I'm not certain this is what you're looking for or not, since I don't know
what you have in which cells and what formulas you're using now, but... I'll
try with a trivial example:

Cell b2 contains text http://
Cell C2 contains text www.dslreports.com
in any other cell
=HYPERLINK(B2&C2,B2&C2)
gives me a usable hyperlink with appropriate text.
In the HYPERLINK() function, first parameter is the link itself, second is
the "friendly text" displayed as a link.

"Pepe" wrote:

I need to dynamically generate hyperlinks based on filenames input into cells
in a worksheet. The problem is that Excel does not recognize the results of
the Concatenate function as text but rather the results of a formula, so it
cannot be used as a hyperlink.
Is there any way to extract the results of a formula a value only. The only
way I can do this now is by copying cells and using Paste Special, values
only. When I do this, Excel will let me use the content as a hyperlink.
Is there a better way??