The invention relates to liquid pharmaceutical compositions containing: a) a therapeutically effective dose of a cyclosporin； b) an aqueous carrier liquid； c) a first solubilizing substance selected among the group of phospholipids； and d) a second solubilizing substance selected among the group of non-ionic surfactants. Preferably, the cyclosporin is liposome solubilized. The inventive composition is suitable for oral, parenteral, nasal, mucosal, topical, and particularly pulmonary application in the form of an aerosol.
