The invention refers to an ophthalmic emulsion composition of cyclosporine in the form of an oil-in-water emulsion. The emulsion remains stable at 25° C. for at least 6 months or at 45° C. for at least 45 days. The composition is useful for treating a dry eye condition or glaucoma, and preferably for increasing the tear production in patients whose tear production is presumed to be suppressed due to ocular inflammation associated with keratoconjunctivitis sicca.