Aerosol spray formulations capable of delivering high concentrations of active agent-containing materials and/or excipient are described herein. The formulation contains a carrier fluid, a propellant, and a therapeutic, prophylactic, consmeticeutical and/or inert solid suspended, dissolved, or dispersed in the formulation. The active ingredient may be any pharmaceutically active agent, but is preferably an antibiotic, an antihistamine, an anesthetic, an anti-inflammatory, and/or an astringent. In one embodiment, the active agent is an antifungal agent. In another embodiment, the active agent is a consmeticeutical. The active agent can optionally be dispersed on, or associated with, a carrier powder. The carrier fluid is a highly volatile silicone liquid, which evaporates in less than 10 minutes, preferably less than 5 minutes, after application of the formulation to the patient's skin. The formulation may also contain one or more pharmaceutically acceptable excipients such as antioxidants, stabilizers, perfumes, colorants, viscosifiers, emulsifiers, surfactants, and combinations thereof. The formulation can be packaged in a conventional aerosol spray can.