Analytical reversed-phase HPLC separates the main peptide peak from other species that absorb at the same wavelength. The purity figure is the area of the main peak as a percentage of all peak areas in the run. A higher figure means a smaller share of other UV-absorbing species; it says nothing about species that do not absorb, such as water, counter-ions or salts, and nothing about how much material is in the vial.
Two consequences for a buyer. First, HPLC purity and fill quantity are different questions: a lot can be very pure and still be under-filled, and a certificate that reports purity does not by itself report quantity. If fill quantity matters to your project, ask for it in the specification. Second, purity figures from different laboratories are comparable only when the method is similar; a lot tested by a third party under a different gradient can legitimately show a slightly different number.
For reference, published HPLC purity results across the public COA library of catalogue lots fall between 98.4% and 99.8% as of the last review date on this page. A custom lot is reported against its own specification; the range tells you what the factory routinely achieves, not what your lot will show.