The invention relates to the field of pharmaceutical formulations of follicle -stimulating hormone (FSH), luteinising hormone (LH), and mixtures of FSH andluteinising hormone (LH), and to methods of producing such formulations. Theinvention provides a liquid or freeze-dried formulation of FSH, or LH, or FSHand LH comprising a surfactant selected from Pluronic ® F77, Pluronic F87,Pluronic F88 and Pluronic F68.