Competitive PressureSalesforce has made numerous key hires of executives with Life Sciences expertise from companies like Veeva and leading digital health companies.
Financial PerformanceWith Veeva’s margin structure, it’s going to be hard for the firm to grow FCF meaningfully faster than revenue, making it tough to drive meaningful multiple expansion.
Market ChallengesMacro crosscurrents, such as reprioritization of drug pipelines and clinical trial cancelations, have created pressures in the Life Sciences sector, affecting Veeva's business.