This study examines the relationship between human resource cost and financial performance of listed pharmaceutical companies in Nigeria. The ex-post facto research design was adopted for the study with a population of ten (10) listed pharmaceutical companies in Nigeria as listed by the Nigerian exchange group in 2021. The entire population was used as the sample size using the census approach. Data was source through the annual report of listed pharmaceutical companies for a period of 2011-2020. Multiple regression was used in data analysis with the aid of EViews software. The study revealed a positive and significant relationship between staff cost and return on assets; and a positive and insignificant relationship between staff cost and return on capital employed of listed pharmaceutical companies in Nigeria. The study recommended that that pharmaceutical companies in Nigeria should increase their human resource investment to further boost their return on asset through continuous training and retraining of human asset, and welfare. Finally, management of pharmaceutical companies should make retirement benefits attractive so as to attract best brain to their respectively firms to enhance the return on capital employed