• Royalty Pharma average return on tangible equity for 2023 was 4.84, a 22.84% increase from 2022.
• Royalty Pharma average return on tangible equity for 2022 was 3.94, a 53.1% increase from 2021.
• Royalty Pharma average return on tangible equity for 2021 was 8.4, a 52.33% 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.