Transcript

Veeva

2021 Analyst and Investor Day

October 28, 2021

Veeva - 2021 Analyst and Investor Day, October 28, 2021

C O R P O R A T E P A R T I C I P A N T S

Ato Garrett, Investor Relations

Peter Gassner, Founder and Chief Executive Officer

Paul Shawah, Executive Vice President, Commercial Cloud Strategy

Jim Reilly, Vice President, Development Cloud Strategy

Alessandro De Luca, Merck

Brent Bowman, Chief Financial Officer

P R E S E N T A T I O N

Ato Garrett

…refer to the risk factors included in our most recent filing on Form 10-Q, which is available on the Company's website at www.veeva.com under the investor section, and on the SEC website at sec.gov. Forward-looking statements made during today's presentation are being made as of today, October 28, 2021.

If the presentations are replayed or viewed after today, the information presented may not contain current or accurate information. Veeva disclaims any obligation to update or revise any forward-looking statements. In the presentation, we will also discuss certain non-GAAP metrics that we believe aid in understanding of our financial results. A reconciliation to comparable GAAP metrics can be found in the appendix of today's presentation, which will be posted on our website.

With that, I'll turn it over to Peter.

Peter Gassner

Thanks Ato and thanks everyone for joining today.

Today we want to help you understand Veeva better, where we are now, our future plans, and the overall industry cloud opportunity. Understanding Veeva starts with our vision and values. I present this slide many times every quarter, including at the start of every Veeva Summit, Board meeting and our Company meeting.

Our vision is to build the industry cloud for life sciences and make the entire industry more efficient and effective. We do this through cloud software, data and high-value services. Our values guide the decisions we make, big decisions like our product strategy and smaller operational decisions as well.

Doing the right thing is about integrity and actively making the choice to do the right thing everyday. Customer success means our products and people have to deliver for the customers and for the industry

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Veeva - 2021 Analyst and Investor Day, October 28, 2021

overall. It's about helping the people in the industry, the companies in the industry in making the whole industry more effective.

For employee success, we want Veeva to be a positive place for our team, a place where they can do their best work. Steve (phon) reminds us to move quickly and get things done right the first time even as we get bigger. In February, we became the first public company to convert to a Public Benefit Corporation or PBC.

Let me take a minute to explain why we became a PBC and what it means for Veeva and the industry. We've always operated with a balance to long-term view. Veeva has to work for customers, employees, and shareholders, we have to balance those interests.

As a Public Benefit Corporation, that philosophy is part of our legal duty at the board level. Changing to a PBC was not about changing Veeva, it was about protecting the way Veeva operates for the decades to come, and life as a PBC is going well, we're seeing the benefits we anticipated and some unexpected ones as well.

It's helping us attract great people that are aligned to our values, it's making it easier for companies, especially large companies, to go all in with Veeva. Becoming a PBC is becoming a source of new ideas that might bear fruit over the long term.

We're also hearing from other companies interested in the PBC structure. We are very happy with our new statuses of PBC and that we took a strong lead in this important area.

Our long-term thinking is also about setting clear goals against our vision, staying focused and consistently executing. In 2015, we set a goal to cross a billion dollars in 2020, and we reached a year early, in 2019 we set our next goal of $3 billion in 2025 and we are tracking ahead of our plan. Now, we are thinking about our 2030 goals. Drilling into our 2025 goal, first is to reach (inaudible) revenue with strong growth and profitability. At that point, we expect we will be about 10,000 people, so roughly doubled headcount from where we are today.

Room to grow is key, that means having strong early product pipeline when we get to 2025. I've been in high growth enterprise software my entire career and I know that citing what products to build, having discipline about what not to do, having a vision for how these things all fit together, and then executing with product excellence, that's what creates growth in market leadership.

We aim to pick clear and correct markets. After that, execution matters most. We always need vision and execution. Still Veeva means having a consistent vision and values, and being agile. Companies can lose the ability to adapt as they grow, but we don't want that to happen to Veeva. We have the right strategy, markets and products in place to achieve our 2025 goals and we're executing well against those plans.

Veeva operates in three main customer segments today; Pharma and Biotech, MedTech, and consumer goods and chemicals, or CPNT. The bulk of our business and our largest market opportunity is in pharma and biotech. This is not uniform; it includes many subsegments.

We have global pharma companies, as well as local pharma companies that operate only in Asian and LATAM, generics companies, contract manufacturers, and contract research organization, or CROs. Each of these sub-segments has nuance and we embrace that.

MedTech is a specific part of life sciences and is a growing segment for Veeva. We started focusing on MedTech a few years ago with a dedicated team and it's growing nicely. Development cloud is our

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Veeva - 2021 Analyst and Investor Day, October 28, 2021

product offering in MedTech, and we've had many MedTech specific features into development cloud over the past few years.

In CPNT, we have specific cloud applications in the quality and regulatory area, and that segment is also growing nicely. Our industry cloud for life sciences includes Veeva development cloud for R&D and commercial cloud for commercial and medical. We've become an increasingly strategic partner to life sciences by building excellent products for the most important areas, running to complexity to solve the hard problems, and making it all fit together.

This is hard to replicate because it's hard to do. If we combine that with customer success, humility, and continued innovation, that creates a very high barrier to enter. This is what building an industry cloud is about. It's a win for Veeva, our customers, and the industry.

Jim and Paul will talk about R&D commercial in a moment, but bigger picture, I'd like to touch briefly on two of the newer areas that build on our strong foundation in R&D in commercial; the Veeva digital trials platform and Veeva data cloud.

Both are just starting and can be very significant (inaudible) in terms of long-term growth and could be transformative for the industry. Both are great examples of the power of industry cloud and how we can help advance the industry overall. The digital clouds platform connects pharma companies, clinical research cites and patients. Enabling this type of business network is very powerful and very rare in enterprise software.

In the case of the data cloud, having the best industry specific data at the country level and the best software, that can be a game changer. In 2015, we set a long term goal to be essential and appreciated by the industry. It seemed pretty aspirational back then. We were only selling CRM and (inaudible) was just starting. We were far from essential. Now we have the building blocks to get there.

The industry is big, more than $2 trillion and growing. It is still very early days in our vision to use technology and data to move the industry forward in innovative ways. It's a big goal and if we achieve it, we will deliver significant value.

So, how are we doing that? We need many products to cover the main industry-specific processes. All will need to be excellent on their own and all work together, and we have a track record of doing just that. Here are a few examples. Starting with CRM in 2007, then moving to Vault in 2011, both are now proven and trusted by the industry. Link which started in 2016, is hitting its stride now. Data Cloud and digital trials, they are newer. They started in the last few years. There's no real proof yet, but I'm confident we're on the right track.

Getting here is a result of our team and our operating model, which we've refined over the years. We have over 5,000 people that know how to work together with a common, multi-product operating model. Some products, they are in the innovation stage, and some are in the execution stage, and some are in the leadership stage and they are treated differently in different stages. It starts with product excellence, attracting the best product people and creating the best products. Being close to customers, equally understanding the industry and having the right vision for what to develop.

Then putting the right processes in place. Things like, how does product management work with engineering and strategy? How to measure and construct. What kind of risk should we take? We also want to do that globally, so that our products are excellent all around the globe, not just in the U.S.

Customer success drives many things including hiring plans, compensation plans, and product plans. It's at the heart of all of our major decisions. Hiring and employee success have always been important but

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Veeva - 2021 Analyst and Investor Day, October 28, 2021

are probably even more important now. We have an innovative hiring and on-boarding process that we continue to evolve and improve.

Then autonomy. This is critical in a multi-product Company. Autonomy at the group level brings innovation and energy. It also brings in efficiency, which we're okay with Company at our core. There are multiple drivers of long-term growth. First, is just the market we're in. We're trying to automate a $2 trillion industry to cloud software, data and services. It's still very early and we're finding new ways to add value.

The second is customer success. This fuels our growth and helps with new products. Customers trust Veeva because we've delivered for them and they help us evolve.

Third is at our operating model that allows us to retain our speed and innovation, even as we grow. It's an exciting time to be at Veeva.

With that, I'll hand it over to Paul to talk about Commercial Cloud.

Paul Shawah

Hi, everyone. I'm Paul Shawah and I'm responsible for Commercial Cloud Strategy at Veeva. I'm going to give you an update on our commercial business. I'm going to start with a short overview of what's happening in the industry because it's really important to understand the context which is driving our strategy and how we're helping to enable our customers.

First, is this move to specialty medicines. We've seen this play out over the last couple of years but it's certainly a trend that's going to continue well into the next several years, so at least 2025, where the mix of medicines is becoming more personalized and more targeted to the individual patient, which is driving our strategy to help our customers be more patient centric.

The greater use of digital, certainly a trend that we're helping to drive in the industry as we aspire to help make the industry more efficient. Also, our customers are thinking and rethinking about their commercial model so it's on us to help make them more agile and efficient and think about newer stakeholders beyond just the healthcare professional.

Given what's happening in the industry, our focus is on bringing these four core pillars of commercial together. Data, analytics, content and engagement. In data we talk about our strategy as helping the industry be more modern and connected. In modern, we mean using our technology to connect different datasets together, to source unique datasets, and to integrate them into the software applications where the business users need them most. Connected is about bringing all those datasets together to create a real clear picture and deeper visibility. Taking those insights from an analytics perspective and surfacing in real-time where they can take action on them.

As the industry is becoming more digital, they're using more content and we're helping the industry to scale, to develop and create that content faster and to do it in a more scalable, more cost effective way. Then of course, it's about the engagement side. We know that the industry is becoming more digital. We're hoping to enable that shift, and then also hybrid ways of working. Making the field user as comfortable in the doctor's office as they are in their home office. Then of course, putting the power of digital in the hands of healthcare professionals so they can get information when and how they when and how they want to from pharma.

Commercial Cloud is how we execute, and Commercial Cloud is really unique in that it brings together software, and data, and people. Historically, we've cleaned up the software space where we've taken

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