AbstractBackgroundSevere pediatric allergic asthma (SPAA) induces a huge economic burden in terms of direct, indirect, and intangible costs. The use of omalizumab for the treatment of these patients has produced a significant improvement in several clinical outcomes, but at the same time, the cost for the management of the disease has also increased. The aim of this report was to evaluate whether the use of omalizumab is cost‐effective.MethodsA sample of 426 children with SPAA from the ANCHORS (Asthma iN CHildren: Omalizumab in Real‐life in Spain) study was used to calculate the incremental cost‐effectiveness ratio (ICER) for the avoidance of moderate‐to‐severe exacerbations (MSE) and also for the improvement in childhood Asthma Control Test (c‐ACT) or the Asthma Control Questionnaire (ACQ5). We retrospectively collected data on health encounters and drug consumption before and up to 6 years after the beginning of the treatment with omalizumab.ResultsThe ICER per avoided MSE was €2107 after 1 year, and it consistently decreased to €656 in those followed up to 6 years. Similarly, the ICER for the minimally important difference in control tests showed a decrease from €2059 to €380 per each 0.5 points of improvement in ACQ5 and from €3141 to €2322 per each 3 points improvement in c‐ACT, at years 1 and 6, respectively.ConclusionThe use of OMZ is a cost‐effective option for most children with uncontrolled SPAA, especially those who have frequent exacerbations; the costs are progressively reduced in successive years of treatment.