• Vaxcyte average return on tangible equity for 2023 was -30.81, a 30.1% decline from 2022.
• Vaxcyte average return on tangible equity for 2022 was -44.08, a 59.54% decline from 2021.
• Vaxcyte average return on tangible equity for 2021 was -27.63, a 11.01% 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.