A "Sliver" of the Market That Swallowed an Industry

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When Peter Gassner told a friend about his new company, the friend held his arms wide.

"This is the software market," the friend said. "This is the CRM market. And all you're interested in is sales automation for the life sciences industry? Why would you be interested in doing that? It's only a tiny piece."

Gassner thought that was exactly the point.

He had spent four years at Salesforce. He watched the platform grow into a horizontal giant — CRM for everyone, everywhere. But he noticed something Salesforce couldn't do well. Pharma companies don't just need a contact list. They need software that tracks which doctors their reps visit, what they're allowed to say about a drug, and how every interaction is logged for the FDA. General-purpose software couldn't handle that. So Gassner left.

In January 2007, he and Matt Wallach started a company called Verticals onDemand — later renamed Veeva Systems. They raised $7 million. That is all they ever raised before going public. No $100 million growth round. No private equity. Seven million dollars and six years of work. In October 2013, Veeva went public at a $4.4 billion valuation. The sliver turned out to be an empire.

I picked up a prescription last week. Nothing unusual — a common medication, millions of people take it. But the clinical trial that proved it worked, the regulatory submission that got it approved, the sales team that brought it to my doctor's attention — there is a very good chance all of that ran through Veeva's software.

Most people have never heard of Veeva Systems. That is by design. It does not make drugs. It does not sell to consumers. It makes the cloud software that pharmaceutical and biotech companies use to develop drugs, manage clinical trials, submit regulatory filings, and send their sales reps into the field. Every product. Every trial. Every filing. One platform.

Nineteen of the top 20 pharmaceutical companies in the world use Veeva. In total, the company serves 1,552 customers — every single one in life sciences. No other industry. No diversification. Just pharma, biotech, and the companies that support them.

In fiscal 2026 — the year ended January 31, 2026 — Veeva reported $3.2 billion in total revenue, up 16% from the year before. Of that, $2.68 billion came from subscriptions — 84% of revenue. Subscription gross margin ran at roughly 87%. Net income hit $909 million. The company carries zero long-term debt and sits on $5.6 billion in cash and investments. Gassner still runs it. He still rides his bike to work.

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That 19 out of 20 figure tells you everything about the switching cost. When a pharma company runs a clinical trial on Veeva's Vault platform, every document — every protocol, every adverse event report, every regulatory submission — lives inside that system. The FDA expects validated software. You cannot swap out your clinical trial management system mid-study the way you swap a spreadsheet app. You would need to re-validate the replacement, migrate years of regulated data, retrain thousands of employees, and hope nothing breaks in front of an auditor. Nobody does it. Customer retention runs above 95%. Net dollar retention — measuring how much existing customers spend year over year — exceeds 120%.

Here is the part that impresses me most. Veeva was originally built on top of Salesforce's platform. Its first product, Veeva CRM, ran on Salesforce infrastructure. Pharma reps around the world used it to manage their doctor visits. Then in 2022, Gassner did something unusual — he announced Veeva would migrate its entire CRM off Salesforce and onto its own Vault platform. He was walking away from the company that gave Veeva its start. Not out of spite — out of ambition. The Vault platform could integrate CRM with clinical trials, regulatory filings, and quality management in a way Salesforce's architecture never could.

By the end of fiscal 2026, 10 of the top 20 biopharma companies had committed to Vault CRM globally. Veeva expects roughly 14 of 20 to commit by next year. Gassner paid Salesforce roughly $80 million a year in platform fees. That expense is now heading to zero. The company did not just leave its landlord — it became the building.

The flywheel works like this. A pharma company starts with one product — say, Veeva CRM for its sales team. Then it adds Vault PromoMats for marketing content. Then Vault Clinical for trial management. Then Vault Quality for manufacturing compliance. Each product sits on the same platform. Each one shares data with the others. Each one makes the next product harder to replace. The average customer buys more products every year. Revenue per customer rises. The toll compounds — not because Veeva raises prices aggressively, but because customers keep adding rooms to the house they already live in.

WHY THIS WORKS

In February 2021, Veeva became the first publicly traded company in history to convert to a Delaware Public Benefit Corporation — legally obligating the board to consider the interests of employees, customers, and society, not just shareholders. The stock has roughly tripled since. Turns out, when your customers are drug companies trying to get medicines approved, aligning your purpose with theirs is not charity. It is strategy.