Different formulations of triamcinolone acetonide (TA) encapsulated in microparticles (MPs) based on poly(D,L-lactide-co-glycolide) (PLGA), poly(e-caprolactone) (PCL), and poly(methyl vinyl ether-co-maleic anhydride) (Gantrez AN119) blends were obtained by spray-drying with a mixture experimental design. The goal of this study was to investigate the influence of the mixture composition, particle size, particle shape, enthalpy of melting (DH m ) of PCL, enthalpy of depolymerization of PLGA, and glass-transition temperature of Gantrez on drug release at pH 1.2 and 6.8. The presence of Gantrez in the MPs made PCL more amorphous because of the reduction of its DH m . The determination of the activation energy (E a ) associated with TA release from the MPs was used to calculate the fitting equation of the drug-release profile, and subsequently, a thermodynamic (Arrhenius-like) model was established. Drug release increased as E a and DH m decreased. Our results suggest that this approach was capable of predicting in vitro TA release from these MPs, which allowed us to develop formulations with low-release patterns at pH 1.2 and to modulate drug release at enteric pH.