Common Arimidex side effects include hot flashes, weakness, joint pain, pain, high blood pressure, depression, nausea, vomiting, rash, osteoporosis, fractures, back pain, sleep problems, headache, bone pain, swelling, cough, shortness of breath, pharyngitis, and swelling of the lymph nodes. Serious side effects include skin lesions, ulcers, or blisters; allergic reactions, including swelling of the face, lips, tongue, or throat; and changes in liver function tests and liver problems. Be sure to contact your healthcare provider right away if you have side effects that bother you or won't go away.