A method of prepg. a pharmaceutical formulation which is suitable for inhalation, the method comprising: providing a soln. comprising a first solvent or mixt. of solvents and a poorly water sol. active agent; providing a second soln. comprising a second solvent or mixt. of solvents and an excipient. The first and second solvents or mixt. of solvents are removed by simultaneously drying both solns. in a spray dryer equipped with a three- fluid nozzle to produce particles comprising an active agent and an excipient.