AstraZeneca's (AZN) rare-disease arm Alexion said the field remains largely untapped, with about 95% of the roughly 10,000 identified rare diseases still lacking approved therapies, the Financial Times reported Monday, citing Chief Executive Marc Dunoyer.

Advances in science are opening new avenues for drug development, Dunoyer was quoted as saying, adding that only about 500 rare diseases currently have modern treatments.

Rare disease medicines accounted for 16% of AstraZeneca's $58.7 billion in revenue last year, underscoring the division's growing role as the company targets $80 billion in sales by 2030.

AstraZeneca did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)