The Revenue LinesNarrow moat

Eli Lilly (LLY) — moat facet

Two brands of one molecule are two-thirds of the company; the other three lines are a fading predecessor, a maturing cancer drug and a long tail.

Lilly reports revenue by product, and five lines tell the story. In 2025 Mounjaro brought in $22,965 million, Zepbound $13,542 million, Verzenio $5,723 million and Trulicity a little over $3 billion; everything else together came to about $20 billion of the $65,179 million total.12 In the second quarter of 2026 Mounjaro and Zepbound alone were $14,871 million of $22,974 million, about 65%.34

Revenue by line, first half ($B)Mounjaro$18.6B vs $9.0BZepbound$9.1B vs $5.7BVerzenio$2.8B vs $2.6BTrulicity$2.1B vs $2.2BOther products$10.2B vs $8.8BH1 2026 against H1 2025; Lilly Form 10-Q, June 2026
Tirzepatide added $13 billion in a year; the other lines together added about $1.4 billion.

The two largest lines are the same molecule, tirzepatide, sold as Mounjaro for diabetes and as Zepbound for obesity in the United States, Canada and Japan.5 Together they went from $482 million in 2022 to $36.5 billion in 2025.678

Lilly does not report profit by product, so every page here treats profitability at the company level: a gross margin of 83.0% in 2025 and 85.8% in the second quarter of 2026.910 What the filings do give is price and volume. In 2025 volume added 50% to revenue and price took away 6%.11

The growth record separates the lines sharply. Tirzepatide more than doubled in 2025. Verzenio grew 8%. Trulicity has fallen from its 2022 peak of $7,440 million as patients moved to its successor.1213 The rest of the portfolio has held near $18 billion to $20 billion a year since 2022.14

The patent dates are the other axis. Tirzepatide's U.S. compound patent is estimated to run to 2036, Verzenio's to 2031 and Trulicity's to 2027.15

The question the five lines raise together is how quickly Lilly can build a second business of tirzepatide's size before 2036. The measure is the share of revenue from tirzepatide, 64.7% in the June 2026 quarter against 55.1% a year earlier.1617 Rising further means the company is becoming more concentrated, not less.

Moat trajectory: Holding steady

Tirzepatide keeps gaining share of revenue; the older lines are shrinking or flat, so concentration rises.

The number that tests this moat
Moat Explorer calc
Largest product line's share of revenue, latest quarter
43.3% in Q2 2026 (Mounjaro $9.94B of $22.97B), from 33.4%

One brand approaching half of revenue. Above 50% would make a single label decision or price negotiation a company-level event.

How it's calculated: 9,943 / 22,974; 5,199 / 15,558.
Source: Lilly Form 10-Q, June 2026 (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
Mounjaro
The diabetes brand now sells more abroad than at home, trading price for patients at 36% lower prices outside the U.S.
DIG DEEPER 02
Zepbound
$13.5 billion in two years, almost all American, and slowing to 46% growth as payers push back.
DIG DEEPER 03
Trulicity
Lilly's first GLP-1, overtaken by its own successor and facing a patent end in 2027 and a government price in 2028.
DIG DEEPER 04
Verzenio
A $5.7 billion cancer drug that has stopped growing at home, with five years of patent left.
DIG DEEPER 05
Other products
About $20 billion across dozens of products, flat for four years and growing again on Jardiance.
References
  1. ReportedIn 2025 Mounjaro brought in $22,965 million, Zepbound $13,542 million, Verzenio $5,723 million and Trulicity a little over $3 billion; everything else together came to about $20 billion of the $65,179 million total.
    Eli Lilly Form 10-K, FY2025 - revenue $65,179M (Mounjaro $22,965M, Zepbound $13,542M, Verzenio $5,723M); gross margin 83.0% (81.3%); R&D $13,337M; marketing, selling and administrative $11,094M; acquired IPR&D $2,910M; net income $20,640M; price -6% and volume +50% (U.S. price -10%, volume +53%); rebates, discounts and returns deducted $62,135M; capital expenditure $7,841M; operating cash flow $16,813M ($8,818M, $4,240M); U.S. compound patents: Cyramza 2026, Trulicity 2027, Jardiance 2029, Verzenio 2031, Olumiant 2032, Mounjaro/Zepbound 2036, Jaypirca 2037, Retevmo 2038, Inluriyo 2039; HHS selected Trulicity and Verzenio in January 2026 for government-set prices effective 2028; six products above $3 billion were 82% of revenue; three wholesalers each 16%-24% of revenue — FY2023-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcIn 2025 Mounjaro brought in $22,965 million, Zepbound $13,542 million, Verzenio $5,723 million and Trulicity a little over $3 billion; everything else together came to about $20 billion of the $65,179 million total.
    Moat Explorer calculation from Lilly's Forms 10-K FY2021-FY2025 and the Q2 2026 10-Q: tirzepatide (Mounjaro + Zepbound) $36,507M in 2025, $14,871M in Q2 2026 ($8,580M), trailing twelve months $49,466M; trailing revenue $79,666M; margins and shares as stated — 2021 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedIn the second quarter of 2026 Mounjaro and Zepbound alone were $14,871 million of $22,974 million, about 65%.
    Eli Lilly Form 10-Q, quarter ended 30 June 2026 - revenue $22,974M (+48%): Mounjaro $9,943M (U.S. $4,791M, outside $5,152M), Zepbound $4,928M, Jardiance $1,232M, Trulicity $1,219M, Verzenio $1,474M; oncology $2,570M, immunology $1,417M, neuroscience $429M; volume +60% and price -13% (U.S. +37%/-3%, outside +113%/-36%); gross margin 85.8% (84.3%); R&D $3,819M; MS&A $3,430M; acquired IPR&D $2,776M; special charges $703M; tax rate 23.3% (16.5%); net income $7,095M; diluted EPS $7.94; H1 capital expenditure $5,259M and operating cash flow $16,023M — Q2 2026 · publ. August 2026 · source ↗
  4. Moat Explorer calcIn the second quarter of 2026 Mounjaro and Zepbound alone were $14,871 million of $22,974 million, about 65%.
    Moat Explorer calculation from Lilly's Forms 10-K FY2021-FY2025 and the Q2 2026 10-Q: tirzepatide (Mounjaro + Zepbound) $36,507M in 2025, $14,871M in Q2 2026 ($8,580M), trailing twelve months $49,466M; trailing revenue $79,666M; margins and shares as stated — 2021 to Q2 2026 · publ. 2026-09-23 · source ↗
  5. ReportedThe two largest lines are the same molecule, tirzepatide, sold as Mounjaro for diabetes and as Zepbound for obesity in the United States, Canada and Japan.
    Eli Lilly Form 10-Q, quarter ended 30 June 2026 - revenue $22,974M (+48%): Mounjaro $9,943M (U.S. $4,791M, outside $5,152M), Zepbound $4,928M, Jardiance $1,232M, Trulicity $1,219M, Verzenio $1,474M; oncology $2,570M, immunology $1,417M, neuroscience $429M; volume +60% and price -13% (U.S. +37%/-3%, outside +113%/-36%); gross margin 85.8% (84.3%); R&D $3,819M; MS&A $3,430M; acquired IPR&D $2,776M; special charges $703M; tax rate 23.3% (16.5%); net income $7,095M; diluted EPS $7.94; H1 capital expenditure $5,259M and operating cash flow $16,023M — Q2 2026 · publ. August 2026 · source ↗
  6. ReportedTogether they went from $482 million in 2022 to $36.5 billion in 2025.
    Eli Lilly Form 10-K, FY2023 - revenue by product 2022-2023 (Trulicity $7,440M/$7,133M, Mounjaro $483M/$5,163M, Verzenio $2,484M/$3,863M, Humalog $2,061M/$1,663M, Alimta $928M/$218M, COVID-19 antibodies $2,024M/nil, Zepbound $176M); income statement 2021-2023; price +4% and volume +16% in 2023; rebates deducted $28,398M (2022) and $37,867M (2023); capital expenditure $1,310M/$1,854M/$3,448M — FY2021-FY2023 · publ. February 2024 · source ↗
  7. ReportedTogether they went from $482 million in 2022 to $36.5 billion in 2025.
    Eli Lilly Form 10-K, FY2025 - revenue $65,179M (Mounjaro $22,965M, Zepbound $13,542M, Verzenio $5,723M); gross margin 83.0% (81.3%); R&D $13,337M; marketing, selling and administrative $11,094M; acquired IPR&D $2,910M; net income $20,640M; price -6% and volume +50% (U.S. price -10%, volume +53%); rebates, discounts and returns deducted $62,135M; capital expenditure $7,841M; operating cash flow $16,813M ($8,818M, $4,240M); U.S. compound patents: Cyramza 2026, Trulicity 2027, Jardiance 2029, Verzenio 2031, Olumiant 2032, Mounjaro/Zepbound 2036, Jaypirca 2037, Retevmo 2038, Inluriyo 2039; HHS selected Trulicity and Verzenio in January 2026 for government-set prices effective 2028; six products above $3 billion were 82% of revenue; three wholesalers each 16%-24% of revenue — FY2023-FY2025 · publ. February 2026 · source ↗
  8. Moat Explorer calcTogether they went from $482 million in 2022 to $36.5 billion in 2025.
    Moat Explorer calculation from Lilly's Forms 10-K FY2021-FY2025 and the Q2 2026 10-Q: tirzepatide (Mounjaro + Zepbound) $36,507M in 2025, $14,871M in Q2 2026 ($8,580M), trailing twelve months $49,466M; trailing revenue $79,666M; margins and shares as stated — 2021 to Q2 2026 · publ. 2026-09-23 · source ↗
  9. ReportedLilly does not report profit by product, so every page here treats profitability at the company level: a gross margin of 83.0% in 2025 and 85.8% in the second quarter of 2026.
    Eli Lilly Form 10-K, FY2025 - revenue $65,179M (Mounjaro $22,965M, Zepbound $13,542M, Verzenio $5,723M); gross margin 83.0% (81.3%); R&D $13,337M; marketing, selling and administrative $11,094M; acquired IPR&D $2,910M; net income $20,640M; price -6% and volume +50% (U.S. price -10%, volume +53%); rebates, discounts and returns deducted $62,135M; capital expenditure $7,841M; operating cash flow $16,813M ($8,818M, $4,240M); U.S. compound patents: Cyramza 2026, Trulicity 2027, Jardiance 2029, Verzenio 2031, Olumiant 2032, Mounjaro/Zepbound 2036, Jaypirca 2037, Retevmo 2038, Inluriyo 2039; HHS selected Trulicity and Verzenio in January 2026 for government-set prices effective 2028; six products above $3 billion were 82% of revenue; three wholesalers each 16%-24% of revenue — FY2023-FY2025 · publ. February 2026 · source ↗
  10. ReportedLilly does not report profit by product, so every page here treats profitability at the company level: a gross margin of 83.0% in 2025 and 85.8% in the second quarter of 2026.
    Eli Lilly Form 10-Q, quarter ended 30 June 2026 - revenue $22,974M (+48%): Mounjaro $9,943M (U.S. $4,791M, outside $5,152M), Zepbound $4,928M, Jardiance $1,232M, Trulicity $1,219M, Verzenio $1,474M; oncology $2,570M, immunology $1,417M, neuroscience $429M; volume +60% and price -13% (U.S. +37%/-3%, outside +113%/-36%); gross margin 85.8% (84.3%); R&D $3,819M; MS&A $3,430M; acquired IPR&D $2,776M; special charges $703M; tax rate 23.3% (16.5%); net income $7,095M; diluted EPS $7.94; H1 capital expenditure $5,259M and operating cash flow $16,023M — Q2 2026 · publ. August 2026 · source ↗
  11. ReportedIn 2025 volume added 50% to revenue and price took away 6%.
    Eli Lilly Form 10-K, FY2025 - revenue $65,179M (Mounjaro $22,965M, Zepbound $13,542M, Verzenio $5,723M); gross margin 83.0% (81.3%); R&D $13,337M; marketing, selling and administrative $11,094M; acquired IPR&D $2,910M; net income $20,640M; price -6% and volume +50% (U.S. price -10%, volume +53%); rebates, discounts and returns deducted $62,135M; capital expenditure $7,841M; operating cash flow $16,813M ($8,818M, $4,240M); U.S. compound patents: Cyramza 2026, Trulicity 2027, Jardiance 2029, Verzenio 2031, Olumiant 2032, Mounjaro/Zepbound 2036, Jaypirca 2037, Retevmo 2038, Inluriyo 2039; HHS selected Trulicity and Verzenio in January 2026 for government-set prices effective 2028; six products above $3 billion were 82% of revenue; three wholesalers each 16%-24% of revenue — FY2023-FY2025 · publ. February 2026 · source ↗
  12. ReportedTrulicity has fallen from its 2022 peak of $7,440 million as patients moved to its successor.
    Eli Lilly Form 10-K, FY2023 - revenue by product 2022-2023 (Trulicity $7,440M/$7,133M, Mounjaro $483M/$5,163M, Verzenio $2,484M/$3,863M, Humalog $2,061M/$1,663M, Alimta $928M/$218M, COVID-19 antibodies $2,024M/nil, Zepbound $176M); income statement 2021-2023; price +4% and volume +16% in 2023; rebates deducted $28,398M (2022) and $37,867M (2023); capital expenditure $1,310M/$1,854M/$3,448M — FY2021-FY2023 · publ. February 2024 · source ↗
  13. ReportedTrulicity has fallen from its 2022 peak of $7,440 million as patients moved to its successor.
    Eli Lilly Form 10-K, FY2025 - revenue $65,179M (Mounjaro $22,965M, Zepbound $13,542M, Verzenio $5,723M); gross margin 83.0% (81.3%); R&D $13,337M; marketing, selling and administrative $11,094M; acquired IPR&D $2,910M; net income $20,640M; price -6% and volume +50% (U.S. price -10%, volume +53%); rebates, discounts and returns deducted $62,135M; capital expenditure $7,841M; operating cash flow $16,813M ($8,818M, $4,240M); U.S. compound patents: Cyramza 2026, Trulicity 2027, Jardiance 2029, Verzenio 2031, Olumiant 2032, Mounjaro/Zepbound 2036, Jaypirca 2037, Retevmo 2038, Inluriyo 2039; HHS selected Trulicity and Verzenio in January 2026 for government-set prices effective 2028; six products above $3 billion were 82% of revenue; three wholesalers each 16%-24% of revenue — FY2023-FY2025 · publ. February 2026 · source ↗
  14. Moat Explorer calcThe rest of the portfolio has held near $18 billion to $20 billion a year since 2022.
    Moat Explorer calculation from Lilly's Forms 10-K FY2021-FY2025 and the Q2 2026 10-Q: tirzepatide (Mounjaro + Zepbound) $36,507M in 2025, $14,871M in Q2 2026 ($8,580M), trailing twelve months $49,466M; trailing revenue $79,666M; margins and shares as stated — 2021 to Q2 2026 · publ. 2026-09-23 · source ↗
  15. ReportedTirzepatide's U.S. compound patent is estimated to run to 2036, Verzenio's to 2031 and Trulicity's to 2027.
    Eli Lilly Form 10-K, FY2025 - revenue $65,179M (Mounjaro $22,965M, Zepbound $13,542M, Verzenio $5,723M); gross margin 83.0% (81.3%); R&D $13,337M; marketing, selling and administrative $11,094M; acquired IPR&D $2,910M; net income $20,640M; price -6% and volume +50% (U.S. price -10%, volume +53%); rebates, discounts and returns deducted $62,135M; capital expenditure $7,841M; operating cash flow $16,813M ($8,818M, $4,240M); U.S. compound patents: Cyramza 2026, Trulicity 2027, Jardiance 2029, Verzenio 2031, Olumiant 2032, Mounjaro/Zepbound 2036, Jaypirca 2037, Retevmo 2038, Inluriyo 2039; HHS selected Trulicity and Verzenio in January 2026 for government-set prices effective 2028; six products above $3 billion were 82% of revenue; three wholesalers each 16%-24% of revenue — FY2023-FY2025 · publ. February 2026 · source ↗
  16. ReportedThe measure is the share of revenue from tirzepatide, 64.7% in the June 2026 quarter against 55.1% a year earlier.
    Eli Lilly Form 10-Q, quarter ended 30 June 2026 - revenue $22,974M (+48%): Mounjaro $9,943M (U.S. $4,791M, outside $5,152M), Zepbound $4,928M, Jardiance $1,232M, Trulicity $1,219M, Verzenio $1,474M; oncology $2,570M, immunology $1,417M, neuroscience $429M; volume +60% and price -13% (U.S. +37%/-3%, outside +113%/-36%); gross margin 85.8% (84.3%); R&D $3,819M; MS&A $3,430M; acquired IPR&D $2,776M; special charges $703M; tax rate 23.3% (16.5%); net income $7,095M; diluted EPS $7.94; H1 capital expenditure $5,259M and operating cash flow $16,023M — Q2 2026 · publ. August 2026 · source ↗
  17. Moat Explorer calcThe measure is the share of revenue from tirzepatide, 64.7% in the June 2026 quarter against 55.1% a year earlier.
    Moat Explorer calculation from Lilly's Forms 10-K FY2021-FY2025 and the Q2 2026 10-Q: tirzepatide (Mounjaro + Zepbound) $36,507M in 2025, $14,871M in Q2 2026 ($8,580M), trailing twelve months $49,466M; trailing revenue $79,666M; margins and shares as stated — 2021 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026