This study tries to explore the imperative factors of financial leverage (FL) for the listed pharmaceutical firms in the Dhaka Stock Exchange (DSE) in Bangladesh. Research methodology: To complete the objectives, the study has collected data from 20 listed pharmaceutical firms of DSE for six years (2013 - 2018). Profitability, liquidity, size, growth, and tangibility are considered as the exogenous variable to explain the endogenous variable financial leverage (FL). The statistical techniques Pooled ordinary least square and fixed effect regression models have been used to analyze the panel data set. Result: The research results find that liquidity, profitability, and firm size are statistically significant factors for the listed pharmaceutical firms. The researchers observed that the most accomplished FL theories in pharmaceutical firms are trade-off and pecking order theory. Conclusion: Finally, the result of the study advocates that the concerned financial management of pharmaceutical companies of Bangladesh should pay more attention to increase their profit, asset size and maintain liquidity before taking external debt as finance and hence can keep contributing to progress the firm's performance as well as the development of countries in the forthcoming future.