Accepted answer
It tells you 98.8 per cent of the integrated area came off a wide-pore C18 column where GLP-1 receptor agonist comes off, and the remaining 1.2 per cent did not. That is an area statement at one wavelength, not a mass statement about the vial: 1.2 per cent of area is only 1.2 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 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.
Specifically, peak shape carries as much information as peak area does, and a badly tailing peak or a shouldered peak is telling you something about the sample or the column that matters.
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.
Inter-laboratory studies using identical methods on identical material show precision well within half a per cent when the method is locked down, pointing to method variability as the primary source of disagreement.
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.
The practical summary: specify the method, run the same method on every sample you compare, and use orthogonal techniques to confirm the result.