的方式，你需要衡量和優化這種方式，而這正是 Crossix 所做的。

Very helpful. And maybe a quick follow-up on your sales pipeline. I'm curious a couple of comments here. First, I think historically, Peter, you called out safety and regulatory as potentially having a little bit less of a predictable sales cycle, maybe a bit longer than usual. Any changes there from customers in the sales pipeline on those products?

很有幫助。或許還需要快速跟進一下您的銷售管道。我對這裡的一些評論很感興趣。首先，彼得，我認為從歷史角度來看，你曾指出安全和監管的銷售週期可能不太可預測，可能會比平常長。銷售流程中的顧客對這些產品的需求有改變嗎？

And then maybe related to this, I'm just curious, are you seeing anything coming from IQVIA partnership? Any clients potentially coming through that pipeline?

另外，或許跟這個有關，我很好奇，你覺得 IQVIA 的合作會有什麼進展嗎？是否有潛在客戶透過這條管道進入？

Yes. For safety and regulatory, they are, especially in the large companies that those are usually long sales cycles. Customers know they're making 10-year decisions plus -- so these are very serious ones. So I don't see any change there. We have a lot of momentum in the safety area.

是的。出於安全和監管方面的考慮，它們確實如此，尤其是在銷售週期通常較長的大公司中。顧客們知道他們所做的決定會影響未來十年甚至更久——所以這些都是非常重要的決定。所以我覺得這方面沒有任何改變。我們在安全領域勢頭強勁。

That's 1 thing I would say. And then the AI and safety can kind of be a game changer as well. So that might drive a little faster adoption there. And in terms of IQVIA, it's been great having that be shift.

這是我想說的一點。人工智慧和安全性也可能成為改變遊戲規則的關鍵因素。這樣或許能加快那裡的普及速度。就 IQVIA 而言，這種轉變非常棒。

So revenue impact takes a while to see on these partnerships, but the positive customer experience is really heartening. I think it's giving IQVIA a little spring in their step, this partnership with Veeva. It's certainly giving Veeva a spring in our step, this partnership with I a very positive macro level trend for the business, especially on the commercial side. The two big macro level positive trends for us on the commercial side are these, increasing investment in digital and AI.

因此，這些合作關係對收入的影響需要一段時間才能顯現，但積極的客戶體驗確實令人鼓舞。我認為IQVIA與Veeva的合作讓公司上下都精神振奮。與我的合作無疑為 Veeva 帶來了活力，對公司而言，這是一個非常積極的宏觀發展趨勢，尤其是在商業方面。對我們來說，商業方面兩大宏觀正面趨勢是：對數位化和人工智慧的投資不斷增加。

You'll see Crossix taking advantage of that, and you'll see other things from you over the time, right, where a lot of our revenue and our future things will come as it relates to digital, the IQVIA partnership, making the interop more easier. That will help our data business, that will help our software business. And then the freedom that we're getting to develop our solutions without having to worry about the Salesforce platform and the limitations. All of these things are really going to be unleashing us on that commercial side? And then for IQVIA on the clinical side, that's been great, too, just more customer confidence in Veeva and IQVIA can bring solutions to our joint customers.

你會看到 Crossix 利用這一點，隨著時間的推移，你也會看到你們的其他舉措，對吧？我們的許多收入和未來的發展都將與數位化、IQVIA 合作以及使互通性更加容易有關。這將有助於我們的數據業務，也將有助於我們的軟體業務。而且，我們現在可以自由地開發自己的解決方案，而不必擔心 Salesforce 平台及其限制。所有這些真的會讓我們徹底擺脫商業束縛嗎？對於 IQVIA 的臨床方面來說，這也很棒，客戶對 Veeva 和 IQVIA 的信心增強，能夠為我們的共同客戶帶來解決方案。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

I appreciate it. Maybe, Peter, starting with you to -- if we think about the service strength you entered at this as it relates to business consulting, but maybe the need for change management that you're seeing and kind of the strong services outlook, how that -- or how you maybe think about the implications of that, maybe driving more kind of wall-to-wall broad-based platform adoption in the future, the role that business consulting can play in driving kind of the broader platform momentum over time, whether that's commercial or R&D?

謝謝。彼得，或許我們可以從你開始——如果我們考慮一下你進入這個領域時所展現的服務實力，以及你看到的變革管理需求和強勁的服務前景，那麼——或者說，你如何看待這些影響，比如在未來推動更廣泛的平台採用，以及商業諮詢在推動更廣泛的平台發展勢頭方面可以發揮的作用，無論是商業方面還是研發方面？

Yes. If you look at Veeva at a very high level where we started, pharmaceutical CRM built on salesforce.com, myself, and my neighbor in our front yard -- in our front yards, which we joined. So there's two people and one product, right? Now we have 7,000 people in a lot of products. The way -- and now we have software that basically reports directly to me, we have the data business that reports to me, and we have a consulting business in that consulting business reports to me.

是的。如果你從宏觀的角度來看 Veeva，它最初是基於 salesforce.com 構建的醫藥 CRM，我和我的鄰居在我們前院——也就是我們各自的前院——一起開始了這項工作。所以這裡有兩個人和一個產品，對吧？現在我們有許多產品線，員工總數達7000人。現在我們有了直接向我報告的軟體，我們有向我報告的數據業務，我們還有一個諮詢業務，而諮詢業務又向我報告。

So that's why we're building the industry cloud for life sciences. These three things working together, which is a lot of skills we have and capabilities we have to have in Veeva. We have to be an excellent consulting company. We have to be an excellent data company. we have to be an excellent software company. And we have to manage the interplay of those three things. But that's what our customers want.

所以，這就是我們建構生命科學產業雲的原因。這三件事協同運作，體現了我們在 Veeva 所擁有和必須具備的許多技能和能力。我們必須成為一家優秀的顧問公司。我們必須成為一家卓越的數據公司。我們必須成為一家卓越的軟體公司。我們必須妥善處理這三件事之間的互動。但這正是我們的客戶想要的。

They would rather have Veeva be the general contractor and fit this together. Sometimes I would talk to customers, and I would say, well, if Veeva has 100 things, the nice thing is you might buy one thing today but you can be assured that, that one thing five years from now will fit into all the other the things that you have versus if you buy 100 things from 100 different vendors, those 100 things are moving in 100 different directions, and you'll be replacing pieces and parts forever.

他們更希望 Veeva 作為總承包商來負責統籌安排。有時我會和客戶交談，我會說，如果 Veeva 有 100 種產品，好處在於你今天可能只買一件產品，但你可以確信，五年後這件產品仍然可以和你擁有的所有其他產品相容。而如果你從 100 個不同的供應商購買 100 件產品，這 100 件產品的發展方向各不相同，你將永遠需要更換零件。

So that's what we're bringing a more comprehensive solution across data software and the consulting, the operating models so that fits together for life sciences. I guess that I think sometimes people underestimate what we'll end up doing for last sciences. It's a pretty significant thing, and it's not anything that any other vendor has actually ever tried to do for the industry so far. So that's why we're pretty excited about what we're doing.

因此，我們正在為生命科學領域帶來更全面的數據軟體、諮詢和營運模式解決方案，使之能夠更好地整合在一起。我想，有時候人們會低估我們最終會在現代科學領域所做的事情。這是一件意義重大的事情，也是其他任何供應商迄今為止都沒有嘗試為行業做的事情。所以，這就是為什麼我們對正在做的事情感到非常興奮。

Certainly. That makes sense. And maybe you just kind of teased this, and so I'd be remiss if I didn't kind of double click on the momentum in safety. I know you called out another top 20 customer and I think another top 20 go-lives there alongside the fact that it's maybe the opportunity that's most ripe for labor disruption, I guess, I know these are still long-term decisions. but how you think about the innovation you're delivering to the safety space and how that's met with receptivity from a decisioning perspective as you have kind of more of these proof points and validation points in market?

當然。這很有道理。也許你剛才已經暗示過這一點，所以如果我不趁熱打鐵，穩紮穩打，那就太失職了。我知道您提到了另一位排名前 20 的客戶，而且我認為另一位排名前 20 的客戶也將在那裡上線。同時，這或許也是勞動市場變革最有利的機會。我知道這些仍然是長期決策。但是，您如何看待您為安全領域帶來的創新，以及隨著您在市場上擁有更多驗證點和證明點，這些創新在決策層面上的接受度如何？

I think safety people are really excited about our architecture and how we're doing things, not only the core safety processing, but the AI that sits on top of that and the analytics that go along with it, the analytical applications. So people think that's good. People are very hesitant to change their safety systems. It's such a core system, and it's so complex. So we're still in the early customer phase of that.

我認為安全人員對我們的架構和我們的工作方式感到非常興奮，不僅是核心安全處理，還有在其之上的 AI 以及與之相關的分析和分析應用程式。所以人們認為這是好事。人們非常不願意改變他們的安全系統。這是一個如此核心的系統，而且非常複雜。所以，我們目前仍處於早期客戶階段。

I'm hopeful that we'll get into the middle majority phase here in a couple of years, and then we'll have the late adopter phase. I'm just really optimistic on it, but gosh, people don't change these things very fast. They just don't. Because there's -- it's such a critical area and there's not a lot of push from above the safety teams because it's such a critical area and they've got it. So we just have to wait for the right time, and then every project has to be successful in that. That's really what we're focused on.

我希望幾年後我們能進入中間大眾階段，然後就會進入後期採用者階段。我對此非常樂觀，但是，唉，人們改變這些事情的速度並不快。他們就是不這麼做。因為這是一個非常關鍵的領域，而安全團隊上級並沒有施加太多壓力，因為這是一個非常關鍵的領域，而且他們已經掌握了情況。所以，我們只需要等待適當的時機，然後每個專案都必須在那個時機取得成功。這才是我們真正關注的重點。

It's probably surprising. It would be surprising to many people, how complex a global drug safety system is when you're coordinating with all the health authorities around the world, all the constantly changing regulations.

這或許令人驚訝。許多人可能會驚訝地發現，全球藥品安全體係有多麼複雜，因為它需要與世界各地的衛生部門協調，還要應對不斷變化的法規。

I mean just to give you an example, there's a lot of special functionality for vaccines that you need and over-the-counter medicines, each area has its own things, and each country has its own thing. So it's complex. We spent, I guess, it's getting close to, what, 8 years or so, building this thing now. So that's a real competitive moat.

舉個例子來說，疫苗和非處方藥有很多特殊功能，每個地區都有自己的規定，每個國家也有自己的規定。所以情況很複雜。我想，我們花了差不多八年才建成這個東西。所以這才是真正的競爭優勢。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Yes. Peter, just going back to the op CRM top 20 customers there. You referenced that this was like unique customer one-off example. I was wondering if you could just sort of elaborate on it? Is this something specific to their negotiations or discounts that they beginning with another vendor? If you could just talk through that and then maybe the time frame on when you think you could go them back?

是的。Peter，我這就回到 op CRM 的前 20 位客戶那裡。您提到這就像是一個獨特的客戶特例。我想請您詳細解釋一下？這是他們與其他供應商談判或折扣時特有的規定嗎？如果你能把事情說清楚，然後再說說你覺得什麼時候可以把他們送回去？

Yes, I think when we say customers specific situations in a very large company, there will be individual people and there'll be dynamics in between people. and there'll be how those people feel and where their cultural alignment is sometimes logic is only part of it. So that's what I was referring to. There's no particular pattern that it's just customer-specific humans, right? And some like would just say, I just want to try something new, right?

是的，我認為當我們談到大型公司中客戶的具體情況時，會涉及到個別員工以及人與人之間的互動。也會涉及員工的感受以及他們的文化契合度，有時邏輯只是其中的一部分。原來我指的是這個。並沒有特定的模式表明這只是針對特定客戶的人類，對吧？有些人可能會說，我只是想嘗試一些新的東西，對吧？

I just want to try something new. We may think that's logical or not logical, right? Some people want to go with something that's proven and some people would just want to try something new. So you've got all those kind of dynamics going on.

我只是想嘗試一些新的東西。我們可能會覺得這合乎邏輯，也可能覺得這不合邏輯，對吧？有些人喜歡選擇已被證明行之有效的方法，而有些人則想嘗試一些新的東西。所以，這裡存在著各種各樣的動態因素。

And then in terms of the win backs, you never know when that happens. Usually, it comes with, honestly, executive turnover, right? There's an executive turnover, somebody has a different idea. Also, it can come and sometimes vendor not delivering the current solution, not delivering or project failure and then it can come in a hurry. Am I coming 1 year, it might come in 10 years in general, these will be more of a custom build type of thing with Salesforce.

至於能否挽回客戶，你永遠無法預知何時會發生。老實說，這通常都伴隨著高階主管更迭，對吧？高層人員更迭，有人有了不同的想法。此外，有時供應商無法交付當前解決方案，或專案失敗，那麼這種情況可能會很快發生。我預計一年後會推出，也可能會在十年後推出，總的來說，這些將更像是與 Salesforce 合作的客製化產品。

And those -- on the outside, those could have a 10-year life span, but they might only have a 1-year life span. So just have to see how that goes. I do have a lot of confidence that the custom building is really -- it hasn't proven to be the way forward for most things over the years. And so that's what gives me a lot of comfort. But again, I don't want to over index on that. We're just talking about these top 20s for transparency.

而那些——從表面上看，它們可能有10年的使用壽命，但實際上可能只有1年的使用壽命。所以只能拭目以待了。我確實對定制建造很有信心——儘管多年來它並沒有被證明是大多數事情的發展方向。所以這讓我感到非常欣慰。但是，我還是不想過度重視這一點。我們只是在討論這前 20 名的透明度。

Our CRM business is very healthy. We're winning some top 20s that we didn't have. We're losing some that we had, and we may win them back. But overall, the business is good.

我們的客戶關係管理業務發展非常健康。我們贏得了之前從未進入過的前20名。我們正在失去一些曾經擁有的人，但我們或許能把他們贏回來。但總體而言，生意還不錯。

Yes. And for sure, over 100 customers live is a good proof point. Maybe, Brian, just on the margin side, it looks like hiring picked up again a little bit this quarter relative to kind of the trends we saw last year. Can you help us just understand where those heads are focused. And then anything you would call out in terms of how to think about margin expansion into next year?

是的。當然，超過 100 位客戶在線上就是一個很好的證明。布萊恩，或許從邊際效應來看，與去年我們看到的趨勢相比，本季的招募似乎略有回升。你能幫我們弄清楚這些頭腦的注意力都集中在哪裡嗎？那麼，關於如何考慮明年的利潤率擴張，您有什麼建議嗎？

Yes, absolutely. So it's two main areas that we're hiring are in our product and then in our services team. You heard us speak to some of the services hiring coming out of Q2 with the large class for our college development program. So we're continuing to invest in the services business, both core professional services and business consulting continuing to invest in the product. And there was some impact on the services margin in particular in this quarter.

是的，絕對的。所以，我們主要在兩個領域招募人才：產品團隊和服務團隊。你們都聽到了我們談論一些在第二季度招募的服務機構，以及我們大學發展計畫的大批學員。因此，我們將繼續投資服務業務，包括核心專業服務和商業諮詢，並繼續投資於產品。本季服務業利潤率尤其受到了一定影響。

But we're really pleased with the overall performance of the business. And as those new hires start to ramp and build the projects that will wind itself down over time.

但我們對公司的整體業績非常滿意。隨著這些新員工開始逐步上手並開展項目，這些項目會隨著時間的推移而逐漸減少。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Peter, obviously, we're continuing to get these wins in Development Cloud with starting start-up and study training. For the clients, I guess, in Development Cloud, among the top 20 biopharma, what was the average number of Veeva development cloud products do they have on average? And where would you see as the tipping point? Because if I recall a couple of years back, there was an announcement that Merck was going to move to sort of a full Veeva environment over time. Just trying to get a sense on what you would consider someone being a full Veeva on the R&D side, what does that look like?

Peter，很顯然，我們在開發雲端領域不斷取得這些成功，包括啟動創業計畫和學習培訓。對於客戶而言，我想，在開發雲端領域，排名前 20 名的生物製藥公司平均擁有多少 Veeva 開發雲端產品？你認為轉折點在哪裡？因為我記得幾年前，默克公司曾宣布將逐步全面過渡到 Veeva 環境。我只是想了解一下，您認為在研發方面，一個完整的 Veeva 員工需要具備哪些條件？

Yes. As it relates to Merck, there was a strategic partnership we announced there was not really that they would use Veeva everywhere but a strategic partnership that we announced. Now in terms of Development Cloud, I don't have any particular figures to share with you in terms of percentages or number of applications. It depends on areas. So in the eTMF area, we actually have 20 out of the top 20 now that have selected us.

是的。至於默克公司，我們宣布了一項策略合作夥伴關係，但實際上他們並沒有在所有地方都使用 Veeva，這只是我們宣布的策略合作夥伴關係。至於開發雲端方面，我目前沒有任何具體的數字可以和大家分享，例如百分比或應用程式數量。這取決於地區。所以在 eTMF 領域，目前排名前 20 的公司中，實際上有 20 家都選擇了我們。

That's really important. We can use that standardization to drive AI and industry standardization and help the industry and help the regulators. That's going on there.

這真的很重要。我們可以利用這種標準化來推動人工智慧和產業標準化，從而幫助產業發展，也幫助監管機構。那邊正在發生那種事。

In the newer areas such as RTSM for the randomization and trial supply management, we don't have any top 20 that has selected us for an enterprise standard yet for an eCOA, nobody yet because those are quite new in safety, just a few. So it just depends. We have a lot of -- we have more opportunities to go in Development Cloud than we've consumed now. So surprisingly, it's still in the early days of development cloud for two reasons. One of these are super important systems that take time.

在諸如用於隨機化和試驗供應管理的 RTSM 等新興領域，我們還沒有被任何一家排名前 20 的公司選擇作為 eCOA 的企業標準，目前還沒有，因為這些在安全性方面還相當新，只有少數幾家。所以這要視情況而定。我們有很多機會——我們還有很多機會進入開發雲端領域，而我們現在已經沒有利用這些機會了。令人驚訝的是，由於以下兩個原因，開發雲仍處於早期階段。其中一個是極為重要的系統，需要花費時間。

You can't change your mouth all at once. You put them in most of them and you keep them for 15 years. The other is we're adding more applications. So our TSM is new, eCOA is new. The whole area of quality control, LIMS, is brand new.

你不可能一下子改變你的嘴型。你把它們放進大多數容器裡，然後保存15年。另一方面，我們正在增加更多應用程式。所以我們的TSM是新的，eCOA也是新的。整個品質控制領域，包括LIMS系統，都是全新的。

We just had our first early adopter in the top 20 for two manufacturing sites. So it's a lot more to do. I guess it's still early surprisingly. These things take time.

我們剛剛迎來了首位躋身前 20 名的早期採用者，涵蓋兩個製造基地。所以要做的事情更多了。出乎意料的是，現在似乎還早。這些事情都需要時間。

That's helpful. And maybe just a follow-up there. Some other asked earlier about what are your competitors kind of went back an EDC client. But what does the overall competitive landscape look quite commonly because it seems like one of your other main competitors in development in R&D, it seems to be focused a little bit elsewhere in health care? Just curious how you're seeing the overall preventive landscape kind of shaping up currently?

那很有幫助。或許還需要後續跟進。之前有人問過你的競爭對手是誰，我當時是EDC的客戶。但整體競爭格局看起來如何？因為在研發方面，你的另一個主要競爭對手似乎更專注於醫療保健領域的其他方面。我只是好奇您如何看待目前整體的預防狀況？

Yes. We certainly have competitors in each area. There's competitors specific to randomization and trial supply management players, competitors specific to regulatory and clinical operations and EDC. But we don't really have a competitor that's trying to do an overall Development Cloud like we're doing. So I feel like we just have to execute really well, excellence in each area, concentrate on our integrations and leverage our account partnership.

是的。我們在每個領域當然都有競爭對手。有專門從事隨機化和試驗供應管理的競爭對手，有專門從事監管和臨床運營以及電子數據收集的競爭對手。但目前還沒有競爭對手像我們一樣，致力於打造一個全面的開發雲端平台。所以我覺得我們只需要在每個方面都做到精益求精，專注於整合，並充分利用我們的客戶合作夥伴關係。

So we have to compete with ourselves to push ourselves for excellence, for humbleness for great hiring. The advantage that we have is we have a core platform that's used across all these applications, so we can really invest in the platform. and there's commonality in the platform. And we have first mover advantage. We had this idea back in really 2012. And so you have a lot of core capabilities around that our competitions as ourselves, we have to execute and continue to improve and stay humble.

所以我們必須與自己競爭，鞭策自己追求卓越，保持謙遜，才能招募優秀的人才。我們的優勢在於我們擁有一個貫穿所有這些應用程式的核心平台，因此我們可以真正投資於該平台，而且該平台具有通用性。我們擁有先發優勢。這個想法其實早在2012年就有了。因此，我們圍繞自身和競爭對手都擁有許多核心能力，我們必須執行並不斷改進，保持謙遜。

(Operator Instructions) Craig Hettenbach, Morgan Stanley.

（操作說明）克雷格‧赫滕巴赫，摩根士丹利。

On Crossix, before the acceleration this year, I think the business has grown roughly kind of low to mid-teens. You talked about some of the drivers that are driving growth above that. Do you think in the next couple of years, it reverts back to kind of that mid-teens level? Or do you think some of these drivers can kind of sustain stronger growth in the next few years?

在今年加速發展之前，我認為 Crossix 的業務成長大致在 10% 到 25% 之間。您談到了推動上述成長的一些因素。你認為未來幾年內，它會回落到十幾歲左右的水平嗎？或者您認為這些驅動因素中的一些能否在未來幾年內保持更強勁的成長？

Craig, this is Brian. Overall, we are really pleased with the progress of Crossix. Growth has been very healthy there for the full year-to-date. It's a large market with a long runway for growth, both in the measurement business and in the audiences business. we're not going to break out a specific long-range growth rate for each product area, but we think there's still plenty of room for that business to grow, and it's executing very well right now.

克雷格，我是布萊恩。總的來說，我們對 Crossix 的發展進展非常滿意。今年迄今為止，該地區的成長一直非常健康。這是一個巨大的市場，無論是在衡量業務還是受眾業務方面，都擁有巨大的成長潛力。我們不會為每個產品領域設定具體的長期成長率，但我們認為該業務仍有很大的成長空間，而且目前營運狀況良好。

David Hynes, Canaccord Genuity.

David Hynes，Canaccord Genuity。

Paul, maybe you could talk a little bit about how you're balancing go-to-market initiatives on the commercial side of the business and maybe how you see it evolving over time? I mean, obviously, Crossix is doing really well. I have to think CRM migration is kind of front and center of your mind right now, especially as kind of the last top 20s make their decision. You've tempered expectations around cross-sell during this migration period, but you have a ton of new product, right, service center campaign manager patient CRM. Like when do you lean in on those products a little bit more with the top 20? And just maybe talk about kind of how you balance all of this and see it evolving over time.

保羅，或許你可以談談你是如何平衡公司商業方面的市場推廣舉措的，以及你認為它會如何隨著時間的推移而發展？我的意思是，很明顯，Crossix 的發展非常順利。我認為 CRM 遷移現在應該是您最關心的問題，尤其是在最後 20 家公司做出最終決定的時候。您在此次遷移期間降低了對交叉銷售的預期，但您有很多新產品，對吧，服務中心行銷經理患者 CRM。例如，在排名前 20 名的產品中，什麼時候你會更專注於那些特定的產品？或許還可以談談你是如何平衡這一切的，以及它如何隨著時間的推移而演變。

Yes, David, it's a good question. And maybe higher level, we have dedicated teams in each of these areas, dedicated strategy teams and product teams, and they're all focused on they are different areas. They're able to move -- advance the product forward, advance customer discussions forward. In some cases, there's dedicated sales teams. So it's not -- we don't necessarily have to kind of just focus on one thing and not focused on something else.

是的，大衛，問得好。或許在更高層面上，我們在每個領域都有專門的團隊，包括專門的策略團隊和產品團隊，他們都專注於各自的領域。他們能夠推動產品向前發展，推動客戶討論向前發展。有些公司設有專門的銷售團隊。所以並不是說——我們不一定要只關心一件事而忽略其他事。

We're able to focus in multiple areas. But you're correct, right? There's -- the migration thing is the transition of customers over to Vault CRM. That is creating -- in some cases, it's slowing things down.

我們能夠專注於多個領域。但你說得對，對吧？遷移是指將客戶過渡到 Vault CRM。在某些情況下，這會造成阻礙，甚至減慢進程。

In other cases, it's actually creating opportunities for us. We're seeing as customers are making that decision. They're looking at their data. And maybe it's time that we switch out our customer reference data because Veeva has better data in this area or their master data management with network and Nitro are now becoming opportunities. So as they're going through the migration, they're thinking about -- they're thinking more broadly because they're trying to get to broader efficiencies and they're able to get there as they adopt more pieces of Commercial Cloud.

在其他情況下，它實際上為我們創造了機會。我們看到顧客們正在做出這樣的決定。他們正在查看數據。或許我們應該更換客戶參考資料了，因為 Veeva 在這方面擁有更好的數據，或者他們的主數據管理與網路和 Nitro 的結合現在正在成為機會。因此，在遷移過程中，他們會考慮——他們會進行更廣泛的思考，因為他們正在努力提高效率，而隨著他們採用更多商業雲端元件，他們就能實現這一目標。

So it's we're able to focus in multiple areas. It both create openings for us to continue to expand in each of these areas. And it's -- as you've heard, there's kind of some stable businesses, and there's other areas that are growing a little bit faster. We're going to continue to drive and push in each area because we can add a lot of value when they put all these pieces together.

因此，我們能夠專注於多個領域。這為我們繼續在這些領域拓展業務創造了機會。正如你所聽到的，有些行業比較穩定，而有些領域則發展得更快一些。我們將繼續在各個領域努力推進，因為當他們把所有這些環節整合起來時，我們可以創造很多價值。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

I wanted to ask the top 20 CRM question on a different way. In particular, how it relates to your 2030 targets. I know you mentioned that it doesn't impact that your capability to reach it. And I was just wondering why is that the case? Is it because you either -- the low expectations is mostly tied to very small number of clients that have decided to go differently like one or two?

我想換個方式問關於 CRM 的前 20 個問題。特別是，它與你們 2030 年的目標有何關係。我知道你提到這不會影響你達到目標的能力。我只是想知道為什麼會這樣？是因為－低期望值主要與少數決定另闢蹊徑的顧客（例如一、兩個）有關嗎？

Or is it a factor of that you have these other alt CRM customers that are smaller, the 100 plus that you've listed that could be also contributing in offsetting some of that potential weakness you would see in that business?

或者，是因為你還有其他規模較小的替代 CRM 客戶（你列出的 100 多個客戶），這些客戶也可能有助於抵消你在這項業務中可能看到的某些潛在弱點？

Andrew, this is Brian. I'll take this one. So when you step back, there are a few things, some of which you touched on. One is that the top 20 is certainly not the entirety of the CRM market. And you heard Peter speak to the fact that overall business is very healthy.

安德魯，這位是布萊恩。我選這個。所以，當你退後一步來看，你會發現一些事情，其中​​一些你已經提到過了。首先，排名前 20 名的公司當然不能代表整個 CRM 市場。你們也聽到了彼得所說的，整體商業環境非常健康。

We've got enterprise customers, SMB customers, we still expect to win the vast majority of customers to retain that. We will have the opportunity to win some of these customers back, and we think that's likely to come through. And then the third and probably the biggest one is that this is a diverse business. It's not only a CRM business. CRM suite is about 20% of total revenue today.

我們擁有企業客戶、中小企業客戶，我們仍然期望贏得絕大多數客戶並留住他們。我們將有機會贏回其中一些客戶，我們認為這很有可能實現。第三點，也是最重要的一點，是這是一個多元化的產業。它不僅僅是一家客戶關係管理（CRM）公司。CRM套件目前約佔總營收的20%。

So the other 80% is continuing to perform really well. It's growing well. and there were always multiple paths to 2030. And so when we step back and look at the progress that we're making, we feel very good about the progress and how we're tracking out to the 2030 goals.

所以剩下的 80% 也繼續表現出色。它發展勢頭良好。而且，通往2030年的道路一直不只一條。因此，當我們回顧我們所取得的進展時，我們對目前的進展以及我們朝著 2030 年目標邁進的步伐感到非常滿意。

The way to think about it is the commercial is a part of the business, right, our total addressable market and clinical is even a bit bigger than that, and then there's quality and safety and manufacturing and other things. And then inside of the commercial, the Serum Suite is a part of that, but it's certainly not the majority of it. It's the minority of the commercial area. And we have to see how things play out. It's not unforeseen that Crossix can be as big as the whole CRM suite by 2030 as well, right?

思考這個問題的方式是，商業是業務的一部分，對吧？我們潛在的市場和臨床市場甚至比這還要大一些，然後還有品質、安全、製造和其他方面。而在廣告中，Serum Suite 是其中的一部分，但絕對不是大部分。它只佔商業區的一小部分。我們得看看事情會如何發展。到 2030 年，Crossix 的規模與整個 CRM 套件的規模相當，這並非意料之外，對吧？

That's the -- it's a good business for CRM, and it's a strong business for us -- but the CRM suite itself and the number of field ops and things, that's not a growing business. That's a stable, stable business. That's where Veeva started, but it's not our determinant at all for 2020.

對於 CRM 來說，這是一項不錯的業務，對我們來說也是一項強勁的業務——但是 CRM 套件本身以及現場運營的數量等等，這並不是一項增長的業務。那是一個非常穩定的行業。Veeva 就是從那裡起步的，但這完全不是我們 2020 年的決定性因素。

Jeff Garro, Stephens.

傑夫·加羅，史蒂芬斯。

I want to ask about the comments in the prepared remarks on the quality cloud opportunity expanding. Is that expansion by reaching new customer types or more of a reference to product expansion? And just any further remarks on specific drivers of your success in quality and with labs and CDMOs would be helpful.

我想詢問一下關於高品質雲端機會不斷擴大的發言稿中的相關評論。這種擴張是指拓展新的客戶群，還是更指產品擴張？如果您能就您在品質、實驗室和CDMO方面取得成功的具體驅動因素再補充一些意見，那就太好了。

Yes. I'll take that one. This is Peter. Quality is one of these areas where we can reach a lot of customers, a lot of different customers, CDMOs, other regulated -- highly regulated services industries that are close to life sciences. Our success has been we have three main core products all on a common platform.

是的。我選那個。這是彼得。品質是我們能夠接觸到許多客戶、許多不同類型的客戶、CDMO、其他受監管的——與生命科學密切相關的高度監管的服務業等領域的一個面向。我們的成功之處在於我們擁有三個主要的核心產品，而且它們都基於同一個平台。

We have the quality documentation, which is used mainly in manufacturing for and here in Europe. -- standard operating procedures and the changes around that, your quality management system for deviations and caps, et cetera, and your GXP training, your validated training environment. So we're the only vendor that has all of those three all on a common platform. So that's what's really driving a lot of the growth.

我們擁有品質文件，這些文件主要用於歐洲的生產製造，包括標準操作規程及其變更、偏差和上限的品質管理體係等等，以及您的GXP培訓和經過驗證的培訓環境。因此，我們是唯一將這三項功能整合在一個通用平台上的供應商。這就是推動成長的真正動力。

In addition, we have some new products there, batches and computer systems validation, and we're very excited about LEMS. We announced that early customer and lens laboratory information management that's used to test the medicine as it's being manufactured. And that's a growth area because there's new manufacturing plants being built because of -- for a variety of reasons, let alone political reasons, et cetera, some new manufacturing plants being built and the medicine and the manufacturing of these medicines is becoming more expensive and more complicated. And there, there's two main solutions used out in that area, and they're both on-premise hosted solutions that are not modern critically important but not modern. So we have a real greenfield opportunity there.

此外，我們還有一些新產品、批次和電腦系統驗證，我們對 LEMS 非常興奮。我們宣布了早期客戶和鏡片實驗室資訊管理，該資訊用於在藥物生產過程中進行測試。這是一個成長領域，因為由於各種原因（更不用說政治原因等等），一些新的製造工廠正在建設中，而且藥品及其生產變得越來越昂貴和複雜。目前，該領域主要有兩種解決方案，它們都是本地託管解決方案，雖然並不十分現代化，但至關重要。所以，我們在那裡擁有一個真正的全新發展機會。

If you look at Life Sciences, they will -- generally, they will research and find a molecule. They will run clinical trials. They will commercialize the product. But along the way, before they put that medicine even in the first human, they have to manufacture it. first in the small volume and then in the large volume.

如果你看看生命科學領域，他們通常會研究並找到一種分子。他們將開展臨床試驗。他們將把該產品商業化。但是在此之前，在將這種藥物用於第一個人體之前，他們必須先進行生產。先生產小劑量，然後再生產大劑量。

And so that manufacturing area is critically important, and you're manufacturing something that's going to be either ingested by a human or right into the glisten. So it's super important how you do that. So it's a great growing area for us, quality in the manufacturing space.

因此，生產區域至關重要，因為你生產的東西要么會被攝入，要么會直接進入食品加工環節。所以，你如何做到這一點至關重要。所以，製造業的品質是我們有很大的發展空間。

Jailendra Singh, Truist Securities.

賈倫德拉辛格，Truist Securities。

I want to follow up on the macro environment question earlier. You did note in the prepared remarks that the guidance raise is driven by improved visibility into Q4. Can you elaborate on that? Is it stronger renewal activity, upsell momentum or new logo wins? And related to that, we have seen some good clarity for pharma industry in recent months with all the discussions with the administration.

我想就之前提到的宏觀環境問題做個後續討論。您在準備好的發言稿中提到，上調業績指引是由於對第四季的前景更加明朗。能詳細解釋一下嗎？是續約活動更活躍、追加銷售動能更強勁，還是新客戶數量更多？與此相關的是，近幾個月來，隨著與政府的討論，製藥業的情況也變得更加明朗。

Do you get a sense based on your conversations that we could see a potential uptick in client buying trends in the coming year or so?

根據你們的談話，你是否感覺在未來一年左右的時間裡，客戶的購買趨勢可能會成長？

Jailendra, this is Brian. I'll take this one. So yes, I think really good execution coming out of Q3. We had some earlier timing of deal closure than we expected that contributed to some of the outperformance in the quarter and the raise in Q4 and therefore, for the full year. Overall, I think broad strength across the business.

賈倫德拉，我是布萊恩。我選這個。所以，是的，我認為第三季的執行情況非常好。我們部分交易的完成時間比預期要早，這有助於本季業績的超預期成長，並最終推動第四季乃至全年業績的成長。整體而言，我認為公司各方面實力都很強。

On the commercial side, we saw Crossix continue to perform well, but also the SMB commercial side had a stronger performance in the other areas of our commercial business. Strong performance in R&D, which tends to be more predictable, but we saw a strong performance in R&D and then strong performance as well in our services business and really across professional services, and business consulting.

在商業方面，我們看到 Crossix 繼續表現良好，但中小企業商業部門在我們商業業務的其他領域也表現得更強勁。研發方面表現強勁，這往往更可預測，但我們不僅在研發方面表現出色，而且在服務業務方面也表現出色，尤其是在專業服務和商業諮詢方面。

So we're very pleased with the momentum coming out of Q3 and what we see coming into the quarter. I think beyond that, we'll factor that into our guidance for next year, which we'll release following the fourth quarter here. but feeling good about the execution of the business as we enter the final quarter of the year.

因此，我們對第三季的良好勢頭以及對本季的展望都非常滿意。我認為除此之外，我們會將這些因素納入明年的業績指引，該指引將在第四季結束後發布。但進入今年最後一個季度，我們對業務的執行感到樂觀。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券。

So I guess for me, my primary question was also going to be on your comments about the unique customer-specific factors driving a few less of the Vault CRM wins. Obviously, you talked about that already, but really my quick follow-up question is it sounds like it really is truly scattered across these customer-specific factors. Are there any learnings for Veeva from all of this, either on Vault CRM product design or on pricing? Or does Veeva not really change anything going forward on the go-to-market strategy just on the back of all those?

所以我想，我的主要問題也是關於您對導致 Vault CRM 成功案例減少的獨特客戶特定因素的評論。顯然，您已經談到了這一點，但我的後續問題是，聽起來它確實確實分散在這些客戶特定因素中。Veeva 能從這一切中學到什麼經驗教訓，無論是在 Vault CRM 產品設計方面還是在定價方面？或者說，Veeva 是否會因為上述種種原因而改變其未來的市場推廣策略？

It's a good question on the learnings. We did look through that. I think, a, there's -- we did things the way we wanted to do things with customer success in mind, and we've gotten our top 20s live. And I guess we thought more customers would of customers maybe would put weight on that. And some customers didn't pay just -- they just wanted to try something new.

這是個關於學習成果的好問題。我們確實查看過了。我認為，我們按照我們想要的方式做事，始終以客戶成功為中心，而且我們已經成功上線了前 20 名。我想我們當時認為，或許會有更多顧客會更重視這一點。有些顧客並非只是付錢——他們只是想嘗試一些新的東西。

So no particular learning I would say there's a lot of enthusiasm around the Veeva team, product and the services team because it's kind of distracting to try to resell all those top 20 customers all at once, right, in a very short period of time, and you're competing with a product that doesn't really exist yet a lot of promises and things like that.

所以我覺得沒什麼特別的收穫，Veeva 團隊、產品和服務團隊都充滿熱情，因為要在很短的時間內同時重新銷售給前 20 名客戶，這有點分散注意力，對吧？而且你還要和一個實際上還不存在的產品競爭，還有很多承諾之類的東西。

So that's distracting a little bit, but we're largely through that. So now we used to have 18 out of the top 20 now we're maybe going to have 14 or so. And now it's back to business as usual and really focusing on those customer success, but with a difference. Now we are entering the age of AI, probabilistic computing to really drive and change what a CRM system can do. So that's giving people a lot of excitement.

所以這有點分散注意力，但我們基本上已經克服了這個問題。所以以前我們能佔據前 20 名中的 18 個席位，現在可能只能佔據 14 個左右了。現在一切恢復正常，我們仍然專注於客戶成功，但方式有所不同。現在我們正進入人工智慧時代，機率計算將真正推動和改變客戶關係管理系統的功能。這讓人們感到非常興奮。

This -- the Vault CRM of '26 and '27 and '28, that's not going to be like to the Veeva CRM of 2022 and 2023. So that's where the real excitement is.

2026 年、2027 年和 2028 年的 Vault CRM 與 2022 年和 2023 年的 Veeva CRM 肯定不一樣。所以，真正的精彩之處就在這裡。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

For Paul and Peter, I wanted to get your thoughts on the risk that the CRM market becomes more competitive over time. For example, could the large competitor that has 6 out of the top 20, could they use that as a beachhead to expand their presence with time -- with the road map that will improve over time? Or for example, the 14 that have committed to Veeva, could they be thinking about the structure of the ecosystem changing? Because for example, a year from now or three years from now, because they can set a competition? So maybe just give us a little bit of a sense of your conviction on the long term and how Veeva can continue to have the dominant position that it has in the event that the competitive environment does change more structurally on the commercial side?

我想請教 Paul 和 Peter，你們對 CRM 市場隨著時間推移競爭加劇的風險有何看法。例如，擁有前 20 名中的 6 名的大型競爭對手，能否以此為跳板，隨著時間的推移，透過不斷改進的路線圖，逐步擴大其市場份額？例如，已經加入 Veeva 的 14 家公司，他們是否在考慮生態系統結構的變化？例如，一年後或三年後，他們可以舉辦比賽嗎？那麼，您能否稍微談談您對長期發展的信心，以及如果商業領域的競爭環境發生更結構性的變化，Veeva 如何繼續保持其主導地位？

As we think about other areas in commercial, they are generally separate decisions from CRM. The people who make decisions around Vault CRM are generally different than commercial content and Crossix and data cloud. Now we've actually done something unique, and we've connected all of those pieces together. One of the reasons we moved to Vault CRM is to make it feel more like Development Cloud. So when you buy into Veeva, you have these really mission-critical areas, Crossix, you're seeing how important that is, commercial content that we have all plumbed up together.

當我們考慮商業領域的其他方面時，它們通常是與客戶關係管理 (CRM) 分開的決策。Vault CRM 的決策者通常與商業內容、Crossix 和資料雲的決策者不同。現在我們確實做了一件獨一無二的事情，我們將所有這些部分連接了起來。我們遷移到 Vault CRM 的原因之一是使其感覺更像開發雲端。所以，當你購買 Veeva 的產品時，你會發現這些真正至關重要的領域，例如 Crossix，你會看到這有多重要，以及我們共同整合的商業內容。

So we create a lot of value. So I think the customers that do decide to buy into Vault and Veeva will get additional value, the synergy of having everything on a common platform where they know everything is just going to work together.

所以我們創造了很多價值。所以我認為，決定購買 Vault 和 Veeva 的客戶將會獲得額外的價值，即所有功能都在同一個平台上所帶來的協同效應，他們知道所有功能都會協同工作。

We've made a long-term commitment to life sciences. I think what we're seeing Salesforce is kind of just entering they have a very new product in the CRM space. They don't have everything that we've talked about, all of the other software products, commercial content at Crossix business, all of the data assets, what Peter has talked about earlier with business consulting. So we're building just something that's fundamentally very different than what Salesforce is trying to do. So I think that's a very significant competitive advantage for us.

我們已對生命科學領域做出長期承諾。我認為我們現在看到的是 Salesforce 剛進入 CRM 領域，他們推出了非常新的產品。他們沒有我們討論過的所有東西，所有其他的軟體產品，Crossix 業務的商業內容，所有的數據資產，以及 Peter 之前談到的商業諮詢。所以，我們正在打造的東西與 Salesforce 正在嘗試做的事情有著本質上的不同。所以我認為這對我們來說是一個非常重要的競爭優勢。

And I think that's why we feel really confident about our long-term market position because one, we're going to have a better CRM and CRM suite area, but it's all going to be connected together in building the industry cloud, bringing all of those pieces together. So I feel good about the competitive position. I'm happy with where it's shaking out. Obviously, we'd love to win every customer but we're executing well really across all the commercial.

我認為這就是為什麼我們對自己的長期市場地位充滿信心的原因，因為首先，我們將擁有更好的 CRM 和 CRM 套件領域，但所有這些都將透過建立行業雲端連接在一起，將所有這些部分整合在一起。所以我對自己的競爭地位感到滿意。我對目前的結果很滿意。當然，我們希望贏得每一位客戶，但我們在所有商業領域都執行得非常出色。

[Tucker Remmers], Jefferies.

[塔克·雷默斯]，傑富瑞。

So my question rolls around the development of AI agents in the clinical suite. I just want to get a sense of how soon you think you can develop some clinical agents for example you can give? And how can Veeva monetize that in the future?

所以我的問題是關於人工智慧代理在臨床套件中的開發。我只是想了解一下，您認為多久可以開發出一些臨床藥物，例如可以用於治療的藥物？Veeva未來如何獲利？

Yes, we have -- we've published our road map around our agents. We're going to have agents in literally all of our software applications as we get through 2026. We started this year, we'll have them in commercial and CRM and commercial content next year in roughly the first quarter April, it will be in safety and quality. And then through the end of the year, we'll have agents in clinical operations and then by the end of the year, clinical data management. We think it's one of those potentially transformative areas in clinical. It's our largest single opportunity, the clinical business.

是的，我們已經發布了針對我們代理商的路線圖。到 2026 年，我們將在所有軟體應用程式中都配備代理。我們今年已經開始了，明年大約在四月份的第一季度，我們將把它們納入商業和客戶關係管理以及商業內容中，它們將涉及安全和品質方面。然後到今年年底，我們將有臨床營運人員，到今年年底，我們將有臨床數據管理人員。我們認為這是臨床領域中具有潛在變革意義的領域之一。臨床業務是我們最大的單一機會。

There's a lot of potential to just streamline a lot of core processes, ETMF when you just take a document and scanning through that and making sense of that with an agent as an example, just replacing core human labor with agents. So a lot of potential for productivity. That's just one example, but I think we see that pretty consistently across the broader clinical area. So super excited about AI because we've actually accelerated our agent road map. And we'll have it in, like I said, in virtually every application area as we get through 2026.

ETMF 有很大的潛力可以簡化許多核心流程，例如，當你拿到一份文件，掃描它，然後讓代理人理解它的含義，用代理人代替核心的人力勞動。所以有很大的生產力提升潛力。這只是一個例子，但我認為我們在更廣泛的臨床領域中經常看到這種情況。我對人工智慧感到非常興奮，因為我們實際上加快了智慧體路線圖的開發。正如我所說，到 2026 年，我們將在幾乎所有應用領域都應用這項技術。

David Larsen, BTIG.

David Larsen，BTIG。

Just going back to these top 20 biopharma clients. Can you maybe -- I just saw a tough time believing like with your R&D capabilities, if you have 20 of the top 20 on your electronic trial master file platform, that's where all of the R&D flows out of like, did these four already sign with Salesforce? Or did they just verbally tell you they're going to go with Salesforce? How sort of fine are those decisions? And then we keep saying you may win them back. Like how would that work? Is there like a trial period they have with Salesforce?

讓我們回到這前 20 大生物製藥客戶。您能不能－我很難相信，以您的研發能力，如果您的電子試驗主文件平台擁有排名前 20 的公司，那麼所有的研發成果都來自那裡，比如，這四家公司是否已經與 Salesforce 簽約了？還是他們只是口頭告訴你他們打算選擇 Salesforce？這些決定到底有多好？然後我們一直說，你或許能把他們贏回去。那具體該怎麼操作呢？Salesforce有試用期嗎？

I'll take that one. So in terms of the -- this is around the CRM product, right, when we announced the Salesforce wins, particularly around our CRM product. And again, if I just reiterate that's about 20% of our business today. Two years ago, it was about 25% of it. We're not going to give a direction of what percentage of our business it would be in 2030, but you could -- that's going to be significantly less than 20%.

我選那個。所以就 CRM 產品而言，對吧，當我們宣布 Salesforce 的成功時，特別是關於我們的 CRM 產品。我再次重申一下，這大約占我們目前業務的 20%。兩年前，這個數字大約是現在的25%。我們不會給出 2030 年這項業務占我們業務的具體百分比，但你可以猜一下——那將遠低於 20%。

So it's a minor part of our business. It has nothing to do with our clinical business, right? Nothing to do with our clinical business.

所以這只是我們業務的一小部分。這和我們的臨床業務沒有任何關係，對吧？與我們的臨床業務無關。

And then in terms of the win back, how does that work? Well, when you roll out a pharmaceutical CRM system, you'll do it by region, by and you might have a failure in one of those implementations. So you might say, well, okay, I'm not going to use Salesforce in that other region. I'll go over to Veeva. Where you might have a failure in your first region.

那麼，在挽回失利方面，該如何操作呢？嗯，當你推出醫藥客戶關係管理系統時，你會按地區進行，而且你可能會在其中一個實施過程中遇到失敗。所以你可能會說，好吧，我不會在另一個地區使用 Salesforce。我去Veeva看看。你的第一個區域可能會故障。

And you're going to say, well, I'm going to cancel that overall or you might have an executive change and they might have a different idea of what they want to do. But also you might run with that system sort of more of a custom-built system for three years, five years, seven years, and then you feel like, okay, that's run at the end of the life. We have a custom system and the industry has moved on, and we want to move back on to a more industry standard system.

然後你可能會說，好吧，我要徹底取消這個項目，或者公司高層可能會發生變動，他們可能會有不同的想法。但你也可能使用這種客製化的系統運行三年、五年、七年，然後你會覺得，好吧，它已經到了生命週期的盡頭。我們目前使用的是客製化系統，但產業已經發展到今天，我們希望改用更符合業界標準的系統。

Because the Salesforce a very open platform. So the IT team sometimes can build exactly what they want and the system integrators feed into that as well, so and end up with a very custom system. So it's this top 20 things had nothing to do with the bulk of our business, especially clinical and the win backs happen over time as they naturally would.

因為 Salesforce 是一個非常開放的平台。因此，IT 團隊有時可以完全按照自己的想法建立系統，系統整合商也會參與其中，最終得到一個非常客製化的系統。所以，這前 20 件事與我們的大部分業務無關，尤其是臨床業務，而業務的恢復是隨著時間的推移自然而然發生的。

Sean Dodge, BMO Capital Markets.

Sean Dodge，BMO資本市場。

Okay. Great. Maybe just on the Veeva Basics offering you rolled out, it was about, I think, a little over a year back. You had a release a few weeks ago that there are about 100 clients that have selected that. I guess just wondering how we should think about sizing the longer-run opportunity for Veeva in that part of the end market?

好的。偉大的。或許就拿你們推出的 Veeva Basics 產品來說吧，我想大概是一年多前。幾週前你們發布了一個版本，大約有 100 位客戶選擇了這個版本。我想知道我們應該如何看待 Veeva 在該終端市場領域的長期發展機會？

Obviously, R&D budgets for small biotechs are small. But on the other hand, there are a lot of them. So just maybe kind of thinking about does that have the potential to be a real needle mover for Veeva at some point here soon?

顯然，小型生技公司的研發預算很低。但另一方面，它們的數量也很多。所以，或許可以考慮一下，這是否有可能在不久的將來成為 Veeva 的一個真正突破性進展？

It's a very important thing for Veeva because it helps the smaller end of the life sciences industry, and that's critical. So for example, it's a very important thing in the clinical side for our larger customers. because when they need to evaluate an acquisition, and that acquisition is using go Basics in the clinical area, they're going to be much more organized and much easier to automate. So Vault Basics helps the Veeva basics helps the industry grow overall, and that's going to help. In terms of how significant can be, it's not going to be the significant part of our revenue driver.

這對 Veeva 來說非常重要，因為它有助於生命科學產業的中小型企業，而這至關重要。例如，對於我們的大客戶而言，這在臨床方面非常重要。因為當他們需要評估一項收購項目，而該項目在臨床領域使用 Go Basics 時，他們的工作會更加有條理，也更容易實現自動化。所以 Vault Basics 有助於 Veeva Basics 的發展，從而促進整個行業的成長，這肯定會有幫助。就其重要性而言，它不會成為我們收入的主要驅動因素。

It's a part of the overall ecosystem. We have 100 customers now. I don't know where that ends up, but it's not impossible that we have 1,000 customers on basics over time of the different offerings. So it's a great business and more than anything. It's the right thing to do, giving a professional solution to these small biotechs so that in the unlikely event that their business really takes off and their molecule really takes off and they're going to be the next Pfizer.

它是整個生態系統的一部分。我們現在有100位客戶。我不知道最終結果會如何，但隨著時間的推移，我們擁有 1000 名基礎客戶並非不可能，他們可以購買我們不同的產品。所以這是一門很棒的生意，而且遠不止於此。這樣做是正確的，為這些小型生物技術公司提供專業的解決方案，這樣，萬一他們的業務真的起飛了，他們的分子真的成功了，他們就能成為下一個輝瑞。

Okay, they don't have to change systems. They can just graduate from basics right in place and get enterprise Veeva. So super excited about the innovation that's happening in Veeva Basics.

好的，他們不需要改變系統。他們可以直接從基礎階段畢業，並獲得企業版 Veeva。我對 Veeva Basics 正在發生的創新感到無比興奮。

Thank you. With no further questions in queue, I'd like to turn the conference back over to the CEO, Peter Gassner for closing remarks.

謝謝。由於沒有其他問題需要提問，我想把會議交還給執行長彼得·加斯納，請他作閉幕致詞。

Thank you, everyone, for joining the call today, and thank you to our customers for your continued partnership and to the Veeva team for your outstanding work in the quarter. Thank you.

感謝各位今天參加電話會議，感謝我們的客戶一直以來的支持與合作，也感謝 Veeva 團隊在本季的出色工作。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。