Objective. To determine whether lipid alterations in hirsute women are due to excessive androgen, low estrogen or to a combination of these abnormalities. Design. Cross sectional study. Patients. Forty-five hirsute women between 15 and 39 years of age. Main outcome measures. FSH, LH, 17 beta-estradiol, PRL, testosterone, androstenedione, DHEAS, 17-OH-progesterone, sex hormone binding globulin, cholesterol, LDL, HDL, triglycerides, and apolipoproteins A-I and B. Results. Testosterone was correlated with triglycerides (r: 0.76, p<0.01), HDL (r: -0.61, p<0.01) and LDL (r: 0.50, p<0.05). Both HDL (r : 0.66, p<0.01) and LDL (r : -0.57, p<0.01) were correlated with estradiol. Total cholesterol was also correlated with estradiol (r: -0.52, p<0.05). Cross adjusted correlations revealed that, after adjusting for estradiol, lipids were associated with testosterone and that estradiol was also correlated with lipids when adjusted for testosterone. Conclusion. The results suggest that altered lipids in women with hyperandrogenism could result from independent effects of androgens and estrogens. (C) Acta Obstet Gynecol Scand 1996