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Thanks JKM, I appreciate you pointing that out.

Value Line, adjusted MRK's EPS excludes a non-recurring loss of ($1.66) per share in 2012.

After adjustment, Value Line shows MRK's EPS to be $3.82 per share on $17.52 per share of book value, resulting in about a 22% ROE.

Morningstar (my #2 favorite source) makes no such adjustment, and quotes the approx the same ROE that you stated.

MRK had large "non-recurring" losses in '10, '11, and '12.
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