There is now considerable evidence that hormonereceptor interactions activate adenylate cyclase and the resulting increases in cyclic AMP levels mediate the effects of the hormone [ 1 ] . However, a study of corticotrophin (ACTH) stimulation of cyclic AMP production and steroidogenesis in isolated adrenal cells has suggested that cyclic AMP is not involved in the stimulation of steroidogenesis by small amounts of ACTH [2]. Similarly, human chorionic gonadotrophin (hCG)-stimulated testosterone production in dispersed interstitial cells appears to be independent of changes in cyclic AMP levels [3]. Scranton and Tong [4] have reported that thyrotrophin (TSH) causes a rapid stimulation of iodine release from isolated thyroid cells in the absence of stimulation of iodine uptake and in this paper. We describe a study of the relationship between TSH stimulation of iodine release, intracellular cyclic AMP levels and TSH receptor binding using isolated porcine thyroid cells. Since sera from patients with Graves’ disease contain antibody molecules which mimic the effects of TSH by interacting with the TSH receptor [S] , the effects of these Graves’ immunoglobulins on the isolated thyroid cells have also been studied.