{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$2.93 vs. cons $2.86",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~$25.15B vs. cons $25.03B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Innovative Medicine revenue (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$16.35B vs. cons $16.1B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted EPS guide",
      "prediction": "BETTER",
      "answer": "guide ~$11.60 vs. cons $11.55 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Reported sales guide",
      "prediction": "BETTER",
      "answer": "guide ~$101.0B vs. cons $100.8B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "MedTech organic growth (Q2'26)",
      "prediction": "LOWER",
      "answer": "guide ~+4.5% vs. cons +5.25% (Q2'26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "2H MedTech/EP China VBP headwind commentary",
      "prediction": "LOWER",
      "answer": "guide ~-100bps drag vs. cons ~0bps (2H'26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.2,
  "day1_confidence": "LOW",
  "day5_residual_pct": -0.3,
  "day5_path": "FADE",
  "day5_rationale": "A beat + modest raise likely sparks a small day-1 pop, but the raise is largely FX/beat flow-through rather than an underlying step-up. Out-period math is capped by known 2H headwinds (China VBP in EP, continued STELARA erosion, heavy 1H launch investment/tariff margin pressure) and soft MedTech, so consensus out-quarters get trimmed even after a beat. With the stock up ~22% YTD, near ATH (~$267 on 7/7) and already down 5% into the print, profit-taking and a demanding bar drive a fade back toward flat.",
  "day5_confidence": "LOW"
}