This report presents cost-benefit analyses for two promising interventions within Malawi’s Ante-natal Care (ANC) system to improve maternal and newborn health. The first is BEmONC5, a compacted set of five specific interventions taken from within the conventional basic emergency obstetric and newborn care package and the second is multiple micronutrients supplementation (MMS). Additional interventions considered in the main analysis include the conventional 15-intervention package of basic emergency obstetric and newborn care (BEmONC) interventions and calcium supplementation in pregnancy, which were not found to be as cost-effective as the first two. According to this report, replacing the existing IFA supplements with MMS for pregnant women would lead to 1300 to 1600 averted stillbirths and neonatal deaths per year. Scaled up to full coverage across Malawi, this program would require an investment of MWK 1.5 – 2.5 billion (USD 2.0m – 3.4m) annually over the next 10 years.