• Elanco Animal Health average return on tangible equity for 2023 was 18.76, a 302.58% decline from 2022.
• Elanco Animal Health average return on tangible equity for 2022 was 4.66, a 72.95% increase from 2021.
• Elanco Animal Health average return on tangible equity for 2021 was 17.23, a 23.76% 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.