Investor Day Preview: AI excitement likely overshooting the timing of any inflection

In just 6 months, VEEV went from being priced as AI-disrupted to a potential winner. We like the company's strong vertical expertise in Life Sciences and continue to view them as having a better than average chance of succeeding in AI, but caution that the stock may be getting ahead of itself. Veeva is hosting its annual Investor Day on November 5, where we'll be looking for new details on the company's AI strategy, including a more defined roadmap, potential pricing and monetization models, and the extent to which AI could contribute to growth longer term. We highlight three key areas: Falcon, which expands Veeva's addressable market into agentic labor focused on clinical, regulatory and safety workflows, with Falcon MLR further along in sales cycles after launching in June 2026 and five early adopters as of 2QFY27; Ostro, acquired in March, which serves >50 brands and contributed to a portion of the $15mn increase in FY27 Commercial subscription revenue guidance;