Pharmaceutical compositions comprising low doses of sensitive complexesbetween an estrogen and a cyclodextrin are provided with improved stability.In specific embodiments the composition comprises a complex between ethinylestradiol and -cyclodextrin in a granulate preparation and in yet anotherembodiment the composition comprises a limited amount of polyvinylpyrrolidonesince this excipient was found to degrade ethinyl estradiol. Furthermore, amethod for improving the stability of an estrogen in a composition and formanufacturing such a stable composition is provided. Essentially, thegranulate preparation are manufactured under careful control of the relativehumidity.