Objective-The objective was to compare the effects of tibolone and hormone therapy (HT) on lipid profile, vasodilation, and factors associated with inflammation and hemostasis. Methods and Results-Fifty-three women received micronized progesterone (MP, 100 mg) with conjugated equine estrogen (CEE, 0.625 mg) or tibolone (2.5 mg) daily for 2 months, with a 2-month washout period. Key Words: hormone therapy Ⅲ tibolone Ⅲ endothelial function Ⅲ inflammation Ⅲ hemostasis P rospective cohort surveys suggest that hormone therapy (HT) decreases the risk of coronary artery disease in relatively young and healthy postmenopausal women. 1,2 In contrast, 2 recent randomized studies, the Heart and Estrogen/ Progestin Replacement Study (HERS) 3 and the Women's Health Initiative (WHI), 4 reported that HT did not reduce the risk of cardiovascular events and, furthermore, demonstrated some trends toward an increased risk of cardiovascular events. The increased risk of coronary heart disease (CHD) was surprising, given that LDL cholesterol levels decreased and that HDL cholesterol levels increased. The reasons may result from the effects of HT on an increase in triglyceride and C-reactive protein (CRP) levels and thromboembolism risk through activating coagulation pathways, evidenced by decreased antithrombin III and increased prothrombin fragment 1ϩ2 (F1ϩ2). 5,6 Tibolone, a synthetic steroid with estrogenic, androgenic, and progestogenic properties, relieves climacteric symptoms and prevents postmenopausal bone loss. Furthermore, compared with HT, tibolone has no effect on breast cancer incidence and does not promote endometrial hyperplasia or rare vaginal bleeding. 7 Tibolone has some beneficial effects, such as reduction of triglyceride, total cholesterol, LDL cholesterol, and lipoprotein(a) levels, reducing the risk of CHD. 7 Nonetheless, its antiatherosclerotic effects have been questioned because of consistent reductions in the levels of HDL cholesterol, which has antiatherosclerotic properties. However, recent animal studies have demonstrated that the use of tibolone results in significantly less atherosclerosis than does use of placebo 8 or, at least, that use of tibolone compared with control results in no increase in coronary atherosclerosis, 9 despite a marked reduction of HDL choles-