#1Veeva Analyst and Investor Day November 3, 2022#22022 Veeva Analyst and Investor Day Thursday, November 3 Veeva Vision and Strategy: Peter Gassner, Founder & CEO Financial Update: Brent Bowman, CFO Break Partnering to Advance the Industry : Paul Shawah, EVP Commercial Strategy Cindy Hoots, AstraZeneca Q&A Copyright Veeva Systems 2022#3Safe Harbor and Other Information This presentation and associated commentary contain forward-looking statements regarding Veeva's future performance, market size and opportunity, and financial outlook, including, in particular, guidance provided as of August 31, 2022 about Veeva's expected future financial results. These statements are based on our current expectation and involve assumptions and internal estimates that may prove to be incorrect and are based on plans that may change. Actual results could differ materially from statements made here and we have no obligation to update such statements. There are also numerous risks that have the potential to negatively impact our financial performance, including as a result of competitive factors, customer decisions and priorities, events that impact the life sciences industry, issues related to the security or performance of our products, the pandemic, issues that impact our ability to hire, retain, and adequately compensate talented employees, fluctuations in foreign currency exchange rates, and general macroeconomic and geopolitical events (including inflationary pressures and impacts related to Russia's invasion of Ukraine). We have summarized what we believe are the principal risks to our business in a section titled "Summary of Risk Factors" on pages 39 and 40 in our filing on Form 10-Q for the period ended July 31, 2022 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision. This presentation includes certain non-GAAP financial measures as defined by SEC rules. For additional information, see the slide titled "Statement Regarding Use of Non-GAAP Financial Measures" in the Appendix. Copyright Veeva Systems 2022#4Veeva Peter Gassner Founder & CEO#5Highlights Consistent Execution Durable Business Model Ahead of 2025 Targets Long Runway of Growth Copyright Veeva Systems 2022#6Vision Building the Industry Cloud for Life Sciences Values Do the Right Thing Customer Success Employee Success Speed Veeva A Public Benefit Corporation#7Our Industry Cloud Segments Pharmaceuticals Approximates 20'23 revenue mix MedTech Consumer Products and Biotech 93% 4% SOFTWARE DATA CONSULTING 3% Copyright Veeva Systems 2022#8Geographies North America Europe Asia, LatAm, ROW Approximates 20'23 revenue mix 58% 28% 14% Copyright Veeva Systems 2022#9Becoming Essential to a Large & Growing Industry Pharma, Biotech, Medtech Industry $2T Copyright Veeva Systems 2022#10Industry Cloud for Life Sciences Software Data • Data • Consulting Veeva DEVELOPMENT Veeva COMMERCIAL Veeva CLOUD CLOUD DATA CLOUD BUSINESS CONSULTING Copyright Veeva Systems 2022#11Long Runway Ahead in Life Sciences Product Suite Maturity and Market Share Veeva Product Quadrant High Clin Data Safety Link Product U.S. Compass Maturity Market Share Quality Regulatory Crossix Clin Ops Comm. CRM Content High Copyright Veeva Systems 2022#12V Commercial Solutions#13Veeva Commercial Solutions Delivering Commercial Excellence Commercial Cloud Data Cloud Business Consulting + COMMON DATA ARCHITECHTURE Copyright Veeva Systems 2022#14V CRM Suite Foundation for Digital Engagement ▸ Core CRM ▸ CLM Engage Events Approved Email Align Trusted Market Leader Engagement + Content. 15 Years of Innovation#15V Commercial Content Vault PromoMats Vault MedComms ▸ Content Creation ▸ Review and Approval Digital Asset Management Trusted Market Leader Modular Content Global Reuse#16Measurement V Crossix Marketing Analytics For the U.S. Market Optimization ▸ Audience Segments 300M Patients Privacy-safe Crossix Data Platform#17▸ Patient Data V Compass Modern Approach to Data For the U.S. Market ▸ Prescriber Data- ▸ Sales DataF Better Data Better Delivery Crossix Data Platform F Reflects products planned for availability in the future#18V Link Applications for Real-time Intelligence Key People Scientific Awareness Key Accounts Medical InsightsF Real-time Intelligence Link Platform Innovating F Reflects products planned for availability in the future#19V R&D Solutions#20• V Development Cloud Operating System for Product Development Clinical Data Clinical Operations Regulatory Quality Safety | || | VAULT CONNECTIONS VAULT PLATFORM P Copyright Veeva Systems 2022#21> eTMF Payments V Clinical Operations Foundation for Trial Execution ▸ CTMS Study Startup ▸ Site Connect Study Training More Efficient Trials 450 Customers Transforming Site Engagement#22V Clinical Data Management Modernizing Data Management EDC ePRO ▸ RTSM CDB 400 EDC Trials Foundation for Digital Trials Complete and Concurrent Data#23V RIM Suite Submissions ▸ Archive Complete Regulatory System Publishing Registrations End-to-End Efficiency & Compliance 350 Customers Complete & Ready#24V Quality Suite Unifying Quality Management QualityDocs LearnGXP QMS LIMS Training ▸ Validation Management Unified & Connected Quality Quality & Manufacturing 500 Customers#25V Safety Suite Comprehensive Safety Management ་ Safety SafetyDocs SignalF Modern Cloud System End-to-End Safety Management Unified & Connected F Reflects products planned for availability in the future#26Long Runway Ahead in Life Sciences Product Suite Maturity and Market Share Veeva Product Quadrant High Clin Data Safety Link Product U.S. Compass Maturity Market Share Quality Regulatory Crossix Clin Ops Comm. CRM Content High Copyright Veeva Systems 2022#27PRODUCT GROWTH & INNOVATION Power of Veeva Platforms#28Veeva Platforms VAULT PLATFORM Enterprise Apps Content & Data LINK PLATFORM Data Applications Real-time Intelligence CROSSIX DATA PLATFORM Patient Data, Privacy-safe Copyright Veeva Systems 2022#29Platforms by % of Subscription Revenue 60% Vault Platform O 10% Other Platforms 30% Salesforce Platform Approximates 20'23 revenue mix Copyright Veeva Systems 2022#30Execution Matters Most: The Veeva Way Clear and Correct Markets Innovation and Product Excellence Customer Success Values Operating Model Strong Growth and Trust Profitability Copyright Veeva Systems 2022#31Consistent Execution with a Long-term View 2019 GOAL Looking Ahead 2015 GOAL $1B in 2020 $1B in 2019 $3B in 2025 One Year Ahead of Plan to 2030 Copyright Veeva Systems 2022#32Highlights Consistent Execution Durable Business Model Ahead of 2025 Targets Long Runway of Growth Copyright Veeva Systems 2022#33Veeva Brent Bowman CFO#34Q3'23 Guidance Total Revenue Subscription Revenue Services Revenue Non-GAAP Operating Income Non-GAAP Fully Diluted Net Income per Share Calculated Billings Guidance $545-547 million ~$439 million $106-108 million $209-211 million $1.07-1.08 ~$365 million Guidance issued on August 31, 2022. Our Q3'23 total revenue and calculated billings guidance assumes foreign exchange rates will remain constant, which reflects FX headwinds of roughly $11 million and $10 million, respectively, as compared to Q3'22. We are not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the third fiscal quarter ending October 31, 2022 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant. Copyright Veeva Systems 2022#35Consistent History of Strong Growth and Profitability Revenue Non-GAAP Operating Income¹ $862M $691M $551M FY172 $173M FY182 $220M FY19 $1.10B $1.47B $1.85B $2.145B $820M $759M $583M $412M $307M FY203 FY213 FY22 FY23E4 Fiscal Year Ending January 31 1 A reconciliation of GAAP to non-GAAP measures is set forth in the Appendix 2 Restated for ASC 606 3 The Crossix and Physicians World acquisitions closed in the quarter ended January 31, 2020 and contributed an aggregate of $20M in total revenue for the year ended January 31, 2020 and $103M for the year ended January 31, 2021. 4 Based on the high end of our guidance issued August 31, 2022. We are not able, at this time, to provide GAAP targets for operating income for the fiscal year ending January 31, 2023 because of the difficulty of estimating certain items excluded from non-GAAP operating income that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant. Copyright Veeva Systems 2022#36Veeva's Operating Model Clear and Correct Markets Innovation and Product Excellence Customer Success Values Operating Model Strong Growth and Trust Profitability Copyright Veeva Systems 2022#37Disciplined Approach to Spending and Profitability 20% Q2'23 Total Spend¹ as a % of Total Revenue Services Revenue and Gross Margin¹ 15% 14% 11% 10% 5% 0% Cost of Cost of Subscription Services 1 Total spend and gross margin are on a non-GAAP basis. A reconciliation of GAAP to non-GAAP measures is set forth in the Appendix. 18% 12% 8% 34% 31% 29% 30% 28% Revenue --Gross Margin 367 286 208 168 131 R&D S&M G&A FY18 FY19 FY20 FY21 FY22 Copyright Veeva Systems 2022#38Financial Performance Looking Forward ~ Durable Profitable Growth Customer Relationships Disciplined Execution Innovation Copyright Veeva Systems 2022#39Long Runway Ahead in Life Sciences Product Suite Maturity and Market Share Veeva Product Quadrant High Clin Data Safety Link Product U.S. Compass Maturity Market Share Quality Regulatory Crossix Clin Ops Comm. CRM Content High Copyright Veeva Systems 2022#40TAM - Significant Room to Grow $13B+ TAM $3B Data Cloud Commercial $6B+ $3B Commercial Cloud $1B CP&C* R&D $3B Clinical $7B+ $3B Quality, Regulatory & Safety $2.145B FY23E Revenue¹ *CP&C includes Veeva's CPG, Cosmetics, and Chemicals businesses Fiscal Year Ending January 31 1 Based on the high end of our guidance issued August 31, 2022 Copyright Veeva Systems 2022#41Tracking About One Year Ahead of 2025 Targets Metric Total Revenue Run Rate Commercial R&D Non-GAAP Op Margin CY 2025 Targets $3B+ ~$1.2B ~$1.8B 35%+ We are not able, at this time, to provide GAAP targets for operating margin 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating income that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant. Copyright Veeva Systems 2022#42New Disclosures Customer Contracting Inflation Adjustment Annual Guidance Copyright Veeva Systems 2022#43Customer Contracting Change Standardizing Termination for Convenience (TFC) rights Historically Going Forward Most customer orders had a one-year term, thus TFC rights were not meaningful TFC rights differed customer to customer Starting February 1, 2023 More orders are multi-year in duration TFC rights will be standardized for customers with multi-year ramping (MYR) deals Standardizing TFC rights is not expected to have an impact on our 2025 financial goals. Copyright Veeva Systems 2022#44Impact of TFC on Subscription Revenue (Timing) Revenue is recognized ratably over the duration of the committed term EXAMPLE 1: Multi-Year Ramping Deal without TFC Invoice/Billings ■Subscription Revenue 4 4 4 6 4 6 6 Revenue is generally recognized consistent with customer billing terms 2 Year 1 Year 2 Year 3 Renewal EXAMPLE 2: Multi-Year Ramping Deal with TFC Invoice/Billings ■Subscription Revenue 2 2 4 4 6 6 6 CO 6 Year 1 Year 2 Year 3 Renewal Copyright Veeva Systems 2022#45Key Takeaways - TFC Change Consistent TFC treatment of customers with MYR deals Impact to FY24 • ~$60M one-time reduction to revenue for deals without TFC, resulting in a ~150bps headwind to non-GAAP operating margin With continued execution, we do not expect an impact to: • Cash flows ⚫ Billings • Expected total revenue on MYR deals No expected impact to delivering our 2025 $3B revenue run rate target about one year ahead and 35%+ operating margin Copyright Veeva Systems 2022#46US CPI (%) 1.8 1.2 2019 4.7 2020 2021 Inflation Adjustment 8.0 Effective April 1, 2023 2022E Veeva Annual Inflation Adjustment $ Lower of CPI or 4% Copyright Veeva Systems 2022#47Expectations for FY24 Guidance Historically Going Forward Initial limited Guidance on Q3'FY • Full Guidance on Q4'FY Full Guidance on Q4'FY Copyright Veeva Systems 2022#48Durable Business Model Software Data • Consulting • & 目 % Consistent Ahead of Execution 2025 Targets Long Runway of Growth Copyright Veeva Systems 2022#49FIRESIDE CHAT Cindy Hoots Chief Digital Officer & CIO AstraZeneca#50Veeva V Appendix#51Continued Momentum in R&D Avg. Products 2.07 2.25 2.35 2.61 2.85 2.92 Per Customer: 538 423 346 317 281 223 945 860 664 526 480 389 168 125 213 197 95 206 183 76 107 18 47 67 FY18 FY19 FY20 FY21 FY22 Q2FY23 Customers with: 5 or More Products ■3-4 Products ■2 Products or Fewer Copyright Veeva Systems 2022#52Avg. Products Per Customer: Expanding Our Commercial Leadership 2.93 3.25 3.51 3.95 4.04 4.07 572 523 671 653 341 454 417 335 297 306 277 284 221 229 194 167 150 122 11 FY18 27 FY19 Customers with: 8 or More Products 81 97 101 50 FY20 FY21 FY22 Q2FY23 ■4-7 Products ■3 Products or Fewer Copyright Veeva Systems 2022#53Statement Regarding Use of Non-GAAP Financial Measures We provide the following non-GAAP measures, which we define as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP: Non-GAAP gross margin, non-GAAP operating income and margin, non-GAAP net income, and non-GAAP net income per share. In addition to our GAAP measures, we use these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. We believe that excluding stock-based compensation expense, amortization of purchased intangibles, deferred compensation associated with our acquisition of the Zinc Ahead business, and income tax effects of the same provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We encourage our investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures has been provided in the Appendix. Copyright Veeva Systems 2022#54Reconciliation of GAAP to Non-GAAP Measures in millions FY'17* FY'18* FY'19 FY'20 FY'21 FY'22 Operating income on a GAAP basis $ 120.7 157.9 222.9 286.2 $ 377.8 505.5 Stock-based compensation expense 40.8 54.0 76.4 115.9 185.0 234.6 Amortization of purchased intangibles 8.2 7.8 7.0 10.1 20.0 18.5 Deferred compensation associated with Zinc Ahead acquisition Operating income on a non-GAAP basis 2.8 0.5 0.3 $ 172.5 $ 220.2 $ 306.6 $ 412.2 $ 582.8 $ 758.7 Fiscal Year Ending January 31 * Restated for ASC 606 Copyright Veeva Systems 2022#55Reconciliation of GAAP to Non-GAAP Measures Fiscal Year Ending January 31 Cost of subscription services revenue on a GAAP basis Stock-based compensation expense Amortization of purchased intangibles $ Q2 FY'23 64.0 % of Revenue 12% (1.7) (1.1) Cost of subscription services revenue on a non-GAAP basis $ 61.2 11% Q2 FY'23 % of Revenue Cost of professional services revenue on a GAAP basis Stock-based compensation expense $ 87.6 16% (13.8) Amortization of purchased intangibles (0.1) Cost of professional services revenue on a non-GAAP basis $ 73.7 14% Q2 FY'23 % of Revenue Research and development expense on a GAAP basis $ 134.0 25% Stock-based compensation expense (38.9) Amortization of purchased intangibles (0.0) Research and development expense on a non-GAAP basis $ 95.1 18% Q2 FY'23 % of Revenue Sales and marketing expense on a GAAP basis 89.6 17% Stock-based compensation expense (24.0) Amortization of purchased intangibles (3.6) Sales and marketing expense on a non-GAAP basis $ 62.0 12% Q2 FY'23 % of Revenue General and administrative expense on a GAAP basis Stock-based compensation expense Amortization of purchased intangibles 57.8 11% (17.6) (0.1) General and administrative expense on a non-GAAP basis $ 40.2 8% Copyright Veeva Systems 2022#56Reconciliation of GAAP to Non-GAAP Measures FY'18 FY'19 FY'20 FY'21 FY'22 Gross margin on professional services and other revenues on a GAAP basis Stock-based compensation expense Amortization of purchased intangibles 23.0 % 6.5% - % 23.5 % 19.6 % 21.4 % 24.0 % 6.3 % 8.4 % 9.7% 9.9 % - % 0.1 % 0.2% 0.1 % Gross margin on professional services and other revenues on a non-GAAP basis 29.5 % 29.8 % 28.1 % 31.3 % 34.0 % Fiscal Year Ending January 31 Copyright Veeva Systems 2022#57F Commercial Cloud Veeva CRM Suite Veeva Product Area Definitions Commercial Solutions • Veeva CRM • Veeva CLM • Veeva CRM Approved Email • Veeva CRM Events Management • Veeva CRM Align • Veeva CRM Engage Veeva Crossix Veeva Network R&D Solutions Data Cloud Veeva Compass • Patient • PrescriberF SalesF Veeva Link for Commercial Vault Clinical Suite Clinical Data ° Vault EDC Veeva RTSM Veeva ePRO Veeva CDB Clinical Operations Vault eTMF Vault CTMS • Link Key People • Link Key AccountsF • Link WorkflowsF • Link Scientific Awareness • Veeva Site Connect Link Medical InsightsF • Vault Payments • Vault Study Startup Vault Study Training Link for Clinical • Link SiteBaseF • Link TrialBaseF Vault Quality Suite • Vault QMS • Vault Product Surveillance Vault QualityDocs ⚫ Vault Validation Management • Vault Station Manager • Vault LIMS Vault Training Veeva LearnGxP Vault RIM Suite Vault Registrations Vault Submissions Vault Publishing Vault Submissions Archive Vault Safety Suite • Vault Safety Veeva Nitro Vault Commercial Vault MedComms Vault MedInquiry Vault PromoMats Vault CRM for MedTech Vault Outside Life Sciences Vault Claims Veeva OpenData Reflects products planned for availability in the future. Vault Outside Life Sciences ° Vault QualityOne ° Vault RegulatoryOne Vault Safety Docs Vault SignalF Copyright © Veeva Systems 2022