Abstract: Liquid polymer pharmaceutical compositions with a biodegradable liquid polymer, a biocompatible solvent or combination or mixture of solvents and/or co-solvents, and an active pharmaceutical agent comprising a peptide are useful to provide extended long-term release of the drug to a subject and/or to improve the stability of the active pharmaceutical agent. In embodiments, the polymer may be initiated with a low-molecular weight polyethylene glycol and/or may be a block copolymer comprising a low-molecular weight polyethylene glycol block. In further embodiments, the liquid polymer pharmaceutical composition may include a divalent cation, which may be provided in the form of a metal salt.