{
  "report_rows": [
    {
      "kpi": "Total Revenue (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$4.34B vs. cons $4.30B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted Diluted EPS (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$3.10 vs. cons $3.01",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "R&DS Book-to-Bill Ratio",
      "prediction": "BEAT",
      "answer": "pred ~1.10x vs. implied street expectation ~1.05x",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Revenue Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$17.30B (narrow raise/reaffirm at top of $17.15-17.35B range) vs. cons $17.30B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adjusted Diluted EPS Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$12.90 (raised range, e.g. $12.80-$13.00) vs. cons $12.80 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Revenue Guidance (implied next-Q)",
      "prediction": "BETTER",
      "answer": "guide ~$4.40B vs. cons ~$4.38B (Q3 2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.0,
  "day5_path": "FADE",
  "day5_rationale": "IQV has a strong beat-and-raise history into this print (4 straight EPS beats, avg ~1.6% surprise; FY26 EPS guide already raised once in Q1), so a modest top/bottom-line beat and another small guidance nudge look likely, supporting a positive day-1 pop. But the stock already rallied ~36% off its April low and ~7% in the week before the print, meaning much of the 'oversold reversion' and raise optimism is pre-positioned \u2014 unlike last year's Q2 print (+14.7%) or this year's Q1 print (+9.6%), both of which came after sharp pre-earnings drawdowns. In both of those precedents the initial pop faded over the following 2-3 weeks as investors digested that the raise was largely incremental rather than a structural re-rating, and as book-to-bill/bookings-mix noise and lingering large-pharma/policy uncertainty reasserted. With less 're-rating' runway left this time, expect a similar partial giveback of the day-1 gain over the next week rather than continued follow-through.",
  "day5_confidence": "MEDIUM"
}