Your anchors (^) are messed up, they mean the beginning of the string when on the left-most position. Also, you need to do the actual splitting, after you do the extraction.
in reply to extract all the text between two words
# If you just want the stuff in between
$transcript =~ /CORPORATE PARTICIPANTS(.*)CONFERENCE CALL PARTICIPANTS
# $transcript =~ /CORPORATE PARTICIPANTS foo bar baz CONFERENCE CALL P
# If you want foo, bar, baz
my @words = split /\W/, $1;
say for @words;