Veeva Systems' (VEEV) Vault CRM has cemented its position as the clear market leader in life sciences CRM, after Biogen (BIIB) and Regeneron (REGN) decided to standardize globally on the platform, Truist said in a note Tuesday.

The moves satisfy management's stated goal of capturing at least three of the four remaining top 20 pharmaceutical CRM opportunities highlighted on the prior earnings call, Truist said, adding it had expected Eli Lilly (LLY) and Regeneron to lean toward Veeva while Biogen had been the most competitive and uncertain of the group.

Veeva now has commitments from 13 of the top 20 pharmaceutical companies, versus six for Salesforce (CRM), Truist said.

Ahead of Veeva's fiscal Q2 results on Wednesday, Truist said it does not expect explicit AI revenue disclosure, with meaningful AI monetization guidance likely starting in fiscal 2028 rather than fiscal 2027.

Truist maintained the company's buy rating with a price target of $262.

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