Let (M,I,J,K) be a compact hyperkähler manifold, , and L a non-trivial holomorphic line bundle on (M,I). Using the quaternionic Dolbeault complex, we prove the following vanishing theorem for holomorphic cohomology of L. If c1(L) lies in the closure of the dual Kähler cone, then Hi(L)=0 for i>n. If c1(L) lies in the opposite cone , then Hi(L)=0 for i<n. Finally, if c1(L) is neither in nor in , then Hi(L)=0 for .