First Horizon Pharmaceutical Corporation Increases Adjusted Diluted Earnings Per Share (EPS) Guidance by $0.10 to $1.27-$1.32 f

First Horizon Pharmaceutical Corporation (NASDAQ:FHRX)
today announced that the Company has increased its adjusted diluted
earnings per share (a non-GAAP measure) guidance by $0.10 to $1.27 -
$1.32 for the full year 2006, compared to its previously announced
guidance of $1.17 - $1.22. This increase in adjusted diluted EPS
guidance is due to the reduction in diluted shares outstanding of 6.8
million shares to 35.8 million shares from 42.6 million shares during
the second quarter of 2006. This reduction in diluted shares
outstanding is derived from the successful completion and the 100%
participation in the Company's offer to exchange all of its 1.75%
Contingent Convertible Senior Subordinated Notes Due 2024 plus a cash
exchange fee of $7.50 for an equal principal amount of its 1.75%
Contingent Convertible Senior Subordinated Notes Due 2024. The
exchange offer expired at 5:00 p.m. EDT, on May 2, 2006.
   This EPS guidance is based on the Company's closing common stock
price of $22.00 on May 2, 2006 and assumes no additional shares
utilizing the net share settlement feature. For the full year 2006 EPS
calculation the weighted average diluted shares outstanding is 38.1
million. The reduction in shares outstanding becomes effective on May
3, 2006.

   About First Horizon Pharmaceutical Corporation

   First Horizon is a specialty pharmaceutical company that markets,
develops and sells brand name prescription products for the primary
service of cardiology and women's health. First Horizon has a
portfolio that includes 15 branded products, of which eight are
actively promoted to high prescribing physicians through its recently
expanded nationwide sales force of approximately 525 sales
representatives. First Horizon's website address is www.fhrx.com, but
information contained therein is not part of this press release.
-0-
*T

  Reconciliation of Projected Adjusted Diluted Earnings per Share (a)
                              (Unaudited)
                                                             For the
                                                           Year Ended
                                                          December 31,
                                                               2006
                                                           -----------
2006 Projected diluted earnings per share, as presented    $1.27-1.32
  Less:  Stock-based compensation expense                       (0.13)
                                                           -----------
2006 Projected adjusted diluted earnings per share (GAAP)  $1.14-1.19
                                                           ===========

(a)  The Company believes that projected diluted earnings per share
     before stock-based compensation expense is a meaningful non-GAAP
     financial measure for providing comparability to 2005 reported
     diluted earnings per share. Diluted earnings per share before
     stock-based compensation expense, as defined and presented by the
     Company, may not be comparable to similar measures reported by
     other companies.
*T