This invention relates to the production and use of pharmaceutical growth factor compositions with novel characteristics, e.g., improved solubility and controlled release characteristics under physiological conditions. Compositions of one or more precursor proteins of growth factors of the GDF family provoke morphogenic effects, such as growth, differentiation, protection and regeneration of a variety of tissues and organs, e.g., bone, cartilage, tendons, ligaments, nerves and skin. These compositions can be advantageously used for the healing of tissue-destructive injuries and for the prevention or therapy of degenerative disorders.