Spec and Body will not compile as a pair, even if View | Toad Options | Execute/Compile | Compiling | Compile Spec and Body as a pair is checked. This is an issue when run in Editor with spec and body split into seperate tabs.
Spec, then body scripts will need to be run seperately.
Waiting for fix in a future version of Toad for Oracle.
Compile can be verified by the last ddl timestamp in the Details section of the packages's column tab in Schema Browser.