Health Care Stocks Lower

Health care stocks were continuing to drift lower Friday afternoon, with the NYSE Health Care Index putting up a nearly 0.3% retreat while shares of health care companies in the S&P 500 were down 0.2% as a group. In company news, Veeva Systems (VEEV) jumped out to a best-ever $67.86 a share on Friday after the cloud-based provider of life-sciences software last night reported above-consensus Q1 financial results, guided its non-GAAP Q2 net income above Street views and raised its FY18 outlook, also receiving at least one analyst upgrade today.

Excluding one-time items, the company earned $0.24 per share during the three months ended April 30, up from $0.15 per share during the year-ago period and beating the Capital IQ consensus by $0.06 per share. Revenue rose 31.8% over the same quarter last year to $157.9 million, also exceeding the $151.82 million analyst mean. For the current quarter, Veeva is projecting a $0.20 per-share adjusted profit on between $163 million to $164 million in revenue. Analysts, on average, are modeling non-GAAP net income of $0.19 per share on $160.2 million in revenue during the April-to-June reporting period.

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