OBJECTIVES: Viral infections, predominantly from latent viruses, are a well-known complication of hematological stem cell transplantations (HSCTs). While routinely treated with anti-viral drugs, we assessed the cost-effectiveness of a novel adoptive T cell therapy consisting of directly selected CMV-specific T cells. METHODS: A Markov model was developed to estimate cost-effectiveness of a CMV-specific T cell therapy for the management of CMV disease. Data sources included two randomized clinical trials for the CMV-specific T cell therapy, published literature, national costs and tariffs, and a Delphi panel of 7 English hematologists. The model simulated clinical and economic outcomes associated with the CMV-specific T cell therapy and standard of care. RESULTS: The use of the CMV-specific T cell therapy as 2-line CMV disease treatment increases costs from £27,882 to £30,656, which results in additional costs of £2,774, but leads to a gain in QALYs of 0.215 from 3.179 to 3.394. The probabilistic sensitivity analysis (PSA) shows a probability of 79% that the ICER remains below £30,000/QALY. The use of the CMV-specific T cell therapy as 3-line CMV treatment increases total costs from £27,882 to £28,648 leading to additional costs of £766, but to a gain in QALYs of 0.031 from 3.179 to 3.210. The PSA shows the probability is 53% that the ICER remains below £30,000/QALY. CONCLUSIONS: CMV-specific T cell therapy is cost-effective for patients with CMV disease after allogeneic HSCT in 2-line and 3-line therapeutic treatment setting in the UK.