Veeva Systems (VEEV) stock is soaring 17.49% in pre-market trading on Thursday, following the release of impressive first-quarter results and an optimistic outlook for the fiscal year 2026. The cloud-based software provider for the life sciences industry demonstrated robust growth and financial performance, significantly surpassing market expectations.

In its Q1 report, Veeva Systems announced total revenues of $759.0 million, marking a 17% increase year-over-year and beating the consensus estimate of $732 million. The company's non-GAAP earnings per share (EPS) came in at $1.97, substantially higher than analysts' expectations of $1.74 and representing a 31% increase from the previous year. Veeva's subscription services revenue, a key metric for its business model, grew by 19% to reach $634.8 million.

Adding to the positive sentiment, Veeva provided an upbeat outlook for both the second quarter and full fiscal year 2026. For Q2, the company projects revenues between $766 million and $769 million, with non-GAAP EPS ranging from $1.89 to $1.90, both comfortably above consensus estimates. The full-year guidance was equally impressive, with expected revenues of $3.090 billion to $3.100 billion and non-GAAP EPS of approximately $7.63, surpassing analyst projections. CEO Peter Gassner expressed confidence in the company's performance, stating, "I consider this our best first quarter ever. We executed with speed, quality, and innovation across the board." The strong results and raised guidance have prompted numerous analysts to increase their price targets for Veeva Systems, further fueling investor enthusiasm.