Sanofi (SAN), France’s largest drugmaker, will target “bolt-on” acquisitions in a price range of 1 billion euros to 2 billion euros, Chief Executive Officer Chris Viehbacher said.

“We will continue to acquire in emerging markets,” Viehbacher said today at the JPMorgan Chase & Co. health-care conference in San Francisco. Viehbacher declined to comment on whether Sanofi is interested in buying Bausch & Lomb, an eye- care company said to be for sale by Warburg Pincus LLC for at least $10 billion.

The Paris-based company still prefers returning cash to shareholders through dividends rather than large share buyback programs, Chief Financial Officer Jerome Contamine said during an appearance with Viehbacher at a question-and-answer session with analysts and investors.

To contact the reporter on this story: Albertina Torsoli in Paris at atorsoli@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net