{
  "report_rows": [
    {
      "kpi": "Total revenue",
      "prediction": "BEAT",
      "answer": "pred ~$7.55B vs. cons $7.37B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Underlying (ex-IPR&D) non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.15 vs. cons ~$2.00 (ex the ~$(7.07) IPR&D-distorted reported loss)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Yeztugo (lenacapavir PrEP) revenue",
      "prediction": "BEAT",
      "answer": "pred ~$235M vs. cons ~$200M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 ex-Veklury product sales",
      "prediction": "BETTER",
      "answer": "guide ~$29.8-30.0B vs. cons ~$29.6B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Yeztugo target",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.0-1.1B vs. cons ~$1.0B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 HIV franchise growth",
      "prediction": "BETTER",
      "answer": "guide ~8-9% vs. cons ~8% (FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY26 underlying (ex-IPR&D) non-GAAP EPS",
      "prediction": "UNCHANGED",
      "answer": "guide ~$8.45-8.85 vs. cons ~$8.65 (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 2.5,
  "day5_path": "STABILIZE",
  "day5_rationale": "A modest revenue/underlying-EPS beat plus a small ex-Veklury guide raise and Yeztugo ramp de-risking (ISLEND positive, court win) supports an initial pop that largely holds. But GILD is a low-beta defensive already ~+8% off July lows into an elevated raised bar, and the optically ugly IPR&D-driven reported loss caps enthusiasm; out-period estimate math is roughly neutral (revenue up, no big underlying-EPS revision), so the residual stabilizes rather than follows through strongly or fades.",
  "day5_confidence": "MEDIUM"
}