Veeva Systems 2026 Investor Day - New Formula: $30B TAM, 10% 「All-You-Can-Eat」 AI, and Falcon Enters Clinical Trials

J.P. Morgan reiterates Overweight on Veeva Systems after the 2026 Investor Day. Management raised TAM to $30B from $20B, attributing the incremental $10B largely to industry AI, while reiterating the $6B CY30 revenue run-rate goal unchanged. The most concrete new disclosure was Vault AI pricing: optional, priced at 10% of the Vault subscription fee for unlimited usage, versus prior token/usage-based framing. Falcon was repositioned as a distinct agentic labor business with a different go-to-market and an annual agent license fee rather than token-based pricing; early use cases include an MLR agent in Commercial and a Clinical Intake agent for TMF document intake. Execution milestones sharpened around IQVIA clinical ops standardization, the CRO channel and Study Suite (a $1B+ opportunity), and Quality Cloud (LIMS plus Quality Network), which will be broken out as a separate reporting line starting FY28. The Vault CRM transition was described as halftime, with 200+ customers live, 5 of t