{
  "report_rows": [
    {
      "kpi": "U.S. EYLEA HD sales",
      "prediction": "IN-LINE",
      "answer": "pred ~$510M vs. cons $515M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Combined U.S. EYLEA HD and EYLEA sales",
      "prediction": "MISS",
      "answer": "pred ~$887M vs. cons $905M",
      "confidence": "HIGH"
    },
    {
      "kpi": "Global Dupixent sales",
      "prediction": "BEAT",
      "answer": "pred ~$5.35B vs. cons $5.29B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Combined U.S. EYLEA HD and EYLEA sales outlook",
      "prediction": "LOWER",
      "answer": "guide ~$1.68B vs. cons $1.78B (2H 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "EYLEA HD prefilled-syringe decision timing",
      "prediction": "LOWER",
      "answer": "guide ~2026Q4 vs. cons 2026Q3 (decision timing)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP R&D expense",
      "prediction": "UNCHANGED",
      "answer": "guide ~$6.00B vs. cons $6.00B (FY 2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Sanofi collaboration revenue",
      "prediction": "BETTER",
      "answer": "guide ~$1.78B vs. cons $1.72B (2026Q3)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -4.3,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.2,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "The predicted -6.2% five-day residual versus a 0.0% neutral residual reflects follow-through as weaker 2H retinal-franchise math and a PFS delay drive estimate cuts that outweigh the Q3 Sanofi profit-share step-up.",
  "day5_confidence": "MEDIUM"
}