As of Q3'26 (2025-10-31), VEEV reported R&D Expenses of $191.88M and SG&A Expenses of $179.04M, marking the highest R&D spending in the observed period and a notable decrease in SG&A from the previous quarter’s peak of $205.24M. This latest data point highlights a continued commitment to research and development, while SG&A expenses have moderated after a significant spike. Over the period from Q4'23 (2023-01-31) to Q3'26 (2025-10-31), both R&D and SG&A expenses have shown a general upward trend, with R&D rising from $142.54M to $191.88M and SG&A increasing from $147.61M to $179.04M. The data reveals steady growth in R&D spending, while SG&A expenses experienced more volatility, particularly a sharp jump in Q2'26 to $205.24M before dropping back in Q3'26. Overall, the chart indicates expanding operational investment, with R&D consistently growing and SG&A showing episodic surges.