This disclosure relates to stable aqueous pharmaceutical formulations comprising a therapeutically effective amount of an incretin-insulin conjugate as well as methods of using the same, and aqueous pharmaceutical formulations containing an incretin-insulin conjugate which are stable and which provide a protracted pharmacodynamics profile, which include L-arginine HCl and phenol (or m-cresol) as stabilizing agents. The invention also provide a method of treating a patient or individual having a metabolic disease, comprising administering to the patient or individual an effective amount of any of the aqueous pharmaceutical formulations described
