July 31 (Reuters) - AbbVie ( ABBV ) raised its 2025

profit forecast on Thursday, after beating Wall Street estimates

for second-quarter results on strong sales of its newer

immunology drugs Skyrizi and Rinvoq.

The company is pushing Skyrizi and Rinvoq to counter the

drop in sales of Humira, as the once-bestselling drug faces

competition from several cheaper biosimilars that began hitting

the U.S. market in 2023.

"We're entering the second half of the year with substantial

momentum," said CEO Robert Michael.

Skyrizi recorded quarterly sales of $4.42 billion, beating

analysts' average estimate of $4 billion, while Rinvoq sales of

$2.03 billion surpassed estimates of $1.97 billion, according to

data compiled by LSEG.

The North Chicago-based drugmaker has spent more than $20

billion on acquisitions since 2023 as Humira lost patent

protection. On Wednesday, Bloomberg News reported that AbbVie ( ABBV ) is

in talks to acquire privately held psychiatric disorder drug

developer Gilgamesh Pharmaceuticals in a deal worth about $1

billion.

Global sales of arthritis treatment Humira, once the world's

best-selling drug, came in at $1.18 billion in the second

quarter, missing estimates of $1.45 billion.

AbbVie's ( ABBV ) forecast raise comes on the back of the European

Union's framework trade deal with the United States, under which

all EU-produced pharmaceuticals entering the U.S. will be

subject to a 15% tariff. AbbVie ( ABBV ) has a significant manufacturing

presence in Ireland, where it makes its wrinkle treatment Botox.

The company now expects adjusted annual profit per share

between $11.88 and $12.08, compared with its previous

expectations of $11.67 to $11.87.

The company earned quarterly adjusted profit per share of

$2.97, compared with estimates of $2.88.