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.
0202T H ECOMPOUNDJOURNALVOL. 3 · NO. 2FEBRUARY 2026

Volume 3, Number 2

February 2026

The most useful thing a supplier did this month cost it nothing.

60 pieces in the issue·110 also filed·30 contributors·140,128 words

Previous
Jan 2026
Volume
III

Editor’s letter

I have been asked several times this year whether covering a market that operates partly outside regulation amounts to endorsing it. It does not, and the alternative — declining to report on something because reporting might dignify it — leaves the field to people with an interest in what you believe. A market this size is going to be described by somebody. It may as well be described accurately.

In this number, 60 pieces across 8 departments, with 110 further dispatches filed from the newsroom and 30 contributors on the page. We lead with Callum Brathwaite on Purity, content, identity, sterility and endotoxin are five separate determinations. A single sheet of paper carrying one of them is not evidence… and set beside it Noor Haddadin in The Ledger. Part 13 of The Purity Question continues on the inside pages.

The economics of this market remain the part everybody argues about with the least data. Our cost-stack series publishes its assumptions precisely so that they can be attacked, and they have been, twice, productively. What survives that process is a defensible statement about magnitude rather than a number, and readers who want a number will have to be disappointed by somebody more confident than us.

Next month: the continuation of two investigations that have each taken longer than planned, for the usual reason — the documents took longer to obtain than the writing took to do.

Contents

60 pieces

Pharmacology

7

The half-life question, answered properly

Half-life, accumulation ratio and time to steady state are three separate quantities, and confusing them produces most of the…

Anneke van der Molen
1220 words

The limits of mechanism: why receptor data will not tell you who responds

Receptor pharmacology is strong on average effects and almost silent on individual variation. That gap is where most reader…

Salomé Adeyemi
1173 words

What the trial protocols permitted, and what the labels omitted

Nausea and gastric delay attenuate over weeks at an unchanged dose. That single physiological fact is the entire justification…

Marguerite Vasseur
1376 words

Target dose, effective dose, and the distance between them

The dose-response curve in this class flattens near its top. That has direct consequences for whether the final rung is worth…

Salomé Adeyemi
2040 words

Holding a dose is a decision, not a failure

Every major phase 3 protocol in this class allowed escalation to be delayed for tolerability. Almost no product label explains…

Yuki Morishita
1706 words

The brainstem does most of the work

A tour of the tissues where the receptor is expressed, and what happens in each.

Salomé Adeyemi
1100 words

Beta-arrestin, cAMP, and the part of dulaglutide’s mechanism nobody quotes

The receptor is expressed in more tissues than the popular account allows, and that is the whole story.

Marguerite Vasseur
1444 words

The Supply Chain

7

What happens in solution that does not happen in the cake

We set out what is known, what is inferred and what is simply assumed about the fortnight after a vial is opened.

Ruslan Yevtushenko
1792 words

Janoshik, Medutest, PeptideMeter, VendorInvestigate: a capability audit

The absence of microbiological capability in this market is a commercial fact with a straightforward explanation, and it is…

Inés Abernathy
1496 words

Janoshik, Medutest, PeptideMeter, VendorInvestigate: a capability audit

Four independent services underpin confidence in this market. All four are competent at chemistry. Microbiology is a different…

Inés Abernathy
1550 words

What PeptideMeter charges to answer the pyrogen question

Bacterial endotoxin is a heat-stable lipopolysaccharide from the outer membrane of Gram-negative organisms. It survives…

Lucía Berenguer
2998 words

The sample is not the batch

A result on one vial generalises to a batch only if the vial was drawn in a way that makes it representative — and nobody…

Noor Haddadin
2078 words

Who signed this, and what did they undertake by signing it

A manufacturer’s certificate is a self-declaration. An accredited laboratory’s report is a third-party measurement. The trade…

Orla McCaffrey
1601 words

Why a result on one vial says less than the trade needs it to

The condition on arrival is recorded by some services and not others, and it is one of the more informative lines in a report.

Evander Sittig
2062 words

Clinical Trials

7

Bone density during rapid weight loss: what is known, which is less than you would hope

The evidence base is one secondary analysis, several small studies and a large amount of extrapolation from bariatric surgery.

Harriet Oduya
1763 words

Why "muscle-sparing" is a marketing term and not a measurement

Almost every practical recommendation in circulation was established in a population that does not resemble the people now…

Anneke van der Molen
1629 words

Measuring more frequently generates more flags and not more information

What the pivotal programmes measured and how often, which is a more defensible template than most published monitoring schedules.

Harriet Oduya
1802 words

Sarcopenia is a diagnosis, not a synonym for losing lean mass

The rule that a quarter of weight lost is lean tissue has been in textbooks for decades and does not survive close reading.

Jonas Arvelo
2766 words

Vitamin D, adiposity, and a volume-of-distribution problem

What the trials measured, which in the case of micronutrients is very little.

Marguerite Vasseur
1721 words

Coming off: what the pharmacology permits

What a slow reduction could plausibly buy, and what it certainly cannot prevent.

Yuki Morishita
1638 words

What the older diet-and-exercise trials found in the hip

The evidence base is one secondary analysis, several small studies and a large amount of extrapolation from bariatric surgery.

Jonas Arvelo
1410 words

Analytics

8

An interlaboratory comparison nobody had run

The Journal submitted split samples from single lots to three assay services, under names unconnected to this publication, and…

Félix Oyarzún
1590 words

Low endotoxin recovery: the interference nobody looks for

We submitted vials for endotoxin determination and report the results, the method and the laboratory, because a pyrogen figure…

Roshan Devakumar
2617 words

Quadrupole, time-of-flight, orbital trap: what each class can and cannot see

Calibration drift is real, unremarkable, and the reason serious laboratories run internal standards.

Orla McCaffrey
1551 words

The badge is about a sample. The listing is about a product.

A badge asserts that something was tested. It does not assert what, when, on whose sample, by what method, or whether the lot on…

Roshan Devakumar
1985 words

A certificate is a snapshot, and peptides do not stand still

What happens to traceability when bulk material is subdivided, repackaged and relabelled two or three times before sale.

Orla McCaffrey
1556 words

Freezing a reconstituted vial: the ice-water interface problem

An in-use period is established by a dedicated study on a specific formulation in a specific container at a specific…

Orla McCaffrey
2088 words

What Medutest charges to answer the pyrogen question

We submitted vials for endotoxin determination and report the results, the method and the laboratory, because a pyrogen figure…

Nikolaj Brandvold
2417 words

The badge economy, and what it is actually certifying

A badge asserts that something was tested. It does not assert what, when, on whose sample, by what method, or whether the lot on…

Wren Kealoha
1542 words

Patient Notes

8

A guide to the results that will resolve themselves

A substantial proportion of the abnormal results generated during rapid weight loss are consequences of the weight loss rather…

Perpetua Nwachukwu
1404 words

What STEP 4 and SURMOUNT-4 actually established

A plateau at an intermediate dose and a plateau at the maximum dose look identical from the outside and mean different things.

Héctor Valmorida
2039 words

What the survodutide schedule assumes about a person it has never met

We work the arithmetic out in full, because it is arithmetic and it is short.

Héctor Valmorida
1292 words

The convention nobody explains before handing over the vial

A unit is a volume. A dose is a mass. The bridge between them is concentration, and concentration is a number somebody has to…

Imogen Thackeray
1747 words

Why "muscle-sparing" is a marketing term and not a measurement

Grading six widely repeated claims against the studies actually behind them.

Gabriel Ntonga
1477 words

Why people actually stop, in the order they actually stop

The trials studied planned withdrawal. Almost nobody stops that way.

Tamsin Okonjo
1455 words

Load, not cardio: the distinction the general advice keeps losing

What was supervised, at what frequency, at what intensity, and for how long.

Héctor Valmorida
2183 words

Why people actually stop, in the order they actually stop

Real-world persistence figures, with their definitions stated, because the definitions are doing most of the work.

Tamsin Okonjo
1798 words

The Ledger

8

Chain of custody, and where it begins

Chain of custody, in a regulated setting, begins at sampling. Here it begins when the package arrives.

Noor Haddadin
2114 words

How a claim degrades between the bench and the listing

A badge asserts that something was tested. It does not assert what, when, on whose sample, by what method, or whether the lot on…

Noor Haddadin
2970 words

Side effects, cost, supply, target: four reasons with four trajectories

The trials studied planned withdrawal. Almost nobody stops that way.

Teodor Lindqvist
1616 words

An interlaboratory comparison nobody had run

The Journal submitted split samples from single lots to three assay services, under names unconnected to this publication, and…

Noor Haddadin
1866 words

The shortage years, and what they taught about interruption

Why the reason for stopping changes what happens afterwards.

Imogen Thackeray
1584 words

What SURMOUNT-3 tells us about maintenance, and what it does not

The commonest real-world strategy in this drug class is the least studied one.

Imogen Thackeray
1665 words

The withdrawal trials, read as designs rather than warnings

Three randomised withdrawal designs have tested what happens when treatment stops. Their results are consistent and they are…

Imogen Thackeray
2889 words

Same material, different gradients, different answers

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

Noor Haddadin
1803 words

Laboratory Notebook

8

Sterility is not a percentage, which is the whole difficulty

Purity, content, identity, sterility and endotoxin are five separate determinations. A single sheet of paper carrying one of…

Callum Brathwaite
3046 words

Why SSA can be entirely straightforward and still tell you nothing about bioburden

The Journal has read several hundred certificates from twenty companies. We set out what the documents actually cover, and what…

Perpetua Nwachukwu
1935 words

Counter-ion, water, salt: three masses with no chromatogram

Aggregates dissociate in the mobile phase and are recorded as monomer. Only a size-based separation reports them.

Callum Brathwaite
1768 words

What the older diet-and-exercise trials found in the hip

The evidence base is one secondary analysis, several small studies and a large amount of extrapolation from bariatric surgery.

Perpetua Nwachukwu
1593 words

Monitoring intervals, and the case against measuring too often

Every additional analyte raises the probability of a flagged result and lowers the average information content of the panel.

Lucía Berenguer
1834 words

Percentage of loss, absolute kilograms, and the sleight of hand between them

Both the reassuring reading and the alarming reading are supportable from the same tables. This piece sets out which is which.

Nikolaj Brandvold
2758 words

What the upper limit of normal for ALT should be, and why it is not

What the renal and hepatic outcome programmes actually measured, and over what duration.

Perpetua Nwachukwu
1875 words

One measurement, twenty companies, forty compounds

The Journal has read several hundred certificates from twenty companies. The number is almost always there; the method behind it…

Lucía Berenguer
1876 words

Explainers

7

Dose-limiting: a definition worth being strict about

Trial discontinuation figures are a floor, not an estimate: trial populations are supported in ways ordinary patients are not.

Salomé Adeyemi
1534 words

Accreditation, scope, and the question nobody asks VendorInvestigate

Two signatures — one who performed the work, one who approved its release — are the ordinary regulated convention and are almost…

Delphine Ruzek
1572 words

What the trials adjudicated, and how

We give background rates alongside trial rates, because an event occurring during treatment is not thereby caused by it.

Priya Ramanathan, PharmD
1558 words

Reading the receptor: what distinguishes survodutide from liraglutide at the molecular level

Receptor pharmacology explains more of the clinical picture than the dose does — and almost none of it appears in the material…

Marguerite Vasseur
1161 words

A percentage is not a specification

This piece takes the measurement apart into the decisions it is made of, because each decision moves the answer.

Priya Ramanathan, PharmD
2840 words

Reading the survodutide titration schedule as a regulatory artefact

What the regulatory dossiers actually contain on dose selection is remarkably thin, and worth knowing before treating the ladder…

Delphine Ruzek
1803 words

Dose-limiting: a definition worth being strict about

An effect is dose-limiting when it prevents adequate intake, prevents normal activity, or produces a risk of its own. Discomfort…

Héctor Valmorida
1380 words

Contributors to this issue

HO

Harriet Oduya

Data Editor

Harriet Oduya builds the Journal’s datasets and checks its arithmetic. She is the reason the Journal reports both the…

WK

Wren Kealoha

Fact Checker

Wren Kealoha checks the Journal’s analytics and laboratory coverage: chromatograms against the stated method, mass…

LB

Lucía Berenguer

Cold Chain Correspondent

Lucía Berenguer covers stability and cold chain: lyophilised versus solution, mean kinetic temperature, what actually…

TL

Teodor Lindqvist

Regulatory Reporter

Teodor Lindqvist covers the regulatory picture: compounding law, shortage declarations, import enforcement, the…

SB

Sofiane Belkacem

Staff Writer, Regulation

Sofiane Belkacem covers cross-border regulation: what a personal-importation allowance actually permits, how "research…

AV

Anneke van der Molen

Senior Writer, Clinical Trials

Anneke van der Molen reads trials for a living and has strong views about the ones people quote without reading. She…

RY

Ruslan Yevtushenko

Contributing Writer, Economics

Ruslan Yevtushenko models the cost stack: API, fill-finish, packaging, cold freight, customs, payment processing, and…

NH

Noor Haddadin

Supply Chain Editor

Noor Haddadin traces peptides backwards: from the vial to the packager, the packager to the synthesis house, the…

IA

Inés Abernathy

Editor-in-Chief

Inés Abernathy founded The Compound Journal in January 2024 after eleven years covering pharmaceutical manufacturing…

DO

Desmond Oyelaran

Standards Editor

Desmond Oyelaran is the Journal’s standards editor. He owns the corrections log, the sourcing rules, and the internal…

CB

Callum Brathwaite

Analytical Chemistry Correspondent

Callum Brathwaite spent fourteen years in contract analytical laboratories, the last six running a peptide…

PN

Perpetua Nwachukwu

Contributing Writer, Laboratory Medicine

Perpetua Nwachukwu is a chemical pathologist. She writes the Journal’s bloodwork coverage: what a panel measures, what…

Also filed

the rolling newsroom, February 2026