Objectives: To evaluate the effect on endocrine and metabolic parameters of a new combined oral contraceptive (COC) containing estetrol (E4) and drospirenone (DRSP). Study design: Randomized, open-label, controlled, 3-arm, parallel study. Healthy subjects received either E4 15 mg/DRSP 3 mg (E4/DRSP) ( n = 38), or ethinylestradiol (EE) 30 μg/levonorgestrel (LNG) 150 μg ( n = 29), or EE 20 μg/DRSP 3 mg ( n = 31) for 6 treatment cycles. Median percentage change from baseline to cycle 3 and to cycle 6 were evaluated for endocrine parameters, liver proteins, lipid profile, and carbohydrate metabolism. Results: At cycle 6, E4/DRSP treatment had less effect on gonadotropins (follicle stimulating hormone [FSH] + 30.5%, luteinizing hormone [LH] −7.5%) compared to EE/LNG (FSH −84.0%, LH −92.0%) and EE/DRSP (FSH −64.0%, LH −90.0%). With E4/DRSP increases in total cortisol ( + 26.0%) and cortisol binding globulin ([CBG] ( + 40.0%) were less compared to EE/LNG (cortisol + 109.0%, CBG + 152.0%) and EE/DRSP (cortisol + 107.0%, CBG + 140.0%). Liver proteins, except CRP, increased, but the effect was less pronounced with E4/DRSP for angiotensinogen ( + 75.0%) compared to EE/LNG ( + 170.0%) and EE/DRSP ( + 206.5%) and for sex hormone binding globulin ([SHBG] + 55.0%), compared to EE/LNG ( + 74.0%) and EE/DRSP ( + 251.0%).E4/DRSP had minimal impact on lipid parameters; the largest effect was observed for triglycerides ( + 24.0%), which was less compared to EE/LNG ( + 28.0%) and EE/DRSP ( + 65.5%). E4/DRSP had no effect on carbohydrate metabolism. Conclusions: E4/DRSP treatment has limited effects on endocrine and metabolic parameters. The effects on gonadotropins, cortisol, CBG, angiotensinogen, SHBG and triglycerides were less pronounced compared to EE-containing products. Implications statement: Combining E4 15 mg with DRSP 3 mg resulted in a COC with a different metabolic profile in comparison to EE-containing products. The clinical relevance of these findings needs to be further assessed, using clinical endpoints to establish the safety profile of this new COC.