GSK launched a 2 billion pounds ($2.5 billion) share buyback on Wednesday and lifted its long-term sales target to nearly $50 billion, betting that growing sales of its HIV and cancer drugs will make up for pressures on its vaccines revenue.

GSK Plc plans to buy back £2 billion ($2.5 billion) of shares as it raised its long-term growth outlook on optimism around the drug pipeline.The British drugmaker boosted its 2031 sales forecast to over £40 billion,

GSK launched a rare £2bn share buyback and raised its growth targets on the back of strong sales of speciality medicines, including cancer and HIV drugs, sending shares up as much as 6 per cent on Wednesday.