{
  "report_rows": [
    {
      "kpi": "Total Revenue (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.48B vs. cons $1.40B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP Diluted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$2.00 vs. cons $1.85",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Opzelura Net Sales (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$260M vs. cons $214.7M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Total Net Sales Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$5.05B vs. cons $4.90B (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 Opzelura Net Sales Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$980M vs. cons $820M (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 GAAP R&D+SG&A (opex) Guidance",
      "prediction": "LOWER",
      "answer": "guide ~$4.75B vs. cons $3.65B (FY2026, reflects Vega $1.25B upfront R&D charge)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Jakafi XR Exit Run-Rate Commentary (FY2026)",
      "prediction": "BETTER",
      "answer": "guide ~$70M annualized vs. cons $50M implied (by YE2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "Much of the print is mechanical: the $246M CMS/Opzelura accrual reversal and the Vega deal were both disclosed 3-7 weeks ago and are already reflected in consensus and the stock's 20%+ run-up since Q1. The FY26 guidance raise largely mirrors the known one-time item plus a modest structural Opzelura gross-to-net benefit rather than a fresh structural upside surprise, while GAAP opex guidance must absorb the ~$1.25B Vega IPR&D charge landing in Q3 (implicit out-period EPS headwind). With core Jakafi growth still mid-single-digit and R&D spend elevated across 10+ Phase 3 programs, expect the initial beat-and-raise pop to partially fade over the week as investors rotate focus to the Q3 GAAP EPS air-pocket and question whether underlying (ex-settlement) growth justifies the re-rating.",
  "day5_confidence": "MEDIUM"
}