OBJECTIVES: Value demonstration in healthcare remains a challenge. In oncology in particular, the high cost of innovative medicines is frequently scrutinized by healthcare stakeholders and the public. Evidence-Based Valuation (EBV) incorporates clinical, economic and humanistic factors, as well as stakeholder perception of key product attributes, to estimate a comprehensive value-based price range for medicines. In this study, we sought to apply the EBV framework against PD-1 and PD-L1 products indicated for NSCLC to understand the relationship between evidence-based value and cost to healthcare stakeholders in the US and EU5. METHODS: To apply the EBV framework to PD-1 and PD-L1 products in NSCLC, a blended product profile was developed, incorporating data from published clinical trial results, real-world studies and HTAs. The value of differentiation (including health, economic and humanistic benefits over previous standards of care) was quantified and adjusted to account for quality of evidence and country-specific market forces to derive an evidence-based value, expressed as a monthly price, in each market. In turn, actual product prices were drawn from publications or estimated to assess the relationship between EBV and price. RESULTS: Initial EBV calculations show a positive correlation with price across the US and EU5. In each market, the blended PD-1 value exceeded actual price. Limitations associated with the analysis include use of secondary research only to power model, small sample of products tested, and limited set of product attributes and value drivers included in the analysis. CONCLUSIONS: Evidence-Based Valuation offers a generalized, transparent means to appraise innovative oncologic therapies and communicate value in an environment increasingly focused on value-based healthcare.