MoatScopeMoatScope

Pharmaceuticals

FLAGSHIP

Large pharma, specialty pharma and generics.

Companies
186
With a moat
21%
Average quality
27
7 wide moat · 31 narrow moat · 145 no moat · Open in screener →
Updated 27 Sep 2026

Pharmaceuticals covers large drugmakers, specialty and generic drug companies, animal health and consumer health. MoatScope covers 186 companies here. Seven have a wide moat, 31 a narrow moat and 147 none. The large no-moat group, mostly smaller companies with one or two products, is why the industry's average quality score is only 27 even though its leaders rank among the strongest businesses in the market.

How the industry makes money

Branded drugs earn high margins while patents and regulatory exclusivity keep rivals out, and lose much of that revenue when exclusivity ends and generics arrive. The business is therefore a race to replace today's products before they lose protection, funded by research spending and acquisitions. Generic makers compete mainly on cost. Animal health and consumer health follow different economics, with many customers and less dependence on single blockbusters.

Where the moats are

Intangible assets, meaning patents, approvals and the know-how to run large clinical programs, appear in 36 of the 38 moat-rated companies. Switching costs and efficient scale show up in eight each: doctors and patients tend to stay on drugs that work, and some markets only support a few serious competitors.

  • Eli Lilly and Novo Nordisk: the two leaders in incretin (GLP-1) medicines for diabetes and obesity, led by tirzepatide and semaglutide.
  • Merck: the immuno-oncology drug Keytruda alongside a major vaccines business.
  • Johnson & Johnson: branded medicines in immunology, oncology and neuroscience, plus a medical-technology segment.
  • Novartis and AstraZeneca: focused innovative-medicine portfolios, with AstraZeneca's strength concentrated in oncology.
  • Zoetis: the scale leader in animal health, an industry with a fragmented customer base and no dominant buyer.

The narrow-moat group includes Pfizer, Bristol Myers Squibb, GSK, Sanofi, Takeda, Teva, Royalty Pharma and Haleon, companies with real product strength but heavier exposure to patent expiries, pricing pressure or a narrower portfolio.

What wears moats down

Loss of exclusivity is the industry's constant threat: a drug's revenue can fall sharply within a few years of generic or biosimilar entry. Government price negotiation and payer pressure squeeze returns on existing products, and clinical failures can leave a pipeline without the next generation of products. Competition within a drug class, such as incretins, can also erode pricing even while patents hold.

What the quality scores say

The seven wide-moat companies score between 68 and 80 on MoatScope's quality scale, far above the industry average of 27.

What to watch

  • Upcoming patent expiries for each company's largest products.
  • Drug-pricing policy and negotiation outcomes.
  • Late-stage trial results that decide whether pipelines can replace expiring products.
  • Competition and supply in the incretin market.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Pharmaceuticals into 3 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Large pharma

Global drugmakers with broad portfolios.

Global market · $1.90T total revenue in 2025 · source: IQVIA Institute · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. All medicines worldwide at invoice prices (IQVIA), before rebates; companies report net sales, so shares read low. The three pharma markets share this total.

#BusinessMarket shareRevenue
1LLY · ELI LILLY & Co3.4%$65.2B
2PFE · PFIZER INC3.3%$62.6B
3JNJ · JOHNSON & JOHNSON3.2%$60.4B
4AZN · ASTRAZENECA PLC3.1%$58.7B
5MRK · Merck & Co., Inc.3.1%$58.1B
6Roche (Pharmaceuticals Division)
Listed outside the US (SIX) · Roche
3.0%$57.4B
7NVS · NOVARTIS AG2.9%$54.5B
8BMY · BRISTOL MYERS SQUIBB CO2.5%$48.2B
9SNY · Sanofi2.5%$47.1B
10NVO · NOVO NORDISK A S2.4%$44.8B
All other companies65.5%$1.25T

Specialty, generic & consumer pharma

Generic and specialty drugs, consumer health and smaller drugmakers.

Global market · $1.90T total revenue in 2025 · source: IQVIA Institute · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. All medicines worldwide at invoice prices (IQVIA), before rebates; companies report net sales, so shares read low. The three pharma markets share this total.

#BusinessMarket shareRevenue
1TEVA · TEVA PHARMACEUTICAL INDUSTRIES LTD0.9%$17.3B
2VTRS · Viatris Inc0.8%$14.3B
3HLN · Haleon plc0.7%$14.0B
4KVUE · Kenvue Inc.
Self Care · filed under Household & Personal Products
0.3%$6.4B
5OGN · Organon & Co.0.3%$6.2B
6ABT · ABBOTT LABORATORIES
Established Pharmaceuticals · filed under Medical Devices & Supplies
0.3%$5.5B
7BHC · Bausch Health Companies Inc.0.3%$5.2B
8JAZZ · Jazz Pharmaceuticals plc0.2%$4.3B
9PRGO · PERRIGO Co plc0.2%$4.3B
10RDY · DR REDDYS LABORATORIES LTD0.2%$3.9B
All other companies94.4%$1.79T

Animal health

Medicines and vaccines for pets and livestock.

4 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown. The only total found covers the five largest companies, which would overstate their shares.

#BusinessRevenue
1ZTS · Zoetis Inc.$9.5B
2MRK · Merck & Co., Inc.
Animal Health
$6.4B
3ELAN · Elanco Animal Health Inc$4.7B
4PAHC · PHIBRO ANIMAL HEALTH CORP$1.3B

Companies

CompanyMoatQualityMarket
LLY
ELI LILLY & Co
Wide75Large pharma3.4%$1.17T
JNJ
JOHNSON & JOHNSON
Wide80Large pharma
+ 3 other markets
3.2%$611.6B
MRK
Merck & Co., Inc.
Wide77Large pharma
+ 1 other market
3.1%$354.4B
NVS
NOVARTIS AG
Wide74Large pharma2.9%$299.2B
AZN
ASTRAZENECA PLC
Wide69Large pharma3.1%$204.9B
NVO
NOVO NORDISK A S
Wide78Large pharma2.4%$175.1B
PFE
PFIZER INC
Narrow53Large pharma3.3%$167.8B
BMY
BRISTOL MYERS SQUIBB CO
Narrow69Large pharma2.5%$120.2B
GSK
GSK plc
Narrow61Large pharma2.2%$106.7B
SNY
Sanofi
Narrow60Large pharma2.5%$96.5B
TAK
TAKEDA PHARMACEUTICAL CO LTD
Narrow54Large pharma1.6%$62.4B
HLN
Haleon plc
Narrow57Specialty, generic & consumer pharma0.7%$45.4B
TEVA
TEVA PHARMACEUTICAL INDUSTRIES LTD
Narrow42Specialty, generic & consumer pharma0.9%$42.1B
RPRX
Royalty Pharma plc
Narrow55Specialty, generic & consumer pharma0.1%$34.7B
ZTS
Zoetis Inc.
Wide79Animal health—$32.9B
VTRS
Viatris Inc
None29Specialty, generic & consumer pharma0.8%$21.0B
JAZZ
Jazz Pharmaceuticals plc
Narrow35Specialty, generic & consumer pharma0.2%$16.6B
CORT
CORCEPT THERAPEUTICS INC
Narrow55Specialty, generic & consumer pharma<0.1%$12.1B
ELAN
Elanco Animal Health Inc
Narrow40Animal health—$11.7B
RDY
DR REDDYS LABORATORIES LTD
Narrow66Specialty, generic & consumer pharma0.2%$10.1B
CRNX
Crinetics Pharmaceuticals, Inc.
None25Specialty, generic & consumer pharma<0.1%$9.0B
AXSM
Axsome Therapeutics, Inc.
None14Specialty, generic & consumer pharma<0.1%$8.2B
AMRX
Amneal Pharmaceuticals, Inc.
None40Specialty, generic & consumer pharma0.2%$6.2B
LGND
LIGAND PHARMACEUTICALS INC
Narrow46Specialty, generic & consumer pharma<0.1%$5.9B
RGC
Regencell Bioscience Holdings Ltd
None20Specialty, generic & consumer pharma—$5.0B
DFTX
Definium Therapeutics, Inc.
None15Specialty, generic & consumer pharma—$4.4B
EWTX
Edgewise Therapeutics, Inc.
None19Specialty, generic & consumer pharma—$4.1B
INDV
Indivior Pharmaceuticals, Inc.
Narrow42Specialty, generic & consumer pharma<0.1%$4.0B
OGN
Organon & Co.
None52Specialty, generic & consumer pharma0.3%$3.6B
TLX
Telix Pharmaceuticals Ltd
None32Specialty, generic & consumer pharma<0.1%$3.2B
LQDA
Liquidia Corp
None21Specialty, generic & consumer pharma<0.1%$3.1B
TARS
Tarsus Pharmaceuticals, Inc.
Narrow25Specialty, generic & consumer pharma<0.1%$3.0B
AMLX
Amylyx Pharmaceuticals, Inc.
None37Specialty, generic & consumer pharma—$3.0B
ELVN
Enliven Therapeutics, Inc.
None17Specialty, generic & consumer pharma—$2.8B
ATAI
AtaiBeckley Inc.
None12Specialty, generic & consumer pharma<0.1%$2.7B
HCM
HUTCHMED (China) Ltd
None29Specialty, generic & consumer pharma<0.1%$2.5B
PBH
Prestige Consumer Healthcare Inc.
Narrow58Specialty, generic & consumer pharma<0.1%$2.4B
SUPN
SUPERNUS PHARMACEUTICALS, INC.
Narrow42Specialty, generic & consumer pharma<0.1%$2.3B
HRMY
Harmony Biosciences Holdings, Inc.
Narrow66Specialty, generic & consumer pharma<0.1%$2.2B
XERS
Xeris Biopharma Holdings, Inc.
None33Specialty, generic & consumer pharma<0.1%$2.0B
BHC
Bausch Health Companies Inc.
None33Specialty, generic & consumer pharma0.3%$1.9B
SDGR
Schrodinger, Inc.
Narrow37Specialty, generic & consumer pharma<0.1%$1.7B
SEPN
Septerna, Inc.
None25Specialty, generic & consumer pharma<0.1%$1.7B
ANIP
ANI PHARMACEUTICALS INC
Narrow48Specialty, generic & consumer pharma<0.1%$1.7B
MAZE
Maze Therapeutics, Inc.
None28Specialty, generic & consumer pharma<0.1%$1.6B
PAHC
PHIBRO ANIMAL HEALTH CORP
Narrow44Animal health—$1.6B
NUVB
Nuvation Bio Inc.
None9Specialty, generic & consumer pharma<0.1%$1.6B
INVA
Innoviva, Inc.
Narrow60Specialty, generic & consumer pharma<0.1%$1.5B
PRGO
PERRIGO Co plc
Narrow36Specialty, generic & consumer pharma0.2%$1.5B
PCRX
Pacira BioSciences, Inc.
Narrow46Specialty, generic & consumer pharma<0.1%$1.4B
ETON
Eton Pharmaceuticals, Inc.
Narrow29Specialty, generic & consumer pharma<0.1%$1.4B
OCUL
OCULAR THERAPEUTIX, INC
None27Specialty, generic & consumer pharma<0.1%$1.4B
GHRS
GH Research PLC
None19Specialty, generic & consumer pharma—$1.3B
WVE
Wave Life Sciences Ltd.
None13Specialty, generic & consumer pharma<0.1%$1.3B
NKTR
NEKTAR THERAPEUTICS
None15Specialty, generic & consumer pharma<0.1%$1.3B
OPK
OPKO HEALTH, INC.
None23Specialty, generic & consumer pharma<0.1%$1.2B
OMER
OMEROS CORP
None35Specialty, generic & consumer pharma—$1.2B
AMPH
Amphastar Pharmaceuticals, Inc.
Narrow60Specialty, generic & consumer pharma<0.1%$1.1B
HROW
HARROW, INC.
None31Specialty, generic & consumer pharma<0.1%$1.0B
ANRO
Alto Neuroscience, Inc.
None19Specialty, generic & consumer pharma—$896M
TBPH
Theravance Biopharma, Inc.
None43Specialty, generic & consumer pharma<0.1%$872M
ALMS
ALUMIS INC.
None14Specialty, generic & consumer pharma<0.1%$821M
COLL
COLLEGIUM PHARMACEUTICAL, INC
Narrow57Specialty, generic & consumer pharma<0.1%$749M
LXRX
LEXICON PHARMACEUTICALS, INC.
None20Specialty, generic & consumer pharma<0.1%$690M
OCS
Oculis Holding AG
None12Specialty, generic & consumer pharma<0.1%$620M
ZVRA
ZEVRA THERAPEUTICS, INC.
None34Specialty, generic & consumer pharma<0.1%$603M
CRMD
CorMedix Inc.
None53Specialty, generic & consumer pharma<0.1%$575M
PHAT
Phathom Pharmaceuticals, Inc.
Narrow33Specialty, generic & consumer pharma<0.1%$567M
ACRS
Aclaris Therapeutics, Inc.
None28Specialty, generic & consumer pharma<0.1%$512M
EOLS
Evolus, Inc.
Narrow35Specialty, generic & consumer pharma<0.1%$486M
AQST
Aquestive Therapeutics, Inc.
Narrow30Specialty, generic & consumer pharma<0.1%$481M
ARVN
ARVINAS, INC.
None19Specialty, generic & consumer pharma<0.1%$475M
AVIR
Atea Pharmaceuticals, Inc.
None21Specialty, generic & consumer pharma—$352M
RLMD
RELMADA THERAPEUTICS, INC.
None20Specialty, generic & consumer pharma—$337M
IBO
IMPACT BIOMEDICAL INC.
None4Specialty, generic & consumer pharma<0.1%$330M
FULC
Fulcrum Therapeutics, Inc.
None20Specialty, generic & consumer pharma—$282M
ELTP
ELITE PHARMACEUTICALS INC /NV/
None50Specialty, generic & consumer pharma<0.1%$269M
BIOA
BioAge Labs, Inc.
None14Specialty, generic & consumer pharma<0.1%$229M
SIGA
SIGA TECHNOLOGIES INC
Narrow65Specialty, generic & consumer pharma<0.1%$226M
SLGL
Sol-Gel Technologies Ltd.
None20Specialty, generic & consumer pharma<0.1%$200M
CTNM
Contineum Therapeutics, Inc.
None18Specialty, generic & consumer pharma—$172M
ORMP
ORAMED PHARMACEUTICALS INC.
None30Specialty, generic & consumer pharma<0.1%$169M
MDWD
MediWound Ltd.
None19Specialty, generic & consumer pharma<0.1%$160M
CURX
Curanex Pharmaceuticals Inc
None14Specialty, generic & consumer pharma—$154M
KRSA
Korsana Biosciences, Inc.
—16Specialty, generic & consumer pharma<0.1%$147M
DERM
Journey Medical Corp
None24Specialty, generic & consumer pharma<0.1%$146M
CNTN
Canton Strategic Holdings, Inc.
None14Specialty, generic & consumer pharma—$135M
CRDL
Cardiol Therapeutics Inc.
None13Specialty, generic & consumer pharma<0.1%$130M
ANTX
AN2 Therapeutics, Inc.
None17Specialty, generic & consumer pharma—$127M
SCNX
Scienture Holdings, Inc.
None18Specialty, generic & consumer pharma<0.1%$120M
NRXP
NRX Pharmaceuticals, Inc.
None13Specialty, generic & consumer pharma<0.1%$114M
LENZ
LENZ Therapeutics, Inc.
None23Specialty, generic & consumer pharma<0.1%$104M
CPIX
CUMBERLAND PHARMACEUTICALS INC
None30Specialty, generic & consumer pharma<0.1%$100M
SMNR
Semnur Pharmaceuticals, Inc.
None3Specialty, generic & consumer pharma—$99M
RANI
Rani Therapeutics Holdings, Inc.
None13Specialty, generic & consumer pharma<0.1%$91M
AARD
Aardvark Therapeutics, Inc.
None14Specialty, generic & consumer pharma—$82M
ZOMDF
Zomedica Corp.
None28Specialty, generic & consumer pharma<0.1%$78M
NTRB
NutriBand Inc.
None18Specialty, generic & consumer pharma<0.1%$73M
CGTX
COGNITION THERAPEUTICS INC
None14Specialty, generic & consumer pharma—$69M
RFL
Rafael Holdings, Inc.
None7Specialty, generic & consumer pharma<0.1%$67M

Showing the 100 largest of 186.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

  • † Universe Pharmaceuticals INC: Stored revenue looks unconverted from yuan ($17.9B at a $2M market cap), so its share isn't comparable.
  • † TRAFALGAR INTERNATIONAL, INC.: Counted under GCAN.

Price versus fair value for every company is in the screener.

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