Veeva Systems Inc. VEEV recently announced that Civica Rx selected its Veeva Vault LIMS to optimize quality control. Vault LIMS lays the groundwork for unified lab and quality procedures to support a new manufacturing facility, building on Civica's experience with Veeva Vault QMS, Veeva Vault QualityDocs, and Veeva Vault Training.
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A unified quality ecosystem will help Civica increase output and speed. Lab professionals will be able to access pertinent methods and specifications kept in Vault QualityDocs and surface pertinent quality events from Vault QMS within Vault LIMS during the final QC review. The fusion increases transparency and guarantees current information.
Veeva Vault LIMS will streamline internal testing and manufacturing while promoting lead time adherence, getting things done correctly the first time and visibility across the value chain.
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Civica will be assisted in developing an advanced quality control lab with a user-friendly interface using Veeva Vault LIMS. The business is thrilled to collaborate with Civica to increase its agility in providing patients with low-cost generic medications.
Industry Prospects
Per a report by Grand View Research, the global laboratory information management system market size was valued at $ 2.1 billion in 2022 and is expected to grow at a CAGR of 6.74% from 2023 to 2030. Technological advancements pertinent to pharmaceutical laboratories and the rising demand for lab automation are expected to fuel the demand for these systems in the future.
Recent Developments
In July 2023, Veeva Systems announced that Merck KGaA, Darmstadt, Germany, has chosen Veeva Vault MedInquiry as its worldwide medical information management system. The top biopharma company uses Vault MedInquiry to efficiently manage worldwide requests for medical information and support their teams in streamlining cross-functional business procedures for improved scientific communication.
Veeva System partnered with St. Cloud State University to enable medtech clinical research students with hands-on technology training in the same month. SCSU will integrate Veeva Vault eTMF into its graduate curriculum for the Applied Clinical Research Program in Plymouth, MN, starting in the Fall 2023 semester.
Price Performance
In the past year, VEEV’s shares have declined 14% compared with the industry’s fall of 7%.
Zacks Rank and Other Key Picks
Veeva Systems currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space are Elevance Health, Inc. ELV, Integer Holdings Corporation ITGR and Patterson Companies, Inc. PDCO.
Elevance Health reported second-quarter 2023 adjusted EPS of $9.04, beating the Zacks Consensus Estimate by 2.5%. Revenues of $43.38 billion surpassed the Zacks Consensus Estimate by 4.5%. It currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Elevance Health has a long-term estimated growth rate of 12.1%. ELV’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 2.8%.
Integer Holdings reported second-quarter 2023 adjusted EPS of $1.14, beating the Zacks Consensus Estimate by 15.2%. Revenues of $400 million surpassed the Zacks Consensus Estimate by 8.9%. It currently carries a Zacks Rank #2.
Integer Holdings has a long-term estimated growth rate of 12.1%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 8.4%.
Patterson Companies has an Earnings ESP of +5.66% and a Zacks Rank of 1. PDCO has an estimated long-term growth rate of 9.2%.
Patterson Companies’ earnings surpassed estimates in three of the trailing four quarters and missed once, with the average surprise being 4.5%.
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