The invention concerns controlled release oxycodone dosage forms comprising a multiparticulate system substrate comprising an effective amount of oxycodone salt, the substrate being coated with an aqueous dispersion of at least one hydrophobic polymer, whereby the coating provides controlled release and the release is further influenced by the addition of at least one release-modifying agent, whereby the dosage forms comprise the cured, coated substrate and provide a therapeutic effect for at least 12 hours when administered to a patient.