{
  "report_rows": [
    {
      "kpi": "Non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.75 vs. cons ~$1.60",
      "confidence": "HIGH"
    },
    {
      "kpi": "Total revenue",
      "prediction": "BEAT",
      "answer": "pred ~$11.95B vs. cons ~$11.70B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Cobenfy revenue",
      "prediction": "MISS",
      "answer": "pred ~$62M vs. cons ~$78M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 revenue guide",
      "prediction": "BETTER",
      "answer": "guide ~$47.5B (raised to upper end) vs. cons ~$46.9B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 non-GAAP EPS guide",
      "prediction": "BETTER",
      "answer": "guide ~$6.35 (raised to top end) vs. cons ~$6.25 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Eliquis Q2 sales (inventory reversal read-through)",
      "prediction": "LOWER",
      "answer": "guide ~$3.0B vs. cons ~$3.2B (Q2 2026, sequential reversal of Q1 price-cut build)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -1.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -3.0,
  "day5_path": "FADE",
  "day5_rationale": "Stock ran ~17% in a month to a fresh 52-week high (~$63.67), so a beat-and-raise is largely priced and sets up 'sell-the-news' risk. The likely beat is low-quality (legacy Eliquis inventory timing, tough Revlimid comps rolling off), and the out-period patent-cliff math pulls 2027+ estimates down even after a headline beat/raise. Any softness in Cobenfy ramp or Opdivo inventory normalization gives profit-takers a reason after the strong YTD run, driving negative revisions and a fade.",
  "day5_confidence": "MEDIUM"
}