OBJECTIVES: It is well recognized that HPV infection causes a substantial burden in females. The infection also causes a substantial burden in males as it is associated with HPV-related cancers. Traditional economic evaluations focus only on quantifying cost-effectiveness, however, it is increasingly recognized that immunizations may generate broader benefits not captured in cost-effectiveness analysis. This research aimed at developing a government-perspective health investment model to estimate the fiscal impact of immunizing males and females with the quadrivalent HPV vaccine in Germany. METHODS: Methodologies from generational accounting, human capital and health economics were combined to estimate the fiscal benefits of HPV immunization. Cohort models were developed simulating the medical costs and average lifetime fiscal transfers between the government and cohorts of 13-year-old immunized and non-immunized individuals. To estimate tax revenue attributed to immunization-related changes in morbidity and mortality, direct and indirect tax rates were linked to differences in age- and gender-specific earnings. RESULTS: The lifetime discounted gross tax for the immunized male and female cohorts (n=400,000 each) were €208.7 billion and €130.4 billion, respectively. Over the lifetime of the female and male birth-cohorts, it was estimated that immunization with the quadrivalent HPV vaccine would result in the prevention of 986 female and 296 male HPV-related deaths. Compared to the non-immunized cohorts of 13-year old males and females, the immunized cohorts resulted in higher total net discounted tax by €106.1 million and higher total gross discounted tax by €80.4 million.  CONCLUSIONS: The combined vaccination of males and females in Germany results in positive lifetime net and gross discounted tax revenues for the government. The vaccination of males and females with the quadrivalent HPV vaccine is likely to have positive effects on public finances and economic growth over subsequent generations.