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.

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.