{
  "report_rows": [
    {
      "kpi": "Total revenue (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$9.55B vs. cons $9.42B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$5.72 vs. cons $5.59",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Repatha product sales (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$925M vs. cons $904M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 revenue guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$37.1\u201338.5B (reaffirm, midpt ~$37.8B) vs. cons $38.0B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 non-GAAP EPS guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$21.70\u201323.10 (reaffirm, midpt ~$22.40) vs. cons $22.40 (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 non-GAAP operating margin guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~45\u201346% vs. cons ~45% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Cybersecurity incident quantified financial impact",
      "prediction": "UNKNOWN",
      "answer": "guide ~$0 quantified/no material impact vs. cons ~$0 modeled (FY26 one-time)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Even on an in-line-to-modest beat with reaffirmed (not re-raised) guidance, the setup is a 'sell-the-news' after a ~+20% YTD run to a $393 late-July high and a full valuation; Q1'26 fell ~5% on a beat/raise, showing a high bar. Out-period math is negative: accelerating Prolia/XGEVA/Enbrel biosimilar erosion plus ~mid-single-digit Repatha price declines cap the sequential build, so 2027+ estimates get trimmed even as 2026 is defended. Add unquantified cyber-breach remediation/litigation risk and the imminent IRS Tax Court/2016\u201318 NOPA overhang. Low beta (~0.6) mutes the market offset, so idiosyncratic drift stays negative and follows through lower over the week.",
  "day5_confidence": "LOW"
}