April 29 (Reuters) - AbbVie ( ABBV ) on Wednesday

reported better-than-expected quarterly revenue and profit,

fueled by demand for newer immunology drugs Skyrizi and Rinvoq,

as the drugmaker continues to navigate its transition away from

its once-blockbuster drug, Humira.

The company has been leaning heavily on Skyrizi and Rinvoq

to fill the void left by Humira, which lost U.S. patent

exclusivity in 2023 and has since faced a wave of cheaper

biosimilar competition.

Last year, AbbVie ( ABBV ) said it expects the two drugs to bring in

more than $31 billion in combined sales by 2027.

Skyrizi recorded sales of $4.48 billion for the first

quarter, growing 30.9% from a year earlier and beating Wall

Street estimates of $4.41 billion, according to LSEG data.

Rinvoq sales grew 23.3% to $2.12 billion, also topping estimates

of $2.04 billion.

Global sales of Humira fell 38.6% to $688 million in the

quarter, slightly missing analysts' expectation of $696.5

million.

In January, the drugmaker struck a deal with the Trump

administration to lower prices of certain medications including

Humira, providing the company with an exemption from tariffs and

future pricing mandates.

Beyond immunology, AbbVie's ( ABBV ) neuroscience portfolio emerged

as a standout performer, with revenue surging 26% to $2.88

billion. Its Global Botox Therapeutic crossed the $1 billion

quarterly mark for the first time, which was also ahead of

expectations of $996.5 million.

On an adjusted basis, the company earned $2.65 per share for

the quarter ended March 31, above analysts' expectations of

$2.59 per share.

Quarterly revenue came in at $15 billion, compared to

analysts' estimate of $14.72 billion.

AbbVie ( ABBV ) also raised its full-year adjusted earnings forecast

to a range of $14.08 to $14.28 per share from $13.96 to $14.16.

The forecast includes a 41 cent per share hit from acquired

in-process R&D and milestone expenses booked through the first

quarter.