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 Plc's U.S.-listed shares surged Wednesday after the pharmaceutical firm boosted its long-term outlook and launched a $2.5 billion stock buyback on the back of optimism about sales of its new drugs.

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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.

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.

The pharmaceutical company said promising pipeline developments and high demand for drugs in its specialty segment lifted fourth-quarter profit ahead of analyst expectations.