Excel List Parse Table

I have an excel sheet with a primary key in one column and a list of attributes (pipe delimited) in another. Here is an example:

pk1     a | b | c
pk2
pk3     b | d
pk4     e

This goes on for about 38k rows.

I want to create a cross reference table out of this data so that it looks more like this:

pk1     a
pk1     b
pk1     c
pk3     b
pk3     d
pk4     e

Is there an easy way to accomplish this?

With VBA this sub parsed the data in the format you provided. May require a little updating depending on columns structure.

Sub Parse()
    Dim thissheet As Worksheet
    Set thissheet = ActiveSheet

    Sheets.Add
    ActiveSheet.Range("A1").Value = "Header 1"
    ActiveSheet.Range("B1").Value = "Header 2"

    Dim pk As Long
    Dim carray() As String

    For x = 0 To thissheet.Range("A65535").End(xlUp).Row

    If InStr(1, thissheet.Range("B2").Offset(x, 0).Value, "|") > 0 Then
    'if cellvalue contains bar
    carray() = Split(thissheet.Range("B2").Offset(x, 0).Value, "|")
    For i = LBound(carray) To UBound(carray)
    ActiveSheet.Range("A2").Offset(pk, 0).Value = thissheet.Range("A2").Offset(x, 0).Value
    ActiveSheet.Range("B2").Offset(pk, 0).Value = Trim(carray(i))
    pk = pk + 1
    Next i
    Else
    'No Bar do this
    ActiveSheet.Range("A2").Offset(pk, 0).Value = thissheet.Range("A2").Offset(x, 0).Value
    ActiveSheet.Range("B2").Offset(pk, 0).Value = thissheet.Range("B2").Offset(x, 0).Value
    pk = pk + 1
    End If
    Next

    End Sub