Biopharmaceutical company Celltrion recently implemented Veeva Systems Inc.’s (NYSE:VEEV) flagship Veeva Vault eTMF (trial master file) to improve its TMF processes. Notably, this fortifies Veeva’s foothold in the global healthcare IT (HCIT) space.
Following the announcement, shares of Veeva jumped 3.2% to $160.51 at close.
It is encouraging to note that Veeva’s Vault Submissions and Vault Submissions Archive, implemented by Japan’s Sumitomo Dainippon Pharma, recently enabled the company to respond faster to health authority requests. (Read More: Veeva's Submissions & RIM Implemented by Sumitomo Dainippon)
For investors’ notice, South Korea-based Celltrion specializes in research, development and manufacturing of biosimilar and innovative drugs.
About Vault eTMF
Veeva Vault eTMF is designed specifically for the healthcare industry. It enables active TMF management for real-time inspection readiness, visibility and control. Apart from providing easy access across all geographies, it helps replace labor-intensive manual processes with more efficient and accurate electronic processes.
It is part of Veeva’s Vault platform, which is currently in demand. Notably, management at Veeva expects Vault subscription revenues to grow a significant 40% in fiscal 2020.
Other Products
Veeva’s broad product spectrum lends it significant leverage in the HCIT space.
The company’s unique solutions include Veeva Vault, Veeva CRM, Veeva Network and VeevaOpenData. While Veeva Vault is the first cloud-based content management system built specifically for healthcare, Veeva CRM is a customer relationship management platform that offers cloud-based solutions to customers.
Additionally, Veeva Vault Training is designed to simplify role-based training across healthcare organizations. Per management, in fiscal 2020, Veeva aims to release major capabilities within Vault CDMS which are expected to be real game changers for the life sciences industry.
Market Prospects
A ReportLinker article suggests that the global HCIT market is projected to reach $390.7 billion by 2024 from its current worth of $187.6 billion, at a CAGR of 15.8%. The growing volume of patient data, surge in technological know-how and demand for quick and efficient healthcare processes fuel market growth.
Hence, the latest developments have been profitable ones for Veeva.
Price Performance
Buoyed by these solid prospects, this Zacks Rank #2 (Buy) stock has skyrocketed 108.8% compared with the industry’s 14.5% and the S&P 500 index’s 5.9% rise, in a year’s time.
Other Key Picks
A few other top-ranked stocks in the broader medical space are DENTSPLY SIRONA (NASDAQ:XRAY) , Penumbra (NYSE:PEN) and CONMED Corporation (NASDAQ:CNMD) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
DENTSPLY’s long-term earnings growth rate is expected to be 11.5%.
Penumbra’s long-term earnings growth rate is projected at 21.5%.
CONMED’s long-term earnings growth rate is estimated at 13.3%.
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Veeva Systems Inc. (VEEV): Free Stock Analysis Report
Penumbra, Inc. (PEN): Free Stock Analysis Report
CONMED Corporation (CNMD): Free Stock Analysis Report
DENTSPLY SIRONA Inc. (XRAY): Free Stock Analysis Report
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