{
  "report_rows": [
    {
      "kpi": "Total revenue",
      "prediction": "BEAT",
      "answer": "pred ~$16.52B vs. cons $16.33B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "KEYTRUDA/KEYTRUDA QLEX sales",
      "prediction": "BEAT",
      "answer": "pred ~$8.45B vs. cons $8.35B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "WINREVAIR sales",
      "prediction": "BEAT",
      "answer": "pred ~$0.61B vs. cons $0.59B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Full-year revenue guidance midpoint",
      "prediction": "UNCHANGED",
      "answer": "guide ~$66.50B vs. cons $66.50B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS guidance including Terns impact",
      "prediction": "LOWER",
      "answer": "guide ~$2.62 vs. cons $2.64 (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.7,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.6,
  "day5_path": "FADE",
  "day5_rationale": "Initial upside from KEYTRUDA/QLEX and WINREVAIR is likely to fade because an unchanged revenue guide and slightly lower EPS guide imply limited second-half estimate upside after acquisition charges and launch spending are incorporated.",
  "day5_confidence": "MEDIUM"
}