Sanofi is on the lookout for acquisitions to boost key business units such as consumer and animal health products and expects strong growth on the "strategic continent" of Africa, its chief executive, Chris Viehbacher, told the news agency Reuters.

Viebacher declined to comment on possible targets.

The French drug maker is striving to shake off the impact of patent losses on key drugs and betting on growth platforms such as rare diseases, over-the-counter treatments and animal health. Its big cash pile has prompted speculation by bankers it could complement these through acquisitions.

Sanofi's use of cash has faced market scrutiny since the prospect of a massive buyback of its shares held by L'Oreal has faded. Some analysts now expect the company will proceed with a share buyback anyway, to the tune of €2 billion this year, to boost earnings per share and reward shareholders after a disappointing 2013.

"If we don't find acquisitions and the dividend doesn't absorb the cash, we've always said we'll proceed with opportunistic share buybacks," Viehbacher said. Sanofi bought back shares worth more than €1.6 billion in 2013.

Speaking at Institut Pasteur on the sidelines of a conference on neglected tropical diseases, Viehbacher commented that Africa is a "strategic continent" for Sanofi. The Paris-based company is the international pharmaceutical company with the highest sales there, totalling more than €1billion last year.

This revenue should grow in the double digits in 2014 and Sanofi should post "strong growth" there in the next few years, the CEO said.