A particulate co-processed composition comprising microcrystalline cellulose and at least one sugar alcohol is disclosed. A preferred sugar alcohol is mannitol. The composition has an improved compactability profile, lubricant sensitivity, and ejection profile compared to microcrystalline cellulose and the at least one sugar alcohol, either alone or in combination as a simple dry blend, in the preparation of solid dosage formulations, such as tablets. Tablets comprising the particulate co-processed composition, an active, and, optionally, one or more other excipients, and method for their preparation, are also disclosed.