A formulation containing one or more lipophilic agents, methods of making and using the formulation are described herein. The formulation is formed by adding a pre-suspension concentrate composition to an aqueous medium. Upon contact with the aqueous medium, a solid nanoparticle suspension spontaneously forms. The resulting formulation is in the form of a microemulsion. The concentrate contains an amphiphilic solvent, a pharmaceutically acceptable solid carrier such as a solid fatty acid or ester, a surfactant, and an agent. Preferably the concentrate contains a combination of a surfactant with a high hydrophilic/lipophilic balance (HLB) of at least about 8 and a surfactant with a low HLB of less than about 5. The agent is preferably a lipophilic drug and other lipophilic ingredient, such as vitamins. The composition is suitable for use in medical and non-medical applications. The microemuslions described herein have increased stability was compared to the prior art.