{
  "report_rows": [
    {
      "kpi": "Total Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$2.52B vs. cons $2.46B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP Diluted EPS",
      "prediction": "IN-LINE",
      "answer": "pred ~$3.15 vs. cons $3.18",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Growth Product Revenue (Leqembi/Skyclarys/HD-Spinraza ex-Apellis)",
      "prediction": "BEAT",
      "answer": "pred ~$930M vs. cons $880M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 Non-GAAP EPS (first combined guide incl. Apellis + disclosed Q2/Q3 IPR&D charges)",
      "prediction": "LOWER",
      "answer": "guide ~$12.75-$13.75 vs. cons ~$14.00 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Total Revenue growth",
      "prediction": "BETTER",
      "answer": "guide ~flat to +2% y/y (~$9.6-9.8B) vs. cons ~-1% y/y (~$9.5B) (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Acquired IPR&D Charge (reaffirmed)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$290-320M ($1.75-$1.95/sh) vs. cons ~$300M/$1.85 already flagged (Q3 2026)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Core revenue/growth-product beat gets overshadowed by the first combined FY26 EPS guide, which layers the already-disclosed ~$0.95 (Q2) and $1.75-1.95 (Q3) IPR&D charges atop Apellis financing costs (~$120-130M non-GAAP other expense) and integration/amortization drag; even sell-side desks that hadn't fully updated post-8K trim FY26/FY27 EPS models over the following days, and lingering overhang from the mid-July diranersen dose-response miss (no incremental positive catalyst expected on the call beyond reiterating a later Phase 3) keeps buyers sidelined, producing continued single-name underperformance through day 5 rather than a snap-back.",
  "day5_confidence": "LOW"
}