OBJECTIVES: The impact of health economics and outcomes research (HEOR) evidence on reimbursement decisions in the U.S. is not well understood, yet the continued and increasing investment in HEOR by pharmaceutical companies indicates a perceived positive impact. We sought to understand U.S. payers’ preferences for HEOR evidence when making reimbursement decisions and to assess the alignment between payers and pharmaceutical companies with respect to the types of HEOR evidence that are important for various product and market scenarios.  METHODS: We conducted an online, stated choice survey with individuals involved in the formulary decision-making process for U.S. payer and pharmacy benefit manager (PBM) organizations and those involved in the decision to invest in HEOR for pharmaceutical companies. We presented each individual with thirteen product profiles and asked them to rate the importance of several types of HEOR evidence to support U.S. formulary placement decisions for each profile. We used a logistic regression model to assess the product and market attributes that are associated with the stated importance of each type of evidence and to compare the alignment between respondents from pharmaceutical and payer/PBM organizations. RESULTS: We received 31 responses from payers and 63 responses from individuals within pharmaceutical companies.  Preliminary results indicate differences between the two stakeholder groups in the perceived importance of budget impact, resource utilization/cost offset, and adherence/compliance evidence. We report the most influential factors in the types of HEOR evidence that are stated to have an impact on formulary decision-making. CONCLUSIONS: The findings of this survey provide us with a better understanding of the specific types of HEOR evidence payers are interested in for pharmaceutical products entering the market. This nuanced understanding of payer preferences may allow for greater alignment between payer organizations and pharmaceutical companies, and will assist pharmaceutical companies in planning future investments.