Answering this needs the jurisdiction, since the framework differs substantially between countries and even between states.
A compounded preparation has no marketing authorisation, no batch release by a qualified person and no pharmacovigilance obligation attached to it. That is the structural difference from a licensed product.
Ask for the certificate of analysis on the compounded lot. A serious facility will have one; the request itself is informative.
Beyond-use dating for compounded sterile preparations is governed by published standards keyed to the compounding environment.
Compounded means unapproved by definition. That is structural, not pejorative.