Company: VEEV
Filing Date: 2025-08-29
Form Type: 10-Q
Source: 0001393052-25-000067
Chunk: 164

Company: VEEVA SYSTEMS INC
Filing Date: 2025-08-29
Form: 10-Q
Item: Part I, Item 1
Chunk 164
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 offer or may offer in the future.

Research and development expenses for the six months ended July 31, 2025 increased $38 million, primarily due to an increase of $36 million in employee compensation-related costs, which was driven by increases in salaries and benefits, as well as headcount. The expansion of our headcount in research and development was to support development work for the products that we offer or may offer in the future.

We expect research and development expenses to increase in the future, primarily due to employee compensation-related costs and hosting fees as we continue to invest in our product offerings.

Sales and Marketing

Three months ended July 31,Six months ended July 31,20252024% Change20252024% Change(dollars in thousands)Sales and marketing$109,439 $101,528 8%$208,067 $198,829 5%Percentage of total revenues14 %15 %13 %15 %

Sales and marketing expenses for the three months ended July 31, 2025 increased $8 million, primarily due to an increase of $7 million in employee compensation-related costs, which was driven by increases in salaries and 

24Veeva Systems Inc. | Form 10-Q

Table of Contents

benefits, as well as headcount. The expansion of our headcount was to support our sales and marketing efforts associated with our product offerings.

Sales and marketing expenses for the six months ended July 31, 2025 increased $9 million, primarily due to an increase of $9 million in employee compensation-related costs, which was driven by increases in salaries and benefits, as well as headcount. The expansion of our headcount was to support our sales and marketing efforts associated with our product offerings.

We expect sales and marketing expenses to increase in the future, primarily due to employee compensation-related costs and the increase in marketing program costs related to events.

General and Administrative

Three months ended July 31,Six months ended July 31,20252024% Change20252024% Change(dollars in thousands)General and administrative$95,804 $61,365 56%$164,630 $122,642 34%Percentage of total revenues12 %9 %11 %9 %

General and administrative expenses for the three months ended July 31, 2025 increased $34 million, primarily due to an increase of $31 million in litigation settlement-related