Objective: To evaluate the cost-effectiveness of ranibizumab versus photodynamic therapy with verteporfin (PDT-V) and best standard care (BSC) for the treatment of all wet age-related macular degeneration (AMD) lesion subtypes (predominantly classic (PC), minimally classic (MC) and occult lesions (OC)) in Canada. Methods: A ten-year Markov model with three-month cycles was adapted to the Canadian setting to simulate the evolution of visual acuity (VA) levels in subfoveal wet AMD patients according to Canadian guidelines. Analyses were performed from the perspective of the Ontario Ministry of Health with each AMD subtype modeled separately. The initial distribution of patients across VA levels followed the distribution observed in MARINA and ANCHOR (sham controlled phase III randomized multicentre clinical trials) at randomization. Transition probabilities were based on data from the same trials. Treatment with 0.5mg ranibizumab was assumed, with nine injections in year 1 and six injections in year 2. Treatment duration was assumed to be one year for PC and two years for MC and OC lesions. Five clinicians completed a resource use questionnaire from which therapy and adverse event costs were estimated (2007 CDN$). Quality-of-life estimates were obtained from a time trade-off study carried out in a sample of the UK general population. Outcomes were measured in terms of quality-adjusted-life-years (QALY) and discounted (along with costs) at 5% annually. One-way and probabilistic sensitivity analyses were performed to estimate uncertainty around incremental cost-effectiveness ratios (ICER). Results: Ranibizumab demonstrated cost-effectiveness relative to PDT-V and BSC in all lesion types assuming a $50,000 threshold. The ICER for PC lesions was $4,167/QALY and $21,857/QALY relative to PDT-V and BSC respectively. For MC and OC lesions the ICER was $37,363/QALY and $38,151/QALY respectively relative to BSC. Conclusion: Ranibizumab offers good value for money compared to current standard treatments for all wet AMD lesion types.