Objective: To describe the burden of moderate to severe exacerbations and all-cause mortality; the secondary objectives were to analyze treatment patterns and changes over follow-up., Design: Observational, multicenter, retrospective, cohort study with a three year follow-up period., Setting: Ten Italian academic secondary- and tertiary-care centers., Participants: Patients with a confirmed diagnosis of COPD referring to the outpatient clinics of the participating centers were retrospectively recruited., Primary and Secondary Outcome Measures: Annualized frequency of moderate and severe exacerbations stratified by exacerbation history prior to study enrollment. Patients were classified according to airflow obstruction, GOLD risk categories, and divided in 4 groups: A = no exacerbations; B = 1 moderate exacerbation; C = 1 severe exacerbation; D = ≥2 moderate and/or severe exacerbations. Overall all-cause mortality stratified by age, COPD category, and COPD therapy. A logistic regression model assessed the association of clinical characteristics with mortality., Results: 1111 patients were included (73% males), of which 41.5% had a history of exacerbations. As expected, the proportion of patients experiencing ≥1 exacerbation during follow-up increased according to pre-defined study risk categories (B: 79%, C: 84%, D: 97.4%). Overall, by the end of follow-up, 45.5% of patients without a history of exacerbation experienced an exacerbation (31% of which severe), and 13% died. Deceased patients were significantly older, more obstructed and hyperinflated, and more frequently active smokers compared with survivors. Severe exacerbations were more frequent in patients that died (23.5%, vs 10.2%; p-value: 0.002). Chronic heart failure and ischemic heart disease were the only comorbidities associated with a higher odds ratio (OR) for death (OR: 2.2, p-value: 0.001; and OR: 1.9, p-value: 0.007). Treatment patterns were similar in patients that died and survivors., Conclusion: Patients with a low exacerbation risk are exposed to a significant future risk of moderate/severe exacerbations. Real life data confirm the strong association between mortality and cardiovascular comorbidities in COPD., Competing Interests: PSa has received lectures fees at national and international meetings and consultancy fees from Boehringer Ingelgheim, Chiesi Farmaceutici, Astra Zeneca, Berlin-Chemie, Edmondpharma, Guidotti, Neopharmed, Novartis, Valeas, GlaxoSmithKline, Alfasigma, Zambon and Sanofi; research grants from Air Liquide, Almirall, Boehringer Ingelgheim, Chiesi Farmaceutici, Pfizer, Edmondpharma. FB declares participation in a company sponsored speaker’s bureau: Astra Zeneca, GSK, Novartis, Boehringer Ingelgheim, Chiesi, MSD, Menarini, Malesci, Guidotti, Sanofi and support for research: Chiesi, Vitalair. M.C. declares grants for research, personal fees and non-financial support from Chiesi and GlaxoSmithKline, personal fees and non-financial support from AstraZeneca, Boehringer Ingelheim, Alk-Abello, and Novartis, and research grants from the University of Ferrara, Italy. FDM has received lectures fees at national and international meetings and consultancy fees from Almirall, AstraZeneca, Boehringer Ingelheim, Chiesi Farmaceutici, Dompe, Guidotti/Malesci, GlaxoSmithKline, Menarini, Novartis, and Zambon; CM received fees as a speaker from Astrazeneca, GSK, Sanofi, Chiesi, Menarini, Guidotti, Novartis, Zambon, Boehringer. GP has received lecture fees and consultancy fees from Alfasigma, AstraZeneca, Chiesi, GlaxoSmithKline, Guidotti-Malesci, Menarini, Mundipharma, Novartis, Sanofi, Zambon. DR has received fees for lectures from Astra Zeneca, Berlin Chemie, Boehringer Ingelheim, Glaxo Smith Kline, Menarini; fees for consultancy from Damor Farmaceutic and honoraria for consulting and participation to advisory boards from Astra Zeneca, Boehringer Ingelheim. PR participated as a lecturer and advisor in scientific meetings and courses under the sponsorship of Almirall, AstraZeneca, Biofutura, Boehringer Ingelheim, Chiesi Farmaceutici, GlaxoSmithKline, Menarini Group, MSD, Mundipharma, Novartis and Recipharm. Her department was funded by Almirall, Boehringer Ingelheim, Chiesi Farmaceutici, Novartis, and Zambon. NS has received lectures fees at national and international meetings and consultancy fees from Astra Zeneca, Boehringer Ingelheim, Chiesi Farmaceutici, GlaxoSmithKline; research grants from Boehringer Ingelheim, Chiesi Farmaceutici, Sanofi. SB, ST, MV are AstraZeneca employees. PSo has participated as a lecturer, speaker, and advisor in scientific meetings and courses under the sponsorship from Boehringer Ingelheim, Chiesi Farmaceutici, Astra Zeneca, Guidotti-Malesci, Novartis, Valeas, GlaxoSmithKline, Menarini, ABC Farmaceutici, Almirall, Dompè and Biotest. The authors report no other conflicts of interest in this work., (© 2024 Santus et al.)