{
  "report_rows": [
    {
      "kpi": "Q2 2026 total revenue",
      "prediction": "BEAT",
      "answer": "pred ~$2.51B vs. cons $2.47B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 non-GAAP diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.48 vs. cons $2.35",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 consolidated SYFOVRE and EMPAVELI product revenue",
      "prediction": "BEAT",
      "answer": "pred ~$104M vs. cons $100M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY 2026 total revenue",
      "prediction": "LOWER",
      "answer": "guide ~$10.00B vs. cons $10.11B (FY 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY 2026 non-GAAP diluted EPS",
      "prediction": "BETTER",
      "answer": "guide ~$12.00 vs. cons $11.68 (FY 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY 2027 non-GAAP diluted EPS commentary",
      "prediction": "LOWER",
      "answer": "guide ~$16.25 vs. cons $16.54 (FY 2027)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 2.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.8,
  "day5_path": "FADE",
  "day5_rationale": "Headline beats and FY 2026 EPS guidance support day 1, but the implied FY 2027 EPS outlook of ~$16.25 versus consensus $16.54 drives estimate cuts as Apellis costs, interest expense and growth investment flow through the out-period model.",
  "day5_confidence": "LOW"
}