preg_replace() function to replace a pattern with a string
$items = 'MBT-6745 MBS-5729';
$items = preg_replace('/MB[ST]/', 'ITEM', $items);
echo $items; // Displays ITEM-6745 ITEM-5729e
preg_split() function to split a string on a pattern
$items = 'MBT-6745 MBS-5729, MBT-6824, and MBS-5214';
$pattern = '/[, ]+(and[ ]*)?/';
$items = preg_split($pattern, $items);
// $items contains: 'MBT-6745', 'MBS-5729', 'MBT-6824', 'MBS-5214'
foreach ($items as $item) {
echo("<li>$item</li>");
}