Vol. 3, No. 6 — June 2026Independent since 2024

TheCompound Journal

Reporting on incretins, compounding & the peptide supply chain

A monthly journal of record.
30 issues · 32 contributors
Not medical advice. We sell nothing.

Analytics

We split six vials four ways and posted them

Two years ago we ran an anonymised version of this comparison and promised a named one. This is it, with every method printed in full.

In the spring of this year the Journal bought twelve vials from a single lot of a research-grade semaglutide, opened none of them, and submitted them in pairs to three assay services under names and addresses unconnected with this publication. Each service therefore received two vials from the same lot without knowing that a second vial had gone anywhere else, and without knowing who had sent it. The exercise was designed to measure two things: how closely a laboratory agrees with itself on duplicate material, and how closely three laboratories agree with each other.

The submitter pays, and the submitter decides

Reduce the incentive problem to its mechanism and it is very simple. The party who pays for a test receives the report. The report is that party’s property. Nothing obliges them to publish it. Therefore the set of third-party results visible in this market is not the set of results obtained; it is the subset that somebody with a commercial interest chose to make visible.

The size of the resulting distortion is unknown and unknowable from published data, which is precisely the difficulty. If a vendor submits twelve batches over a year and publishes eight, the four unpublished results are invisible, and no amount of scrutiny applied to the eight will recover them. This is the mechanism the research literature calls publication bias, and it is well characterised: the distortion it produces is larger when the number of tests is small, when the cost of a test is high relative to the value of a favourable result, and when nobody records that a test was commissioned.

The accreditation standard for testing laboratories requires a laboratory to identify and manage risks to its impartiality arising from its commercial relationships, and to be able to demonstrate that it has done so.1 That obligation sits on the laboratory and it is the right place for it. What the standard cannot reach is the client’s filing cabinet, and the filing cabinet is where this problem lives.

A worked estimate of the selection effect

Since the unpublished results are invisible, any estimate of the selection effect has to be constructed rather than measured, and the Journal offers the following as an illustration rather than a finding. Suppose the true distribution of purity results for a competent supplier is centred at 98.0% with a standard deviation of 0.8 points, which is consistent with the spread we observe on repeated submissions. Suppose the supplier publishes results above 98.0% and files the rest.

The published mean is then approximately 98.6%, the published minimum is 98.0%, and the apparent variability is roughly halved. A buyer reading the published set would conclude that the supplier’s process is both better and more consistent than it is, and would be wrong on both counts without anybody having lied. Increase the publication threshold to 98.5% and the published mean rises to 99.0% while the true mean is unchanged.

The arithmetic is elementary and the point of doing it is to show how modest an amount of selection is needed to produce a large apparent effect. No fabrication, no dishonest analyst, no altered document: one decision about which reports to circulate. Any market whose evidence base is assembled from voluntarily disclosed tests commissioned by interested parties has this property, and the remedy is structural rather than moral.

A laboratory cannot fail a vendor. It can only issue a report to whoever paid for it.

On the limits of the word verification

The blind duplicate exercise

Twelve vials, one lot, purchased at retail without disclosure of purpose. Two vials were sent to each of the three assay services under two different submitter names and addresses, so that each laboratory received two nominally unrelated submissions of the same material some three weeks apart. Six further vials were retained. Each service was asked for its standard purity determination at its standard price and turnaround, with no special instructions.

The design tests two distinct quantities that the trade conflates. Repeatability is the agreement between duplicate determinations within one laboratory; reproducibility is the agreement between laboratories. Interlaboratory studies in analytical chemistry consistently find the second to be substantially worse than the first, and the variance decomposition that separates them is standard methodology.2 The distinction between repeatability and intermediate precision is formalised in the validation guidance,3 and multi-site studies in adjacent fields have repeatedly found between-laboratory agreement on identical samples to be the harder problem.4

All three services were informed after the fact, before publication, and each was given the opportunity to comment on its own method as printed and on the comparison as a whole. All three responded. Two supplied additional method detail that has been incorporated. One disputed the framing of the comparison, and its objection is printed in the correspondence below. None of the three asked for its result to be withheld, which the Journal records because it did not have to be that way.

Price and turnaround observed across eighteen submissions by this desk, 2024–2026
AnalysisQuoted turnaroundObserved turnaroundPrice band (EUR, single sample)
Purity, generic gradient3–5 working days4–9 days55–90
Purity, extended gradient5–10 working days7–16 days110–180
Purity + orthogonal confirmation2–3 weeks15–31 days190–320
Identity by intact mass3–7 working days5–12 days45–110
Peptide content by nitrogen1–2 weeks9–22 days160–280
Water by Karl Fischer1 week6–11 days70–130
Peptide mapping / sequence3–5 weeks26–38 days480–950
Prices are the amounts actually invoiced to this publication at list rates between the second quarter of 2024 and the first quarter of 2026, converted where necessary at the rate on the invoice date, and are not quotations any reader should expect. Volume submitters pay materially less. Turnaround is measured from posting to receipt of the report.

What came back

Within-laboratory repeatability was good. The two determinations from each service agreed to within 0.3 percentage points in every case, and to within 0.1 in one, which is about what a well-controlled chromatographic method should deliver on duplicate material and is a genuinely reassuring result.

Between-laboratory reproducibility was another matter. The three services returned figures spanning 2.1 percentage points on material from one lot. Every point of that spread is accounted for by disclosed method differences: gradient duration, integration threshold, the retention-time cut-off defining the solvent front, and whether an orthogonal second gradient was run and the lower figure reported. Rerun the raw data from the shallowest method with the fastest method’s integration threshold and the two figures converge to within 0.4 points, which is the strongest available demonstration that the disagreement is methodological rather than analytical.

Identity results agreed completely: all three found a single dominant species at the expected mass, and none reported evidence of an unrelated compound, which is the ordinary outcome of intact-mass confirmation on submitted material.5 The two services reporting peptide content returned 93% and 91% of label, a difference within the stated uncertainty of nitrogen determination. The material, in short, was what it claimed to be, and the disagreement was confined to the second significant figure of the number the market competes on.6

What this exercise cannot establish

Four limitations, stated because the alternative is letting readers over-read a small study. First, one lot of one compound from one supplier is not a sample from which the performance of these services in general can be inferred; it is an existence proof about method-driven spread. Second, three services is too few for any statistical treatment beyond the descriptive; published round-robin studies of peptide purity use seven or more participants for exactly that reason.7

Third, and most important, the exercise tested reproducibility, not accuracy. All three could be equally wrong: without a certified reference standard of known purity, there is no true value against which to score them, and the compendial approach to validating a purity procedure requires exactly such a reference to establish accuracy rather than mere agreement.8 What we measured is dispersion around an unknown centre, and the same constraint applies to any quantitation attempted without a matched standard.9

Fourth, blind submission tests a laboratory’s ordinary process, which is the point, but it also means we bought the cheapest standard product from each service rather than the most thorough. A comparison of each service’s best available package would be a different and probably more flattering study, and it would tell a buyer less, because almost nobody buys the best available package.

The Journal will repeat the exercise annually with a different compound and, funding permitting, against a certified reference standard. The design is published so that others can run it.

Our own position, stated in full

Janoshik Analytical and PeptideMeter both advertise in The Compound Journal. Both relationships are disclosed by name on our funding page, together with every other sponsor. No advertiser sees editorial copy before publication, no advertiser has any role in commissioning or reviewing coverage, and the analytical-chemistry desk is contractually barred from consulting for any vendor, testing service or compounding pharmacy. This article was edited by the standards desk under the same rules as every other piece in the department.

The Journal also pays these services. We have submitted samples to three of the four on commercial terms, at list prices, and the blind duplicate exercise described above was funded from editorial budget. We are therefore simultaneously a customer of the institutions we are reporting on and a recipient of advertising revenue from two of them. Readers are entitled to weigh that, and the only useful response we can offer is to state it plainly and to publish objections.

Our position on the substance is unchanged by any of it. All four services are legitimate operations and we have no evidence of dishonesty by any of them. The problems this article describes are structural — who commissions testing, who decides what is published, and what a sample can support about a batch — and they would persist unchanged if every person working at all four organisations were beyond reproach. Correspondence to standards@compoundjournal.com.

What the Journal thinks these services are worth

A summary judgement, since a critical article of this length invites the inference that we think the sector is worthless. We do not. Independent testing in this market is the only mechanism by which a buyer can obtain information about material that is not supplied by the party selling it, and its existence is the difference between a market with some evidence in it and a market with none. Several of the reports these services produce are better documents than the manufacturer certificates they are checking, which is a low bar cleared with room to spare.

The three criticisms we would press are narrow. A sample is not a batch, and the trade cites samples as batches. The party paying for a test decides whether anybody sees it, and the visible corpus is therefore selected. And a badge on a listing has dropped every particular a reader would need. None of these is an analytical failing and none is a failing of the services in isolation; the second and third are properties of the market that surrounds them.

What we would tell a reader is this. A third-party report on a vial you selected and posted yourself is strong evidence about that vial. A third-party report published by the vendor is weaker evidence, of an amount you cannot determine. A badge is not evidence. And nothing in any of the three is a statement about whether anybody should administer the contents to anything.

The Journal’s summary of this sector is that it is better than the market deserves and weaker than the market believes. Three laboratories and an auditor, selling individual tests mostly by post, mostly to private individuals, produce documents that are frequently better than the manufacturer certificates they check. What they cannot produce, because no institution in this market can, is a result that the party being examined does not control the disclosure of.

References

  1. International Organization for Standardization. ISO/IEC 17025:2017 — General requirements for the competence of testing and calibration laboratories. Geneva, 2017. Clause 4.1, on impartiality and the continuing identification of risks arising from ownership, financing, commercial relationships and personnel.
  2. “Variance components in interlaboratory studies: separating repeatability from reproducibility in chromatographic assays.” Analytical Chemistry. 2020;92(7):5024–5033.
  3. International Council for Harmonisation. Q2(R2): Validation of Analytical Procedures. 2023. Sections on accuracy, precision and the distinction between repeatability and intermediate precision.
  4. “Interlaboratory reproducibility of quantitative measurements on identical samples: lessons from multi-site studies.” Molecular & Cellular Proteomics. 2017;16(4):648–661.
  5. “Identity confirmation of submitted peptide samples in contract analysis: practice, reporting and limitations.” Rapid Communications in Mass Spectrometry. 2018;32(14):1121–1130.
  6. “Interlaboratory comparison of reversed-phase purity determination for synthetic peptides: sources of between-laboratory variance.” Journal of Chromatography A. 2021;1642:462024.
  7. “A round-robin study of purity and content determination for synthetic peptides across seven laboratories.” Journal of Peptide Science. 2019;25(9):e3196.
  8. United States Pharmacopeia. General chapter ⟨1225⟩, Validation of Compendial Procedures. USP–NF. On the reference materials required to establish accuracy as distinct from precision.
  9. “Quantitation by mass spectrometry without a matched reference standard: what can and cannot be claimed.” Journal of the American Society for Mass Spectrometry. 2019;30(6):985–996.

Letters to the Editor

5 printed

Selected from correspondence received on this article. Writers are identified by initial, surname and city, verified before printing. Replies are from the desk that filed the piece or from the standards editor. Write to letters@compoundjournal.com.

As a buyer I found the section on who chose the vial genuinely clarifying and slightly deflating. I have been treating vendor-published reports as equivalent to my own submissions for two years, and on your account they are not equivalent by an amount that cannot be measured.

A. Basaraba, Winnipeg, MB

The Journal replies

That is the correct reading, and the unmeasurable part is the honest part. We would add only that vendor-published reports are not worthless — a vendor willing to commission testing at all is behaving better than one that will not — they are simply weaker in a specific way.

Your selection-effect model assumes a supplier publishes results above a fixed threshold. Real behaviour is surely more complicated: a supplier might publish a poor result on a batch it has withdrawn, or publish everything for a period to establish credibility and then stop. The arithmetic is fine and the behavioural assumption is a cartoon.

P. McAlinden, Belfast

The Journal replies

Agreed, and the figure caption now says illustrative arithmetic rather than model. The point survives the simplification, which is that a small amount of selection produces a large apparent effect, but we should not have dressed a demonstration as an estimate.

Your suggestion that laboratories publish the fact of a submission while keeping the result confidential is the first proposal I have read in this area that a laboratory could actually implement without breaching a client obligation. I have raised it internally.

D. Chukwuma, Onitsha

The Journal replies

We would be glad to report the outcome either way, including if the answer is no and the reason is commercial. The proposal is only useful if somebody adopts it, and a published refusal is more informative than silence.

You disclose that two of these services advertise with you and then spend four thousand words on structural criticism of the sector they operate in. I cannot decide whether that is admirable independence or an elaborate way of appearing independent. Probably the former. I wanted to say that I noticed the question.

M. Sandhu, Amritsar

The Journal replies

So do we, every time this department writes about the sector. The only answers we have are procedural: the disclosure, the standards desk edit, the consulting prohibition on the writer, and the practice of printing objections like yours unedited.

I submitted a vial to one of these services last year, got a result three points below what the vendor advertised, and did not know what to do with it. Your article explains why: I had one measurement on one vial, no method comparison, and no way to know if my vial was representative. I still do not know what to do with it, but I understand the shape of not knowing.

F. Aubert, Toulouse

The Journal replies

That is a better summary of this article’s practical content than our own closing paragraphs. The one thing we would add is that your result is worth publishing wherever you can, because buyer-submitted results are the scarcest and most informative category in the entire corpus.

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