Merck stock, live, through the tokenised share

Signals, right now

One oncology drug carries an uncomfortable share of the revenue

A single immunotherapy accounts for a very large portion of sales, and its exclusivity has a published end date. Everything about how this share is valued comes down to what replaces that revenue and whether the replacement arrives in time. It is a dated, visible problem, which is unusual and makes the argument unusually concrete.

Two companies share the name, and confusing them is easy

Merck in the United States and Canada is a different company from Merck KGaA of Darmstadt, which trades separately in Germany and uses a different name in North America. They were one business before the First World War. If you are comparing a price against something you read elsewhere, check which Merck it referred to before concluding anything.

The dividend is part of the case, and the token pays none of it

This is widely held for income as well as growth. A backed token generally does not pass dividends through unless the issuer's terms say so. Over a holding period of more than a few weeks that makes the token and the share materially different, and the gap grows with the yield.

The part we cannot verify

We read the token's price, its traded volume and the value of tokens in issue. We do not audit the custody behind it. The price was checked against the exchange's last close when this page was built and agreed to within about one percent. For the official price, use the exchange or a broker.