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Default Formula calculating very slow

I have the following formula in 5000 cells in column P in my worksheet.
=IF($O2<"",NETWORKDAYS(O2,N2),"") Using a module, I'm importing the rows
that contain data in columns A:O. After the rows have been imported into the
worksheet I can see the above formula calculating. The problem is that it is
extremely show, approximately 2 seconds per row. Is there a way I can speed
this up? Thanks for your help.
 
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