• Biogen average return on tangible equity for 2023 was 42.06, a 33.23% increase from 2022.
• Biogen average return on tangible equity for 2022 was 62.99, a 32.16% decline from 2021.
• Biogen average return on tangible equity for 2021 was 92.85, a 44.82% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.