Or that Pepsi already has the recipie...
Pepsi doesn’t need to know the recipe for Coke. The soft-drink market is carved up on the basis of brand awareness, not taste, and Coke and Pepsi own virtually the whole market between them. The Coke recipe is of no use to Pepsi under those circumstances.
The "secret formula," these days, is mostly marketing hype. Food chemists have come pretty darn close to duplicating it. The problem i that no one can match Coke's economies of scale, so the best you could claim is "just like Coke and only a little more expensive."
Pepsi sells more by differentiating itself in the market than it would by being a Coke taste-alike. The 'trade secrets" were probably more like marketing plans and new product introductions, the kind of thing Pepsi could counter better if it knew about them in advance.