— ICER analyzed the impact of vaccination on several US subpopulations; at current prices, vaccines are cost effective —
BOSTON, June 11, 2026 – The Institute for Clinical and Economic Review (ICER) today released its revised Evidence Report assessing the comparative clinical effectiveness and value of vaccines for protection against Covid-19, including: Comirnaty® (Pfizer, BioNTech), Spikevax® (Moderna), mNexspike® (Moderna), and Nuvaxovid® (Sanofi).
“Covid-19 infections continue to occur year-round, sometimes leading to serious illness or death,” said ICER’s Chief Medical Officer, David Rind, MD, MSc. “For any preventive care, the goal is always to understand whether the potential benefits outweigh the potential harms. ICER evaluated the evidence for Covid-19 vaccines in 12 US sub-populations. Current evidence suggests that the greatest net benefit of Covid-19 vaccination is in pregnant women; infants aged 6 months to one year; and adults over the age of 65, with the net benefit increasing further with increasing age. Declining rates of serious Covid-19 year over year necessarily create some uncertainties. We hope this report will be a useful resource to policymakers and public health officials as they consider vaccination recommendations for Covid-19 for the 2026-2027 season.”
This Evidence Report will be reviewed at a virtual public meeting of the New England CEPAC on June 25, 2026. The New England CEPAC is one of ICER’s three independent evidence appraisal committees comprising medical evidence experts, practicing clinicians, methodologists, and leaders in patient engagement and advocacy.
A draft version of this report was previously open for a four-week public comment period. The updated Evidence Report and voting questions reflect changes made based on comments received from patient groups, clinicians, drug manufacturers, and other stakeholders. Detailed responses to public comments can be found here.
Key Clinical Findings
ICER examined the effect of vaccination on preventing hospitalization and death across several US subpopulations (and provided ICER Evidence Ratings). For pregnant women, infants aged months to 1 year, and adults aged 65+, the evidence clearly indicates that the benefits of vaccination outweigh any potential harms.
Generally, serious harms from vaccination were extremely rare. Early evidence in the pandemic indicated that boys and young men were at increased risk for myocarditis; however, recent data do not demonstrate that risk. There is no material evidence for other serious harms, although minor harms such as fever, malaise, and aches are common and can result in missed work or school.
Public health recommendations around Covid-19 vaccination will consider many different factors – individual and population health benefits, cost-effectiveness and value, and societal goals. Importantly, this report does not include individual or public health recommendations, but rather a summary of the current evidence in different subpopulations.
Key Cost-Effectiveness Findings
At current vaccine prices, ranging from $73 to $177, Covid-19 vaccination for the 2026–2027 season would be cost effective for all US subpopulations.
About ICER
The Institute for Clinical and Economic Review (ICER) is an independent, non-profit research institute that conducts evidence-based reviews of health care interventions, including prescription drugs, other treatments, and diagnostic tests. In collaboration with patients, clinical experts, and other key stakeholders, ICER analyzes the available evidence on the benefits and risks of these interventions to measure their value and suggest fair prices. ICER also regularly reports on the barriers to care for patients and recommends solutions to ensure fair access to prescription drugs. For more information about ICER, please visit www.icer.org.