The present invention relates to aqueous formulations comprising at least 20 mg/ml of a compound neutralizing GM-CSF, a lyoprotectant and an amino acid and/or a buffer. The ingredients of the formulation preferably provide stability to the compound neutralizing GM-CSF in view of lyophilization, storage and reconstruction. In a preferred aspect, the formulation, e.g. after reconstruction, is for use in therapy, preferably for use in the treatment of inflammatory and autoimmune disorders, preferably including allergic and psoriatic disorders, as well as arthritic and asthmatic disorders. Furthermore, a kit comprising the formulation of the invention is provided.