{
  "report_rows": [
    {
      "kpi": "Non-GAAP diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$10.98 vs. cons $10.80",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue",
      "prediction": "BEAT",
      "answer": "pred ~$3.88B vs. cons $3.83B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "U.S. EYLEA HD plus EYLEA net sales",
      "prediction": "BEAT",
      "answer": "pred ~$0.96B vs. cons $0.94B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "GAAP gross margin on net product sales",
      "prediction": "UNCHANGED",
      "answer": "guide ~77.5% vs. cons 77.5% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Non-GAAP R&D expense",
      "prediction": "UNCHANGED",
      "answer": "guide ~$6.00B vs. cons $6.00B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Sanofi collaboration-profit recognition",
      "prediction": "BETTER",
      "answer": "guide ~$1.75B vs. cons $1.70B (3Q2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 4.8,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A ~3.2% day-1 residual move versus a 0.0% beta-adjusted baseline should extend toward ~4.8% over five days versus a 0.0% baseline: modest operational beats, intact FY2026 expense guidance, manufacturing normalization, and full Sanofi profit-share recognition beginning in 3Q26 support upward 2H26 and 2027 EPS revisions rather than a one-day headline-only reaction.",
  "day5_confidence": "MEDIUM"
}