Merck (MRK) is one of the giants in the biotech space. They have a huge number of drugs in their pipeline. According to their website, they have 50+ programs in Phase 2, 30+ programs in Phase 3, and 5+ programs under review. This is a huge company and I need to try to understand better how their pipeline works and how they make money. One question I want to understand better is what is the difference between MRK and GILD? I’m sure they have different drugs they are focusing on, but which one is bigger and do either of them have a competitive advantage? What is the best way to think about this large drug research and manufacturing companies? When does it make sense to invest in a small biotech versus a large biotech.