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There is an increased risk of breast cancer. Before taking conjugated estrogens? Have any of the serious side effects. Talk with your doctor about your individual risks before using conjugated estrogens. Long-term treatment with conjugated estrogens may increase your risk of breast cancer. This medication may actually increase your risk of stroke or blood clots. What is the most important information I should know about conjugated estrogens? Conjugated estrogens are sometimes taken on a daily basis.