{
  "report_rows": [
    {
      "kpi": "Total Revenue (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$16.55B vs. cons $16.35B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS (Q2 2026, ex/incl Terns charge)",
      "prediction": "BEAT",
      "answer": "pred ~-$0.18 vs. cons -$0.27",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Keytruda + Keytruda Qlex sales (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$8.20B vs. cons $8.05B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Revenue guidance (updated to include Terns)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$66.4B vs. cons $66.4B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Non-GAAP EPS guidance (updated to include Terns dilution)",
      "prediction": "LOWER",
      "answer": "guide ~$4.92 vs. cons $5.10 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Keytruda Qlex quarterly sales trajectory",
      "prediction": "BETTER",
      "answer": "guide ~$365M vs. cons $334M (Q2 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 0.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.4,
  "day5_path": "FADE",
  "day5_rationale": "Initial relief that the reported loss is a known M&A-charge artifact and that Keytruda/Qlex/Lipfendra trends are intact should drive a modest positive day-1 pop, but the newly incorporated Terns dilution (~$0.12/share ongoing drag) plus reaffirmed-not-raised full-year EPS guidance means sell-side models will mechanically trim out-year (2026-2027) EPS even after a headline beat, causing estimate revisions to drift lower over the following days and eroding the initial gain as analysts update FY2026/2027 EPS bridges for the closed Terns deal.",
  "day5_confidence": "LOW"
}