• Merck average return on tangible equity for 2023 was 328.66, a 212.22% decline from 2022.
• Merck average return on tangible equity for 2022 was -292.86, a 460.71% decline from 2021.
• Merck average return on tangible equity for 2021 was -52.23, a 104.9% increase 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.