• Catalent average return on tangible equity for 2023 was -129.88, a 294% decline from 2022.
• Catalent average return on tangible equity for 2022 was 66.95, a 22.41% decline from 2021.
• Catalent average return on tangible equity for 2021 was 86.29, a 165.18% 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.