MounjaroWide moat

Eli Lilly (LLY) — moat facet

The diabetes brand now sells more abroad than at home, trading price for patients at 36% lower prices outside the U.S.

Mounjaro is Lilly's largest product and its fastest-growing international business. It brought in $22,965 million in 2025, up 99%, and $9,943 million in the second quarter of 2026, up 91%.12

Mounjaro revenue ($B)$0.5B2022$5.2B2023$11.5B2024$23.0B2025$18.6BH1 26Forms 10-K FY2023-FY2025 and 10-Q June 2026
Doubled every year since launch, and the first half of 2026 alone came close to all of 2025.

What is inside the line is tirzepatide sold for type 2 diabetes, and, outside the three countries where the obesity brand Zepbound is sold, for weight management too.3 It acts on two gut hormones rather than one, which is the basis of its clinical lead over single-hormone drugs.

The history is short. Mounjaro brought in $483 million in 2022, its launch year, $5,163 million in 2023 and $11,540 million in 2024.45 In 2025 U.S. revenue rose 53% to $13,651 million, driven by demand and partly offset by lower realized prices, while revenue outside the United States went from $2.6 billion to $9.3 billion, mostly on volume.6

It is paid for per prescription, at a net price well below the list price after rebates and discounts. That net price is falling. Across Lilly, price took 6% off revenue in 2025, and in the June 2026 quarter 3% in the United States and 36% abroad, where most of Mounjaro's new volume comes from.78

Profitability by product is not disclosed; Lilly's gross margin was 85.8% in the June 2026 quarter, helped by lower production costs.9

Growth remains the fastest of the five lines. First-half 2026 revenue was $18,605 million against $9,041 million, up 106%.1011 In the June quarter Mounjaro sold $5,152 million outside the United States and $4,791 million inside it, so the international business is now the larger half.12

The outlook is volume against price, and the patent is not the constraint yet: the U.S. compound patent is estimated to run to 2036, with European protection to 2037.13

This is a wide moat for now: the best drug in the largest market, with supply finally catching up. The number that would change the view is Mounjaro's revenue outside the United States, $5.2 billion in the June 2026 quarter. If it stops growing while the price abroad keeps falling, Lilly will have run out of new patients to trade price for.

Moat trajectory: Widening

Revenue up 106% in the first half of 2026, with the international business now larger than the U.S.

The number that tests this moat
Reported
Mounjaro revenue outside the U.S., latest quarter
$5.15B in Q2 2026, from $1.90B

The growth engine now. Flat while ex-U.S. prices keep falling would mean the supply of new patients abroad is exhausted.

Source: Lilly Form 10-Q, June 2026 ↗
References
  1. ReportedIt brought in $22,965 million in 2025, up 99%, and $9,943 million in the second quarter of 2026, up 91%.
    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. ReportedIt brought in $22,965 million in 2025, up 99%, and $9,943 million in the second quarter of 2026, up 91%.
    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 ↗
  3. ReportedWhat is inside the line is tirzepatide sold for type 2 diabetes, and, outside the three countries where the obesity brand Zepbound is sold, for weight management too.
    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. ReportedMounjaro brought in $483 million in 2022, its launch year, $5,163 million in 2023 and $11,540 million in 2024.
    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 ↗
  5. ReportedMounjaro brought in $483 million in 2022, its launch year, $5,163 million in 2023 and $11,540 million in 2024.
    Eli Lilly Form 10-K, FY2024 - revenue by product 2023-2024 (Mounjaro $11,540M, Zepbound $4,926M, Trulicity $5,254M, Verzenio $5,307M, Humalog $2,325M, Basaglar $677M); price +5% and volume +27% in 2024 (U.S. price +8%); rebates deducted $41,452M — FY2023-FY2024 · publ. February 2025 · source ↗
  6. ReportedIn 2025 U.S. revenue rose 53% to $13,651 million, driven by demand and partly offset by lower realized prices, while revenue outside the United States went from $2.6 billion to $9.3 billion, mostly on volume.
    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 ↗
  7. ReportedAcross Lilly, price took 6% off revenue in 2025, and in the June 2026 quarter 3% in the United States and 36% abroad, where most of Mounjaro's new volume comes from.
    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. ReportedAcross Lilly, price took 6% off revenue in 2025, and in the June 2026 quarter 3% in the United States and 36% abroad, where most of Mounjaro's new volume comes from.
    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 ↗
  9. ReportedProfitability by product is not disclosed; Lilly's gross margin was 85.8% in the June 2026 quarter, helped by lower production costs.
    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 ↗
  10. ReportedFirst-half 2026 revenue was $18,605 million against $9,041 million, up 106%.
    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. Moat Explorer calcFirst-half 2026 revenue was $18,605 million against $9,041 million, up 106%.
    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 ↗
  12. ReportedIn the June quarter Mounjaro sold $5,152 million outside the United States and $4,791 million inside it, so the international business is now the larger half.
    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 ↗
  13. ReportedThe outlook is volume against price, and the patent is not the constraint yet: the U.S. compound patent is estimated to run to 2036, with European protection to 2037.
    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 ↗
Sources
Generated September 23, 2026