Conjugated estrogens exert their effect by binding to estrogen receptors in various tissues, alleviating menopausal symptoms and preventing bone loss by regulating gene expression. Bazedoxifene acts as a selective estrogen receptor modulator (SERM), antagonizing estrogen receptors in uterine and breast tissues, thereby reducing the risk of endometrial hyperplasia and potentially breast cancer while maintaining beneficial estrogenic effects on bone and vasomotor symptoms.