By Reuters Staff
(Adds details on botox sales, profit estimates, share movement)
Feb 3 (Reuters) - AbbVie Inc forecast annual profit above expectations and beat quarterly estimates on Wednesday on higher demand for its blockbuster drug Humira as well as newer treatments for psoriasis and rheumatoid arthritis, sending its shares up 1.7%.
The Illinois-based company is betting on the new treatments and wrinkle injection Botox, acquired through its $63 billion Allergan deal, as it is set to lose patent protection for Humira in the United States, its biggest market, in 2023. Humira is the world’s top selling drug and has been boosting AbbVie’s revenue ever since it was approved to treat psoriasis and rheumatoid arthritis. However, its sales have suffered since new competition entered Europe.