ALPHARETTA, Ga.--(BUSINESS WIRE)--May 3, 2006--First Horizon Pharmaceutical Corporation (NASDAQ:FHRX - News) 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.