SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Ramey J Blair

(Last)

(First)

(Middle)

1715 WEST 38TH STREET

(Street)

CHATTANOOGA

37409

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
04/26/2006

3. Issuer Name and Ticker or Trading Symbol
CHATTEM INC [ CHTT ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP, Brand Mangement/Media

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,000	D
Common Stock	577	I	Indirect⁽¹⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
2000 Stock Option (right to buy)	03/04/2003⁽²⁾	03/04/2012	Common Stock	4,500	$8.435	D
2000 Stock Option (right to buy)	06/10/2003⁽²⁾	06/10/2012	Common Stock	5,000	$14.45	D
2000 Stock Option (right to buy)	05/29/2004⁽²⁾	05/29/2013	Common Stock	1,125	$14.5	D
2003 Stock Option (right to buy)	05/29/2004⁽²⁾	05/29/2013	Common Stock	21,375	$14.5	D
2003 Stock Option (right to buy)	04/27/2005⁽²⁾	04/27/2014	Common Stock	20,000	$28.39	D
2005 Stock Option (right to buy)	01/30/2007⁽²⁾	01/30/2012	Common Stock	20,000	$38.07	D
2005 Stock Option (right to buy)	11/30/2005⁽³⁾	04/20/2012	Common Stock	20,000	$42.09	D

Explanation of Responses:

1. Shares held by reporting person through Employer 401(k) Plan.

2. Options vest in four equal annual installments beginning on the first exercise date.

3. Effective November 30, 2005, the options were fully vested pursuant to an amendment to the grant agreement under which such options were granted.

	J. Blair Ramey	04/28/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.