The present invention relates to a pharmaceutical formulation comprising a pharmaceutically activeagent; water; a polyethylene glycol or a poloxamer; and a polyethylene glycol mono- or di-ether. Preferably the pharmaceutically active agent is an anti-fungal or anti-mycotic agent. Preferably the pharmaceutically active agent is lipophilic and/or keratinophilic. The present invention also relates to the use of the formulation in treating diseases, disorders or pathological conditions of the nail or skin, such as onychomycosis, dermatomycosis and other mycoses. The present invention also relates to a method of administering a pharmaceutically active agent to a subject by applying the formulation comprising the pharmaceutically active agent to a nail or skin of the subject. The present invention further relates to a method of preparing the formulation.