An implant comprising testosterone or an ester thereof and an aromatase inhibitor; the aromatase inhibitor may be selected from the group consisting of anastrozole, letrozole, and exemestane. In one embodiment the implant is a sustained release, subcutaneous implant. Also disclosed are therapies for patients with symptoms of relative androgen deficiency, breast cancer survivors and other therapies in which testosterone is indicated but elevated estradiol levels are avoided.