Veeva Systems has long been considered the dominant vertical SaaS platform for the life sciences industry, but the stock has been under severe pressure, declining 25% over the past year and 37% over two months. Trading at a P/E of 23.8 with $7.33 EPS, the valuation has compressed dramatically from its historical premiums. The company is well below its 50-day moving average of $217.34 and far from its 52-week high of $310.50, indicating significant negative momentum. Veeva's transition from Salesforce to its own Vault platform introduces execution risk but could eventually improve margins and reduce dependency. The bull case rests on the essential nature of its regulatory and clinical software for pharma companies, continued expansion into new modules, and the depressed valuation creating an attractive entry point. The bear case involves competition from Salesforce and other enterprise platforms, slower pharmaceutical IT spending, and the disruptive risk of the platform migration. Veeva's fundamentals remain solid, but the market has clearly lost confidence in the near-term growth trajectory.

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Site: Veeva Systems (ID: 2030)