OBJECTIVES: This study assessed the subjective drug valuations of two opioids. This valuation may contribute to a better understanding of beneficiary preferences unrelated to drug effectiveness.    METHODS: This exploratory, randomized, double-blind, placebo-controlled, 5-way crossover study compared the subjective and objective effects of equianalgesic doses of extended-release oxymorphone (15mg and 30mg) and controlled-release oxycodone (30mg and 60mg) plus placebo in healthy nondependent recreational opioid users. Subjects received single, double-blind, over-encapsulated, intact doses of each opioid or placebo treatment with ≥7 day washout period between treatments.  Assessments included subjective drug value, a series of theoretical choices that forced subjects to select between receiving another dose of the same drug to take home or a specified amount of money in Canadian dollars ($). The Subjective Drug Value was administered at the 4, 8 and 24 hour time points of each treatment period with a minimum value of $0.25 and a maximum value of $48.00.   RESULTS: Thirty five out of forty subjects completed the study. Extended-release oxymorphone was associated with statistically lower mean (SE) subjective drug values than equianalgesic doses of controlled-release oxycodone: extended-release oxymorphone 30mg $16.85 (2.78) vs. controlled-release oxycodone 60mg $24.32 (2.78), p=0.013; extended-release oxymorphone 15mg $9.85 (2.77) vs. controlled-release oxycodone 30mg $25.00 (2.80), p<0.001.   CONCLUSIONS: Oral intact extended-release oxymorphone had lower subjective drug values than equianalgesic doses of controlled-release oxycodone in this exploratory study. The impact of subjective valuation on drug utilization patterns in recreational drug users and patients merits further investigation.