The given VBA code performs the following actions:

Declares variables:

lastRow as a Long data type to store the row number of the last non-empty cell in the first column.
rng as a Range object to represent the range of cells in the first column.
cell as a Range object to iterate through each cell in the range.
rightCell as a Range object to represent the cell to the right of the current cell in the loop.
Determines the last row in the first column:

Uses the Cells function to reference the last cell in the first column (column 1).
Uses the Rows.Count property to get the total number of rows in the worksheet.
Applies the End(xlUp) method to find the last non-empty cell in the first column.
Retrieves the row number of the last non-empty cell and assigns it to the lastRow variable.
Sets the range to the first column:

Uses the Range function to define the range from cell A1 to the last non-empty cell in the first column.
Assigns the range to the rng variable.
Clears the contents of the entire right column:

Uses the Range function to define the range from cell B1 to the last row in the worksheet.
Applies the ClearContents method to clear the contents of the range, effectively clearing the entire right column.
Loops through each cell in the range:

Uses a For Each loop to iterate through each cell in the rng range.
Checks if the cell is not empty:

Uses the IsEmpty function to check if the current cell is empty or not.
If the cell is not empty, proceeds to the next step.
Checks if there is a cell to the right:

Compares the column number of the current cell (cell.Column) with the total number of columns in the worksheet (Columns.Count).
If the current cell is not in the last column, proceeds to the next step.
Sets the rightCell variable to the cell to the right of the current cell.

Applies a formula to the cell to the right:

Assigns a formula to the rightCell using the Formula property.
The formula concatenates an asterisk () with the address of the current cell (cell.Address) and another asterisk () to create a wildcard pattern.
The resulting formula in each cell of the right column will be "= "" & [current cell address] & """", e.g., "= "" & $A$1 & """".
Overall, the code loops through each non-empty cell in the first column, clears the contents of the entire right column, and then applies a formula to each cell in the right column by concatenating the current cell's address with asterisks to create a wildcard pattern.