{
  "report_rows": [
    {
      "kpi": "Total Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$3.28B vs. cons $3.23B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$4.90 vs. cons $4.80",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "JOURNAVX Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$85M vs. cons $70M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Total Revenue Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$12.95-13.1B (reaffirmed, ~$13.02B midpoint) vs. cons $13.0B (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 Non-CF Revenue Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$500M+ vs. cons $500M (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Combined Non-GAAP Opex Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$5.65-5.75B (~$5.70B midpoint) vs. cons $5.70B (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.4,
  "day5_path": "FADE",
  "day5_rationale": "A likely beat-and-reaffirm (rather than beat-and-raise) quarter implies no change to the H2 growth algorithm even after a Q2 beat, effectively an implicit trim to the run-rate needed to hit the top end of FY26 guidance; combined with lingering overhang from Crinetics financing/dilution commentary (term loan costs, no accretion until 2029) and no confirmed close-date catalyst, initial relief-rally gains from solid CF/JOURNAVX/CASGEVY execution and povetacicept PDUFA color should partially fade over the following days as analysts model out reiterated (not raised) guidance and financing costs.",
  "day5_confidence": "MEDIUM"
}