Embodiments of the invention generally provide pharmaceutical drug compositions, methods of preparing oral drug compositions, such as controlled release dosage compositions for hydrophobic active ingredients. In one aspect, the invention provides a pharmaceutical formulation comprising a therapeutically effective amount of a hydrophobic drug, an adjustable ratio of a non-cross linked hydrogel polymer and a non-gelling insoluble polymer. One example is a controlled release pharmaceutical composition which includes 1% to 80% of a therapeutically amount of cilostazol, 4% to 80% of a water-swelling hydrogel polymer, and 4% to 80% of a non-gelling insoluble polymer. In another aspect, a constant release profile of the pharmaceutical formulation is obtained. In another aspect, a zero degree release profile of the pharmaceutical formulation is obtained. Further, a method for treating intermittent claudication using the pharmaceutical formulation is provided.