Twenty menopausal women and 2 women with gonadal dysgenesis were treated with piperazine oestrone sulphate 1.5\p=n-\3 mg daily on a cyclical basis for a period of 6 months. Fasting serum lipids and lipoprotein esterified fatty acid indices (EFI) were estimated before starting treatment and after 3 and 6 months. There were small falls in serum cholesterol (significant at 3 months) and beta-lipoprotein EFI (significant at 6 months). Serum triglyceride and pre-beta-lipoprotein EFI rose significantly at both 3 and 6 months. Serum total phospholipid levels were reduced (significant at 6 months) with most marked changes in the sphingomyelin fraction. Other parameters were not significantly altered.