OBJECTIVES: To assess cost-effectiveness of infant vaccination with 10-valent pneumococcal non-typeable Haemophilus influenzaeprotein-D conjugate vaccine (PHiD-CV) or 13-valent pneumococcal conjugate vaccine (PCV13) versus no vaccination in Russia. METHODS: The analysis was performed for a 10-year and a lifetime horizons from health care and societal perspectives. In the analysis only the direct effect of vaccination was assessed. The effect on invasive pneumococcal diseases (meningitis, bacteriemia), community acquired pneumonia and pneumococcal acute otitis media (AOM) was evaluated for both vaccines. The effect of PHiD-CV on AOM caused by non-typeable Haemophilus influenzae was also considered. Medical costs were estimated based on tariffs of obligatory medical insurance in Saint-Petersburg in 2012. Vaccine cost/dose and schedule of infant vaccination (two doses followed by booster dose) were assumed to be the same for both vaccines. Indirect costs included illness allowance and productivity losses. Costs and health benefits were discounted at 3.5%/year. Willingness to pay threshold was assumed as 1 GDP/capita (approximately 380 KRUB). Sensitivity analysis was conducted on main parameters (incidence data, vaccines effectiveness, costs). RESULTS: The research showed that incremental cost-effectiveness ratios (ICERs) for both vaccines are very close. Considering healthcare perspective ICERs for PHiD-CV and PCV13 were 376.5 and 383.3 KRUB/1 life year gained (LYG) respectively at 10-year horizon; 89.1 and 91.1 KRUB/1 LYG at a lifetime horizon. Considering societal perspective ICERs were 312.6 and 333.3 KRUB/LYG for PHiD-CV and PCV13 respectively at 10-year horizon; both vaccines were shown to be dominating alternatives at a lifetime horizon. Sensitivity analysis indicated that results were more sensitive to incidence data and costs. CONCLUSIONS: Vaccination of infants in Russia with PHiD-CV and PCV13 is cost-effective at a 10-year horizon. PHiD-CV in base case analysis had a little bigger potential cost offset compared to PCV13. Both vaccines could be recommended for inclusion in the Russian national immunization calendar.