Accepted answer
It tells you 97.6 per cent of the integrated area came off a wide-pore C18 column where mazdutide comes off, and the remaining 2.4 per cent did not. That is an area statement at one wavelength, not a mass statement about the vial: 2.4 per cent of area is only 2.4 per cent of mass if every impurity absorbs exactly as strongly as the parent, which none of them do. It also says nothing about how many milligrams are in the glass — water, counter-ion and a short fill are all invisible to it. What a wide-pore C18 column does add is a constraint on what could be hiding: a column that retains by hydrophobicity separates deletion sequences well and separates isomers of identical hydrophobicity not at all.
High-performance liquid chromatography is a separation technique, not an identification technique, and it answers the question "how much of the detected signal is a single species" not "which species is it."
Proline-rich sequences are particularly problematic because the isomerisation kinetics are in the same timescale as the separation, leading to split or broadened peaks at low temperature.
Sample preparation is almost always under-appreciated — a reconstituted peptide in strong solvent will distort its own peak on the gradient.
Peptide separation by reverse-phase high-performance liquid chromatography is described in the general chapters of the United States Pharmacopeia, European Pharmacopeia and Japanese Pharmacopeia, and the methods converge on essentially the same principles.
The caveat is that HPLC is a purity technique and says almost nothing about whether the main peak is actually your target compound — that is why identity confirmation from mass spectrometry or peptide mapping matters.
Ask for the chromatogram and the system suitability data, not just the number.