• Merck average return on tangible equity for 2023 was 200.39, a 175.81% increase from 2022.
• Merck average return on tangible equity for 2022 was -264.32, a 1.61% decline from 2021.
• Merck average return on tangible equity for 2021 was -260.13, a 105.9% 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.