Objective: Estrogen and androgen administration modulate the pituitary-thyroid axis through alterations in thyroid hormone-binding globulin (TBG) metabolism, but the effects of sex steroids on extrathyroidal thyroxine (T 4 ) to triiodothyronine (T 3 ) conversion in humans are unknown. Design and methods: We studied 36 male-to-female and 14 female-to-male euthyroid transsexuals at baseline and after 4 months of hormonal treatment. Male-to-female transsexuals were treated with cyproterone acetate (CA) 100 mg/day alone (nZ10) or in combination with either oral ethinyl estradiol (or-EE) 100 mg/day (nZ14) or transdermal 17b-estradiol (td-E) 100 mg twice a week (nZ12). Femaleto-male transsexuals were treated with i.m. testosterone 250 mg twice a week. A t-test was used to test for differences within groups and ANOVAwith post hoc analysis to test for differences between the groups. Results: Or-EE increased TBG (100G12%, P!0.001) and testosterone decreased TBG (K14G4%, PZ0.01), but free T 4 did not change. Td-E and CA did not affect TBG concentrations. TSH was not different between groups at baseline or after treatment. CA decreased T 3 /T 4 ratios (K9G3%, PZ0