A composition (A), containing at least one retinoid (I) and benzoyl peroxide (II) in dispersed form, is in the form of an emulsion. An independent claim is included for the preparation of (A), by: (A) mixing (I) with wetting agent(s) and wetting surfactant(s) in water, to give a first active phase (1)； (B) mixing (II) with wetting agent(s) and wetting surfactant(s) in water, to give a second active phase (2)； (C) dissolving gelling agents and optionally chelating agents, preservatives and other non-heat sensitive hydrophilic additives in warm water to give a homogeneous aqueous phase； (D) homogeneously mixing emulsifiers, oils and/or solid lipids and optionally preservatives and other non-heat sensitive lipophilic additives under heating and stirring to give a homogeneous lipid phase； (E) adding the lipid phase to the aqueous phase to give an emulsion； (F) introducing the active phases (1) and (2)； (G) optionally neutralizing to the desired pH； and (H) optionally adding heat-sensitive additives. ACTIVITY : Dermatological； Antiseborrheic； Antiinflammatory； Antipruritic； Antipsoriatic； Antirheumatic； Virucide； Vulnerary； Antiulcer； Fungicide； Antibacterial. MECHANISM OF ACTION : RAR and/or RXR receptor ligand； Cell differentiation and/or proliferation modulator； Free radical source.
