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Eli Lilly (LLY) — moat facet

About $20 billion across dozens of products, flat for four years and growing again on Jardiance.

Everything Lilly sells apart from its four largest medicines came to about $20 billion in 2025, roughly 31% of revenue.12 It is a long list of products, several of them large businesses on their own.

Change in revenue, Q2 2026 against Q2 2025 ($M)Jardiance+$542MOther oncology+$172MOther immunology+$153MNeuroscience+$85MTaltz+$8MLilly Form 10-Q, June 2026
Jardiance supplied about half of the long tail's growth.

What is inside the line includes Jardiance, a diabetes and heart-failure drug; Taltz, for psoriasis and related diseases; the older insulins Humalog, Humulin and Basaglar; newer oncology and immunology medicines; and neuroscience, where the Alzheimer's drug Kisunla sits.34

The history is of a portfolio that shrinks as old drugs lose protection and grows as new ones arrive. Alimta fell from $2,061 million in 2021 to $218 million in 2023 after its patent expired; COVID-19 antibodies brought $2,239 million in 2021 and nothing by 2023.56 Counted as everything outside the four named products, the line was about $20.5 billion in 2021, $18.1 billion in 2022, $17.8 billion in 2023 and $18.0 billion in 2024.7

It is paid for per prescription, through wholesalers and benefit managers, and it carries the same rebate burden as the rest of the company.

Profitability by product is not disclosed. Growth has returned in 2026. In the June quarter these products brought in about $5.4 billion against $4.4 billion a year earlier, up 23%.89 Jardiance grew from $690 million to $1,232 million, other immunology from $408 million to $561 million and neuroscience from $344 million to $429 million, while Taltz was flat at $856 million.10

The outlook includes more patent dates: Jardiance's U.S. compound patent is estimated to run to 2029 and Cyramza's to 2026, while newer drugs such as Jaypirca, Retevmo and Inluriyo are protected into the late 2030s.11

This is a narrow moat spread across many products. The number to follow is the line's growth, 23% in the June 2026 quarter. Growth that holds above 10% as Jardiance approaches 2029 would mean the portfolio can support Lilly if tirzepatide falters.

Moat trajectory: Holding steady

About $18-20B a year since 2022, up 23% in the June 2026 quarter on Jardiance and immunology.

The number that tests this moat
Moat Explorer calc
Revenue outside the four largest products, latest quarter
$5.41B in Q2 2026, up 23% from $4.40B

Growth above 10% as Jardiance nears its 2029 patent date would mean the portfolio can carry Lilly if tirzepatide falters.

How it's calculated: 22,974 - 9,943 - 4,928 - 1,219 - 1,474 = 5,410; 15,558 - 5,199 - 3,381 - 1,092 - 1,489 = 4,397.
Source: Lilly Form 10-Q, June 2026 (Moat Explorer calc) ↗
References
  1. ReportedEverything Lilly sells apart from its four largest medicines came to about $20 billion in 2025, roughly 31% of revenue.
    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 calcEverything Lilly sells apart from its four largest medicines came to about $20 billion in 2025, roughly 31% of revenue.
    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. ReportedWhat is inside the line includes Jardiance, a diabetes and heart-failure drug; Taltz, for psoriasis and related diseases; the older insulins Humalog, Humulin and Basaglar; newer oncology and immunology medicines; and neuroscience, where the Alzheimer's drug Kisunla sits.
    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. ReportedWhat is inside the line includes Jardiance, a diabetes and heart-failure drug; Taltz, for psoriasis and related diseases; the older insulins Humalog, Humulin and Basaglar; newer oncology and immunology medicines; and neuroscience, where the Alzheimer's drug Kisunla sits.
    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 ↗
  5. ReportedAlimta fell from $2,061 million in 2021 to $218 million in 2023 after its patent expired; COVID-19 antibodies brought $2,239 million in 2021 and nothing by 2023.
    Eli Lilly Form 10-K, FY2021 - revenue by product 2020-2021 (Trulicity $6,472M, Humalog $2,453M/$2,626M, Alimta $2,061M/$2,330M, COVID-19 antibodies $2,239M/$871M, Basaglar $893M/$1,124M); income statement 2019-2021 (R&D $5,595M/$6,086M/$7,026M, revenue $22,320M/$24,540M/$28,318M); rebates, discounts and returns deducted from sales $18,668M (2020) and $20,106M (2021) — FY2019-FY2021 · publ. February 2022 · source ↗
  6. ReportedAlimta fell from $2,061 million in 2021 to $218 million in 2023 after its patent expired; COVID-19 antibodies brought $2,239 million in 2021 and nothing by 2023.
    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. Moat Explorer calcCounted as everything outside the four named products, the line was about $20.5 billion in 2021, $18.1 billion in 2022, $17.8 billion in 2023 and $18.0 billion in 2024.
    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 ↗
  8. ReportedIn the June quarter these products brought in about $5.4 billion against $4.4 billion a year earlier, up 23%.
    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. Moat Explorer calcIn the June quarter these products brought in about $5.4 billion against $4.4 billion a year earlier, up 23%.
    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 ↗
  10. ReportedJardiance grew from $690 million to $1,232 million, other immunology from $408 million to $561 million and neuroscience from $344 million to $429 million, while Taltz was flat at $856 million.
    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. ReportedThe outlook includes more patent dates: Jardiance's U.S. compound patent is estimated to run to 2029 and Cyramza's to 2026, while newer drugs such as Jaypirca, Retevmo and Inluriyo are protected into the late 2030s.
    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