Johnson & Johnson updated its 2023 financial guidance in the wake of the recently completed Kenvue separation. The drugmaker now expects full-year reported sales of $83.2 billion to $84.0 billion, down from previous guidance of $98.8 billion to $99.8 billion. (MarketWatch)

The European Medicines Agency said its human medicines committee recommended authorizing Pfizer’s updated COVID-19 vaccine targeting the dominant XBB.1.5 variant of Omicron. The EMA also reiterated that adults and children from 5 years of age who require vaccination should have a single dose, irrespective of their COVID-19 vaccination history. (Reuters)

Walmart has asked some of its 16,000 pharmacists across the U.S. to voluntarily take pay cuts and reduce their working hours in a bid to reduce costs, according to a person familiar with the matter. The cuts, which haven’t been previously reported and are aimed at pharmacists in higher wage brackets, highlight the new pressures at Walmart pharmacies, where shoppers are lining up to buy top-selling weight-loss drugs that are high-priced but a drag on profits. (CNBC)

Catalent disclosed a settlement with the activist investor Elliott Investment Management that would include a review of the drug manufacturer’s business strategy. Catalent said it is adding four new independent directors to its board and creating a committee that will review the company’s strategy and plans for capital allocation. (Barron’s)

Ross Perot Sr.’s headquarters has found new life as a biotech development. The Electronic Data Systems redevelopment might be the only place in the country where life science innovators can watch treatments go from discovery to delivery in the same footprint. (D Magazine)