Micronized Progesterone Versus Norethisterone Acetate in Combination With Estrogen as Menopausal Hormone Therapy

Inclusion Criteria: * Healthy and naturally postmenopausal women (more than one year since last menstruation or FSH \> 40 IE/L) with climacteric symptoms (sweating, hot flush and/or sleep problems) that adversely affect the quality of life * Age 45-60 years * BMI \> 19 kg/m2 and ≤ 32 kg/m2 * Intact uterus * In case of previous MHT use, washout 8 weeks for oral MHT and 4 weeks for transdermal MHT or local estrogen treatment before screening * Written informed consent Exclusion Criteria: * Previous history or risk factors for breast cancer, breast cancer in situ or abnormal mammogram at baseline as assessed clinically by a radiology expert * Previous history or risk factors for endometrial cancer or hyperplasia or abnormal/proliferative endometrial biopsy at baseline * Vaginal bleeding * Any concomitant medical treatment except for well-controlled hypertension, non-insulin treated type 2 diabetes, asthma and hypothyroidism * History or presence of or risk factor for cardiovascular disease including thromboembolic disorder or cerebrovascular disease * History or presence of liver and gallbladder disease, familial hyperlipidemia, epilepsy or classical migraine with aura * History or presence of clinically significant depression or other psychiatric disorder that might in anyway compromise the performance of the trial or undermine its scientific validity * Porphyria, Systemic lupus erythematosus and otosclerosis * Current use of MHT or local estrogen treatment * Alcohol and/or drug abuse * Clinically significant findings on physical and/or gynecological examination at baseline * Hypersensitivity to any of the study treatments