Veeva Systems Inc (NYSE:VEEV) stock rose 5.30% (As on March 2, 11:22:40 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 23. Subscription services revenues for the fourth quarter were $460.2 million, up from $395.7 million one year ago, an increase of 16% year over year. Non-GAAP net income for the fourth quarter was $186.3 million, compared to $147.0 million one year ago, an increase of 27% year over year. Non-GAAP operating income for the fourth quarter was $209.4 million, compared to $186.3 million one year ago, an increase of 12% year over year.

VEEV in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.15, beating the analysts’ estimates for the adjusted earnings per share of $1.04, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 16 percent to $563.4 million in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $552.2 million. The company is surpassing $2 Billion in Revenue with a Long Runway Ahead.

For the current quarter ending in April, Veeva expects its per-share earnings to range from 79 cents to 80 cents. The company said it expects revenue in the range of $514 million to $516 million and Non-GAAP operating income to be between $141 and $143 million for the fiscal first quarter.

Veeva expects full-year earnings to be $4.33 per share and Non-GAAP operating income of about $800 million, with revenue ranging from $2.35 billion to $2.36 billion.

For the fiscal year ending January 31, 2025, total revenues to be of at least $2,800 million and Non-GAAP operating income of at least $1,000 million

On the other hand, the company is expanding partnership with the Life Sciences Industry. The company is progressing on its vision to become the most strategic partner to the industry, Veeva finished the year with 1,388 customers, up 174 from the year prior. Veeva Commercial Solutions ended the year with a total of 684 customers and Veeva R&D Solutions ended the year with a total of 1,025 customers.  Veeva Vault EDC signed three additional top 20 pharmas in the fourth quarter for a total of six top 20 pharmas now committed to using Vault EDC for all new clinical trials.