The short answer is that purity says "what fraction of detected material is the target" while content says "how many milligrams of the target are present," and those are two different things.
The single most common reason for disagreement between a supplier content figure and an independent assay is using different standards.
Water content and counter-ion content are part of the gross mass but not part of the content assay result, which is why the two do not sum to label claim.
Pharmacopoeial guidance on quantitative methods specifies validation steps for linearity, range, accuracy and precision that most research-grade work does not claim to meet.
The caveat is that content assay costs more than purity, so most people do not do it, which is exactly why it is valuable on the first lot from a new supplier.
Ask for both the purity and the content, and do not accept purity alone.
edited 13 Jul 2026 by e_dziedzic — removed a claim I could not source