• Merck average price/book ratio for 2023 was 6.55, a 29.45% increase from 2022.
• Merck average price/book ratio for 2022 was 5.06, a 5.42% increase from 2021.
• Merck average price/book ratio for 2021 was 5.35, a 18.57% decline from 2020.

Price/book ratio can be defined as