Veeva Systems Inc.’s ( VEEV Quick Quote VEEV - Free Report) Veeva Vault Quality Suite has recently been adopted by the Center for Breakthrough Medicines (“CBM”) with the aim of modernizing development and manufacturing services for sponsors. It is important to mention here that the Vault Quality Suite includes Veeva Vault Product Surveillance, Veeva Vault QualityDocs and Veeva Vault Validation Management, to name a few. With respect to CBM, the contract development and manufacturing organization is focused on reducing the lack of capacity, which is stopping patients from accessing critically needed cell and gene therapies. In fact, the company is committed to advancing the delivery and affordability of therapies by providing a complete solution for discovery, development as well as commercialization. This announcement is likely to provide a further boost to Veeva Systems’ product adoption. Rationale Behind the Adoption
The adoption will allow CBM to balance quality processes, content, and training for better visibility and control throughout its manufacturing and testing network.
Image Source: Zacks Investment Research
In fact, the Veeva Vault Quality Suite can help VEEV to unify quality processes, boost agility and drive seamless collaboration with CBM customers.
Per management at Vault Quality, Veeva Systems, this partnership will allow VEEV to be part of CBM’s goal of establishing a leading cell and gene manufacturing and testing facility. Market Prospects
a report by Grand View Research, the global cell and gene therapy manufacturing market was worth $13.1 billion in 2020 and is projected to expand at a CAGR of 20.3% from 2021 to 2028. The massive growth in the advanced therapy space is a crucial driving factor when it comes to this market’s growth. Recent Developments
In October, Veeva Systems announced the launch of the Veeva Digital Trials Platform, which is a new solution to substantially accelerate clinical trial execution by offering a complete and connected technology ecosystem that spans patients, research sites, and trial sponsors. The platform is currently available for early adopters.
In the same month, the company announced the adoption of Veeva eConsent — a MyVeeva for Patients solution — by Celerion in order to complete electronic consent for the latter’s Phase I clinical trials. On the back of Veeva eConsent, Celerion is making a transition from manual and paper-based informed consent to a fully digital process. Price Performance
Shares of this Zacks Rank #2 (Buy) company have gained 17.6% on a year-to-date basis against the
industry’s 6.6% decline. Other Stocks to Consider
Other top-ranked stocks in the broader medical space include
Thermo Fisher Scientific Inc. ( TMO Quick Quote TMO - Free Report) , McKesson Corporation ( MCK Quick Quote MCK - Free Report) and AngioDynamics, Inc. ( ANGO Quick Quote ANGO - Free Report) . Thermo Fisher surpassed earnings estimates in the trailing four quarters, with the average being 9.02%. The company currently carries a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here . Thermo Fisher’s long-term earnings growth rate is estimated at 14%. The company’s earnings yield of 3.7% compares favorably with the industry’s (3.6%). McKesson surpassed earnings estimates in the trailing four quarters, with the average being 19.9%. The company currently carries a Zacks Rank #2. McKesson’s long-term earnings growth rate is estimated at 8.9%. The company’s earnings yield of 9.9% compares favorably with the industry’s 3.2%. AngioDynamics surpassed earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 125.6%. The company currently carries a Zacks Rank #2. AngioDynamics’ consensus mark for revenues for fiscal 2022 stands at $313.3 million, suggesting an improvement of 7.7% from the prior-year reported figure. The company’s earnings yield of 0.1% compares favorably with the industry’s (3.6%).