Here are a couple of screencaps of The Formula, please discuss below.

Who has the second half...?? Will Hiro get it back from Daphne?

In my opinion, it's pretty obvious that this formula contains the genetic makeup for doing one of three things.

1) Giving any person abilites.
2) Taking any persons abilities away.
3) Creating the same chemical that was held in the vile that Peter saved in the last episode of Season 2.

are there any chemists that can make any sense of this?

I think The Company formula gives powers but is far more stable than Mohinder's who's formula is causing him to mutate out of control. I'm sure whoever wants the formula will also be able to make a new one that takes away abilities.