{
  "report_rows": [
    {
      "kpi": "Total Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$3.85B vs. cons $3.82B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS",
      "prediction": "MISS",
      "answer": "pred ~$9.55 vs. cons $10.13",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Global Dupixent Net Sales",
      "prediction": "BEAT",
      "answer": "pred ~$5.40B vs. cons $5.30B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 GAAP Gross Margin Guidance",
      "prediction": "LOWER",
      "answer": "guide ~76.5% vs. cons 77.5% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "EYLEA HD Sequential Unit Demand Growth Outlook",
      "prediction": "UNCHANGED",
      "answer": "guide ~10% vs. cons 10% (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Sanofi Collaboration Revenue Step-Up Timing",
      "prediction": "UNCHANGED",
      "answer": "guide ~full profit-share step-up starting Q3'26 vs. cons full step-up Q3'26 (Q3 2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.2,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A soft non-GAAP EPS print (margin pressure persisting beyond the pre-flagged $1.00 IPR&D charge, Limerick normalization slower than hoped) forces analysts to trim FY26/FY27 EPS and gross-margin assumptions even if revenue and Dupixent beat, since the out-period math (lower exit-rate margins + unresolved EYLEA HD PFS timeline + Apogee/AbbVie competitive overhang + fianlimab litigation risk) outweighs a single quarter's top-line beat, driving continued negative revisions and price drift over the following days rather than a bounce-back.",
  "day5_confidence": "MEDIUM"
}