Objective: Pubertal gynaecomastia is a frequent phenomenon occurring in 20-40% of otherwise healthy adolescent boys. Little is known about the aetiology of pubertal gynaecomastia. Markedly elevated thyroid hormone levels in adults with hyperthyroidism are associated with gynaecomastia. Design: A cross-sectional examination of 444 healthy boys with and without pubertal gynaecomastia. Methods: We evaluated TSH, triiodothyronine (T 3 ), thyroxine (T 4 ), free T 4 and free T 3 in a cohort of healthy boys with and without pubertal gynaecomastia. Results: Boys with gynaecomastia had significantly higher serum free T 3 , even after correction for age, BMI and pubertal stage. After inclusion of IGF1 in the model the differences disappeared. TSH, T 4 , free T 4 and T 3 did not differ between the groups. Conclusions: We speculate that the GH/IGF1 axis and thyroid hormones interact and influence the development of pubertal gynaecomastia.