Veeva Systems
VEEV
announced that more than 150 global enterprises and fast-growing companies are accelerating clinical trial operations with the adoption of Veeva Vault CTMS. With the latest enhancements in Vault CTMS, Veeva Systems continues to deliver innovations that can solve critical trial challenges.
The growing adoption of Veeva Systems’ applications is expected to provide a significant boost to the company’s Veeva Vault Clinical suite, a component of the broader Veeva Development Cloud product line of the company’s Life Sciences segment.
More on Veeva Vault CTMS
Vault CTMS is part of the Veeva Vault Clinical Operations suite, allowing organizations to share information and documents across CTMS, eTMF, study start-up, and payments for better collaboration and enhanced efficiency throughout the study lifecycle.
A growing number of organizations, including 10 of the top 20 pharmaceutical companies and 3 of the top 6 CROs, are utilizing Vault CTMS to simplify trial operations. Notably, sponsors and contract research organizations (CROs) are utilizing Vault CTMS to work with more than 300,000 research sites and aid more than one million patients across study phases.
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The new Veeva Vault CTMS includes features like risk-based study management for seamless clinical risk assessment and mitigation, site monitoring enhancements for faster execution and study oversight features that make it convenient to manage issues and protocol deviations for greater compliance.
Significance of the Veeva Vault CTMS
Per Veeva Systems’ management, since the launch, more than 150 companies have been leveraging Veeva Vault CTMS to considerably streamline complex trial processes like clinical risk management and monitoring trip reports. The latest enhancement in the Vault system will enable customers to speed up digital trials, while making them more cost-effective.
Moreover, growth in Vault CTMS adoption is supporting life science companies to proactively manage trials, and advance toward a more connected and digital future. In addition to the gains in productivity, Vault CTMS enables sponsors and CROs to enhance data quality, make more informed decisions, and keep trials on track.
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, witnessing 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.
Recent Developments
In February 2022, Veeva Systems announced that Idorsia Pharmaceuticals Ltd. expanded its use of Veeva Vault Clinical suite applications. The expansion includes Veeva Vault Clinical Data Management suite (“CDMS”) for electronic data capture and coding. Per Veeva Systems’ management, the adoption of its cloud application suite will likely support Idorsia’s clinical systems strategy with modern applications that can match up with the pace and complexity of present-day studies.
In January 2022, Veeva Systems’ Veeva Development Cloud was selected by the Lymphoma Academic Research Organization to enhance operational efficiency across its lymphoma therapy research.
Price Performance
Shares of the company have lost 41% in a year compared with the
industry
‘s rise of 57.3%.
Zacks Rank and Other Key Picks
Veeva Systems currently carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the broader medical space are
UnitedHealth Group Incorporated
UNH
,
Medpace Holdings, Inc.
MEDP
and
Alkermes plc
ALKS
.
UnitedHealth, having a Zacks Rank #2, reported first-quarter 2022 earnings per share (EPS) of $5.49, which beat the Zacks Consensus Estimate by 1.7%. Revenues of $80.1 billion outpaced the consensus mark by 14.2%.
You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
UnitedHealth has an estimated long-term growth rate of 14.8%. UNH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 3.7%.
Medpace reported first-quarter 2022 adjusted EPS of $1.69, which surpassed the Zacks Consensus Estimate by 34.1%. Revenues of $330.9 million outpaced the Zacks Consensus Estimate by 1.1%. It currently has a Zacks Rank #2.
Medpace has a historical growth rate of 27.3%. MEDP’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.1%.
Alkermes reported first-quarter 2022 adjusted EPS of 12 cents, which surpassed the Zacks Consensus Estimate of a penny. Revenues of $278.6 million outpaced the Zacks Consensus Estimate by 6.2%. It currently has a Zacks Rank #2.
Alkermes has an estimated long-term growth rate of 25.1%. ALKS’ earnings surpassed estimates in the trailing four quarters, the average surprise being 350.5%.
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