You want something like this:
<xsl:stylesheet version="1.0" xmlns:xsl="http://www.w3.org/1999/XSL/Transform">
<xsl:output omit-xml-declaration="yes" indent="yes"/>
<xsl:template match="node()|@*">
<xsl:copy>
<xsl:apply-templates select="node()|@*"/>
</xsl:copy>
</xsl:template>
<xsl:template match=
"processing-instruction()[starts-with(.,'Condstart')]">
<xsl:text>ELEPHANTS</xsl:text>
</xsl:template>
</xsl:stylesheet>
When this transformation is applied on the provided (corrected for well-formedness) XML document:
<?Fm Condition FM8_SYSTEM_HIDEELEMENT Dark%20Grey NO_OVERRIDE hide AsIs?>
<?Fm Condition FM8_TRACK_CHANGES_ADDED Forest%20Green SINGLE_UNDERLINE show AsIs?>
<?Fm Condition FM8_TRACK_CHANGES_DELETED Red STRIKETHROUGH show AsIs?>
<products>
<?Fm Condstart p-version?>
<prod>
<form>inj</form>
<strength>10, 20, 50</strength>
</prod>
<?Fm Condend p-version?>
<?Fm Condstart e-version?>
<prod>
<form>inj</form>
<strength>10</strength>
<packsize>0.4 mL (syringe), 4</packsize>
</prod>
<prod>
<form>inj</form>
<strength>20</strength>
<packsize>0.4 mL (syringe), 4</packsize>
</prod>
<prod>
<form>inj</form>
<strength>50</strength>
<packsize>0.4 mL (syringe), 4</packsize>
</prod>
<?Fm Condend e-version?>
</products>
the wanted, correct result is produced:
<?Fm Condition FM8_SYSTEM_HIDEELEMENT Dark%20Grey NO_OVERRIDE hide AsIs?>
<?Fm Condition FM8_TRACK_CHANGES_ADDED Forest%20Green SINGLE_UNDERLINE show AsIs?>
<?Fm Condition FM8_TRACK_CHANGES_DELETED Red STRIKETHROUGH show AsIs?>
<products>
ELEPHANTS
<prod>
<form>inj</form>
<strength>10, 20, 50</strength>
</prod>
<?Fm Condend p-version?>
ELEPHANTS
<prod>
<form>inj</form>
<strength>10</strength>
<packsize>0.4 mL (syringe), 4</packsize>
</prod>
<prod>
<form>inj</form>
<strength>20</strength>
<packsize>0.4 mL (syringe), 4</packsize>
</prod>
<prod>
<form>inj</form>
<strength>50</strength>
<packsize>0.4 mL (syringe), 4</packsize>
</prod>
<?Fm Condend e-version?>
</products>