Abstract: This invention is directed to a homogenous water-in-perfluorochemical stable liquid dispersion for acceptable therapeutic administration of a drug to the lung of an animal. The dispersion includes a perfluorochemical liquid, water, surfactant and drug, wherein the water is homogeneously dispersed in the perfluorochemical to form a stable water-in-perfluorochemical liquid dispersion. The perfluorochemical constitutes greater than 50% by volume of the dispersion, and the drug is contained in the dispersion in an effective therapeutic amount.The invention further includes a method of delivering a drug to the lung of an animal. This aspect of the invention includes administering a stable homogenous water-in-perfluorochemical liquid dispersion to the animal lung or a section thereof. If desired, the method may further include delivering a breathable gas to the lung with a mechanical ventilator during the administration.