It tells you 96.8 per cent of the integrated area came off a C4 column where orforglipron comes off, and the remaining 3.2 per cent did not. That is an area statement at one wavelength, not a mass statement about the vial: 3.2 per cent of area is only 3.2 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 C4 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.
Reverse-phase HPLC is the workhorse for peptide purity work, but it is almost universally run under conditions that are not optimal for a peptide of this chain length.
Formic acid is the compromise when you need the mass spectrometer on the same run, but the peak shape penalty is real and easily a tenth of a per cent on purity.
Trifluoroacetic acid at 0.1 per cent is the standard ion-pairing agent because it suppresses tailing by neutralising the basic residues, but it also suppresses mass spectrometry signal.
One qualification: the limit of detection on a reversed-phase HPLC is set by the noise on the baseline, which for these molecules is usually in the range of a tenth of one per cent or less, and anything smaller is not reproducibly detectable.
If two labs give different numbers, the method difference is the first hypothesis, not lab quality.