The purpose of this study is to compare how well alendronate and raloxifene increase the bone density in women who have osteoporosis and have experienced menopause.

Inclusion Criteria:

• Patient is postmenopausal (or surgically menopausal) for at least 6 months
• Patient must be diagnosed with osteoporosis
• Patient has spinal anatomy suitable for DEXA of the lumbar spine

Exclusion Criteria:

• Patient is receiving or has received treatment prior to randomization which might influence bone turnover
• Patient has a history of or evidence for metabolic bone disease (other than postmenopausal bone loss)
• Patient is receiving or is expected to receive during the course of the study any medication (other than study medication) which might alter bone or calcium metabolism