{
  "report_rows": [
    {
      "kpi": "Total revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$16.45B vs. cons $16.33B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "KEYTRUDA / KEYTRUDA QLEX sales",
      "prediction": "IN-LINE",
      "answer": "pred ~$8.14B vs. cons $8.08B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "WINREVAIR sales",
      "prediction": "BEAT",
      "answer": "pred ~$0.64B vs. cons $0.61B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 revenue guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$66.40B midpoint vs. cons $66.40B midpoint (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 non-GAAP EPS guidance, including Terns effects",
      "prediction": "LOWER",
      "answer": "guide ~$2.62 midpoint vs. cons $2.66 midpoint (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.3,
  "day5_path": "FADE",
  "day5_rationale": "A modest sales/WINREVAIR-led beat should initially outweigh the mechanically acquisition-distorted EPS print, but the FY2026 EPS midpoint of ~$2.62 versus ~$2.66 consensus embeds incremental Terns financing/development drag and leaves little room for upward out-period revisions; the initial ~+1.2% residual is therefore likely to fade toward ~+0.3% by day five.",
  "day5_confidence": "MEDIUM"
}