Abstract: A pharmaceutical composition is provided for oral administration. The composition comprises estradiol dissolved in an oil vehicle containing a suspension of micronized progesterone. The oil vehicle is high in glycerides of polyunsaturated fatty acids. The estradiol and micronized progesterone contained in the oil are more readily absorbable in the blood stream and achieve enhanced estradiol and progesterone blood serum levels. The pharmaceutical composition according to the invention can be readily formulated into capsules and administered for the treatment of menopausal symptoms.