This document summarizes key learnings from major observational studies and clinical trials on menopause. It discusses that systemically administered progestogens may negate some benefits of estrogens and slightly increase breast cancer risk with treatment durations over 5 years. It notes that isolated estrogens did not impact breast cancer risk in hysterectomized women compared to controls in WHI. It also states that metabolic effects of estrogens and progestogens may differ based on administration route and regimen of sequential vs. continuous combined therapy.