References to Hyperlinks Aren't Hyperlinks

If you have a hyperlink in a cell (such as cell A1) and then you use a formula in another cell that references that hyperlink, the result of that formula is not a hyperlink. For instance, suppose cell B1 contains this simple formula:

=A1

The result of that formula will not be a hyperlink, even if cell A1 contains a hyperlink. The reason is that the formula extracts the value of the referenced cell, which is the text displayed in A1. If what is displayed in cell A1 is a URL, then you could modify your formula just a bit to result in a hyperlink:

=HYPERLINK(A1)

If cell A1 does not contain a URL, or if it is a hyperlink where the displayed text is different then the underlying URL, then the HYPERLINK function won't work as expected.