I recently talked about the differences in GAAP and non-GAAP accounting, and there is an opportunity to talk about a company that fits such a description here, that's Antares Pharma, Inc (ATRS). Analysts would be excited about the revenue, or top-line growth in the company's income statement, but for every dollar of growth each year, the company is seeing double that amount in losses in the bottom line, or net income. This is unfortunately an all-too-common occurrence in pharmaceutical upstarts. The company went public on a gamble that the drugs they were creating might get them bought out by one of the "big pharma" companies out there like Eli Lilly (LLY), Johnson & Johnson (JNJ). Pfizer (PFE), or Merck (MRK). But this industry is super-competitive, and they are all constantly researching the latest information about drugs and diseases. Because the company consistently fails to earn a profit, I can't recommend Antares. Antares closed down 2 cents to $1.29 on Wednesday. While Lilly is competitive, the high P/E ratio makes me want to say no right now. Lilly closed down 14 cents at $83.74. Johnson & Johnson is looking good at under 20x earnings here, I would buy. JNJ closed at $101.96. Pfizer closed at $32.87, and while the 25x earnings they are selling at is not a bad deal, I would buy Allergan (AGN) instead to take advantage of the arbitrage with Pfizer buying them. Allergan closed at $320.26. Merck closed up 24 cents at $53.72, and are an affordable 14x earnings. You also get a decent 3.37% dividend yield here. I would buy Merck.