Depends on the benefit. It will decrease fat, increase strength and increase muscle mass. I don't know about VO2 max or lactic threshold stuff, though.
It (supraphysiological doses of testosterone, meaning more than any human produces naturally) causes cancer, hair loss, interferes with endogenous hormonal function, and entails many other deleterious side effects that exercise does not. It will increase aerobic capacity by increasing red blood cell count but too much added viscosity of the blood also poses a health risk. So this is rather different from "exercise in a pill".
Source? Because 200 mg of Testosterone E a week is already more than human organism can produce. In study linked above they gave them 600 mg a week.
Most professional bodybuilders are doing minimum of 1g of test a week for years. Most of them have heart problems if any from test. Most problems they have are from different compounds like Trenbolone, GH etc. but not testosterone.
I don't know any study that links testosterone to be a main reason of developing cancer, that's why I ask for source.
>>Most of them have heart problems if any from test. Most problems they have are from different compounds like Trenbolone, GH etc. but not testosterone.
Additionally, they are stacking anabolic steroids with amphetamines and derivatives of such, as well as compounds like clenbuterol, liothyronine sodium, and even dinitrophenol.
You could always take a SARM like Osterine [1] instead. They don't tend to have the side effects of Testosterone and other steroids with a lot of the benefits (but do your own research).