Background: Acute exacerbations of chronic obstructive pulmonary disease (AECOPD) are associated with changes in the sputum microbiome, including an increased prevalence of pathogenic bacteria. Vaccination against the most frequent bacteria identified in AECOPD might reduce exacerbation frequency. We assessed the efficacy, safety, and immunogenicity of a candidate vaccine containing surface proteins from non-typeable Haemophilus influenzae (NTHi) and Moraxella catarrhalis (Mcat) in patients with COPD., Methods: This multicentre, randomised, observer-blinded, placebo-controlled, proof-of-concept, phase 2b trial recruited patients with stable COPD, moderate-to-very severe airflow limitation (Global Initiative for Chronic Obstructive Lung Disease [GOLD] stage 2, 3, or 4), at 67 clinical sites in Belgium, Canada, France, Germany, Italy, Spain, UK, and USA. Eligible patients were aged 40-80 years and had a history of at least one moderate or severe exacerbation in the previous year. Patients were allocated (1:1) using a minimisation algorithm to receive two intramuscular injections of NTHi-Mcat vaccine or placebo 60 days apart, in addition to standard care. The allocation algorithm considered age category, number of previous exacerbations, COPD severity at study entry, and country as minimisation factors, to guarantee treatment balance within each factor. Vaccine recipients and those responsible for evaluating study endpoints were masked to group allocation. In the analysis of efficacy, the primary outcome was the rate of any moderate or severe AECOPD occurring within a 1-year period, starting 1 month after the second dose in patients who received two vaccine doses (modified total vaccinated cohort). Safety was assessed in the total vaccinated cohort. The trial is registered with ClinicalTrials.gov, number NCT03281876, and is complete., Findings: Between Nov 27, 2017, and Nov 30, 2018, 606 adults were enrolled and included in the total vaccinated cohort (304 in the NTHi-Mcat vaccine group, 302 in the placebo group); 571 received two doses and were included in the primary efficacy analysis (279 in the NTHi-Mcat vaccine group, 292 in the placebo group). 23 participants dropped-out in the NTHi-Mcat vaccine group and 39 in the placebo group; this included 4 patients in the NTHi-Mcat vaccine group and 15 in the placebo group who withdrew from the study because of an adverse event. The primary analysis included 340 exacerbations (in follow-up time 102 123 days) in the NTHi-Mcat vaccine group and 333 (in 104 443 days) in the placebo group, with a yearly rate of moderate or severe AECOPD of 1·22 in the NTHi-Mcat vaccine group and 1·17 in the placebo group, with vaccine efficacy in reducing the yearly rate of moderate or severe AECOPD estimated to be zero (vaccine efficacy point estimate 2·26% [87% CI -18·27 to 11·58]; p=0·82). Solicited local adverse events were more frequent in the NTHi-Mcat vaccine group (216 [72%] of 301 patients) than with placebo (34 [11%] of 299 patients), and the frequency of solicited general adverse events was similar between groups (239 [79%] of 301 vs 235 [79%] of 299 patients). There was one death in the NTHi-Mcat vaccine group (acute respiratory failure, not related to vaccination) and ten in the placebo group (seven due in part to COPD or respiratory failure). There were 158 serious adverse events (89 [29%] of 304 patients) in the NTHi-Mcat vaccine group, not related to vaccination, and 214 (99 [33%] of 302 patients) in the placebo group., Interpretation: NTHi-Mcat vaccine administered to patients with COPD did not show efficacy in reducing the yearly rate of moderate or severe exacerbations. No safety concerns were identified., Funding: GlaxoSmithKline Biologicals SA., Competing Interests: Declaration of interests SA reports grants and personal fees from Boehringer Ingelheim, grants from Pfizer, and personal fees from Novartis, AstraZeneca, the GlaxoSmithKline (GSK) group of companies, Chiesi, and Merini, outside of the submitted work. AKA, DC, GDM, ML, LM, SS, and AT are employees of the GSK group of companies. MT was an employee of the GSK group of companies when this study was conducted and is now an employee of Janssen–Cilag SpA. ML and SS also hold shares in the GSK group of companies. GB reports having received honoraria for lectures from AstraZeneca, Boehringer Ingelheim, Chiesi, the GSK group of companies, Novartis, and Teva, and for advisory boards from Amgen, AstraZeneca, Boehringer Ingelheim, Chiesi, the GSK group of companies, Novartis, Sanofi–Regeneron, and Teva, all outside of the submitted work. WJ reports grants from AstraZeneca, Chiesi, Roche, and Boehringer Ingelheim outside of the submitted work. EK has served on advisory boards and received consulting fees and travel reimbursements from Amphastar, AstraZeneca, Boehringer Ingelheim, Chiesi, Connect Biopharmaceuticals, the GSK group of companies, Mylan, Novartis, Sunovion, and Theravance, outside of the submitted work. AP reports receiving fees for board membership, consultancy, payment for lectures, grants for research, travel expense reimbursement from Chiesi, AstraZeneca, the GSK group of companies, Boehringer Ingelheim, and Teva; fees for board membership, consultancy, payment for lectures, travel expense reimbursement from Mundipharma, Novartis, Zambon, and Sanofi–Regeneron; and grants for research, payment for lectures, travel expenses reimbursement from Menarini, fees for board membership, consultancy, travel expenses reimbursement from Roche, grants for research from Fondazione Maugeri, Fondazione Chiesi, and consultancy fees from Edmondpharma, all outside of the submitted work. LP-M reports, outside of the submitted work, financial support for educational activities and advisory from AstraZeneca, financial support for educational activities and a grant for non-committed investigation from the GSK group of companies, investigation grant from Esteve and Menarini, travel bourses from Boerhinger Ingelheim and Teva, travel bourse, and personal fees for educational activities from Novartis, financial support for educational activities from Chiesi, and personal fees for advisory from Merck Sharpe & Dohme and Boston Scientific. DS, BP, and LB declare no financial and non-financial relationships and activities and no conflicts of interest. HW reports a grant to his employer from the GSK group of companies during the conduct of this study, and grants or personal fees from the GSK group of companies, AstraZeneca, Boehringer Ingelheim, Novartis, Chiesi, Menarini, Takeda, and Bayer outside of the submitted work. TMAW received grants from the GSK group of companies during the conduct of this study. TMAW also received grants from AstraZeneca, Synairgen, UK Research and Innovation, and MyMHealth, and fees or non-financial support from Boehringer Ingelheim, Chiesi, and AstraZeneca, outside of the submitted work. TMAW is an inventor on patent applications: 2018 US Patent application 62/479562—immunogenic composition, use and methods of treatment—a novel vaccine to prevent exacerbations of COPD pending to the GSK group of companies; and US patent application 62/479550 (novel COPD vaccine). TMAW is the founder and director of MyMHealth Ltd. FM reports a grant paid to his institution by the GSK group of companies during the conduct of this study, and grants paid to his institution by the GSK group of companies, AstraZeneca, Sanofi; unrestricted grant paid to his institution by Novartis, Boehringer Ingelheim, Grifols; personal fees for participating in speaker bureau from the GSK group of companies, Boehringer Ingelheim, Grifols, Novartis; and financial participation in Oxynov, all outside of the submitted work., (Copyright © 2022 Elsevier Ltd. All rights reserved.)