OBJECTIVES: This study aimed to assess cost effectiveness of treatment with liraglutide added to a standard therapy with metformin (MET) or/and sulphonylurea (SU) compared with rosiglitazone and exenatide. METHODS: Our study used a health economic model (the CORE Diabetes Model) to project the long-term costs and clinical outcomes of liraglutide based on clinical data from LEAD-1 trial: liraglutide + SU vs. rosiglitazone + SU; and LEAD-6 trial: liraglutide + MET+/-SU vs. exenatide + MET+/-SU. The analysis was performed from the Slovak health care services payer’s perspective in a 20 year time horizon. The analysis used health state utility values from published sources to assess the effect of treatment on QALYs. The unit costs of treatment and complications were derived from published sources and official tariff lists for healthcare services paid by public payer. All figures are shown in EUR. RESULTS: QALYs increased with liraglutide 1.2 mg + SU vs. SU + rosiglitazone 4 mg by 0.203. Total costs increased by €2561 resulting in incremental costs per QALY of €12,615. The incremental cost effectiveness ratio for liraglutide 1.8 mg + MET+/-SU vs. exenatide 10 µg + MET+/-SU was estimated at €24,013 per QALY gained (QALYs increased by 0.112). CONCLUSIONS: Using the CORE Diabetes Model and data from the LEAD 1 and LEAD 6 trials treatment with liraglutide is a cost effective intervention compared with both rosiglitazone and exenatide.  Sensitivity analysis showed the results are only moderately changing when altering the key parameters and assumptions.