Veeva Systems (VEEV) Vault Quality Offerings Adopted by Recipharm
Veeva Systems Inc. VEEV recently announced that Recipharm will be using Veeva Vault QMS, Veeva Vault QualityDocs and Veeva Vault Training to streamline its quality operations. Veeva quality applications will likely help Recipharm to standardize quality processes and manage GxP content across its organization.
It is worthwhile to mention that Recipharm is a global contract development and manufacturing organization, which offers manufacturing services to pharmaceutical and medical device companies.
The latest adoption is likely to provide a significant boost to the Veeva Vault Quality Suite applications under the Veeva Development Cloud solutions. Notably, the Veeva Development Cloud solutions belong to the broader Life Sciences segment.
Significance of the Adoption
Recipharm’s adoption of Veeva Systems’ products is expected to aid it in achieving greater quality oversight, using resources more effectively, accelerating validation and maintaining inspection readiness.
Per Veeva Systems’ management, unifying quality processes, content and training on Veeva Vault Quality will likely help Recipharm keep contract development and manufacturing on track as it continues to scale.
Recipharm’s management believes that Veeva Vault Quality will likely enable it to provide its customers with a standard approach to quality.
Industry Prospects
Per a report by Marketsandresearch.biz, the global clinical data management system market was estimated to be $1574.8 million in 2021 and is projected to reach $4294.1 million by 2028 at a CAGR of 15.4%. Factors like a surge in clinical trials, a flourishing healthcare industry, and increasing research collaborations and partnerships are expected to drive the market.
Given the market potential, the latest product adoption is expected to strengthen Veeva Systems’ position in the global cloud application space.
Recent Developments
This month, Veeva Systems announced its third-quarter fiscal 2024 results, wherein it recorded a solid year-over-year uptick in the overall top and bottom lines and robust performances by both segments. The company continued to benefit from its flagship Vault platform. Veeva Systems also saw continued strength in its Commercial Solutions with new customer additions and strong win rates in Veeva CRM during the quarter. Veeva Systems also registered great traction in newer areas, including LIMS and Batch Release.
In October, Veeva Systems announced that LEO Pharma is using Veeva Vault Safety to optimize its safety operations.
Veeva Systems announced a new cloud application, Veeva Vault Batch Release, in September. The latest application will likely enable faster and more confident GMP (Good Manufacturing Processes) release and market-ship decisions.
Price Performance
Shares of the company have gained 9.5% in the past year compared with the industry’s 69.4% rise and the S&P 500's 23.5% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Veeva Systems carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, HealthEquity, Inc. HQY and Integer Holdings Corporation ITGR.
DaVita, sporting a Zacks Rank #1 (Strong Buy), has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in all the trailing four quarters, with an average surprise of 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 45.4% compared with the industry’s 8.6% rise in the past year.
HealthEquity, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 27.5%. HQY’s earnings surpassed estimates in all the trailing four quarters, with an average of 16.5%.
HealthEquity has gained 3.9% against the industry’s 7.9% decline over the past year.
Integer Holdings, flaunting a Zacks Rank of 1 at present, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 11.9%.
Integer Holdings’ shares have rallied 45.6% compared with the industry’s 3.7% rise in the past year.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
DaVita Inc. (DVA) : Free Stock Analysis Report
Veeva Systems Inc. (VEEV) : Free Stock Analysis Report
HealthEquity, Inc. (HQY) : Free Stock Analysis Report
Integer Holdings Corporation (ITGR) : Free Stock Analysis Report
