Discloses is a pharmaceutical composition suitable for oral administration in the form of a homogeneous solution which on exposure to water or gastrointestinal fluids forms an emulsion having a particle size of less than 5 microns, the solution containing: (a) a pharmaceutically effective amount of a cyclosporin, in particular Cyclosporin A, (b) a carrier medium which is a mixture of mono- and diesters of propylene glycol with fatty acids having from 8 to 10 carbon atoms or with mixtures of such fatty acids, wherein the monoester makes up less than 60 mol % of the mixture, and (c) a non-ionic surfactant having a hydrophilic lipophilic balance (HLB) greater than 10.