• Novo Nordisk average return on tangible equity for 2023 was 210.26, a 24.33% decline from 2022.
• Novo Nordisk average return on tangible equity for 2022 was 169.12, a 58.59% increase from 2021.
• Novo Nordisk average return on tangible equity for 2021 was 106.64, a 28.51% 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.