International Journal of Academic Accounting, Finance & Management Research (IJAAFMR)   Year: 2020 | Volume: 4 | Issue: 4 | Page No.: 1-9 Effect of Financial Leverage on Firms Performance: Case of Listed Pharmaceutical Firms in Nigeria. ANIFOWOSE, Abolaji Daniel (PhD), SOYEBO Yusuf Aina (PhD), TANIMOJO, Temitope Aduragbemi. Abstract: This paper empirically examine the effect of financial leverage on firms' performance, a study of listed Pharmaceutical firms' in Nigeria. Using annual panel data for a period of 16 years, ranges from 2003 to 2018 with the application of econometric techniques. The empirical results show that Debt Equity Ratio (DER) have positive relationship, while Debt Ratio (DR) and Interest Coverage Ratio (ICR) has negative relation with Return on Assets (ROA) and Return on Equity (ROE). This evidence that financial leverage has significant effects on profitability and efficiency of firms' performance, especially quoted Pharmaceutical Companies in Nigeria.