ColA Col B ColC
Project A A.pdf A.pdf
Project B No Link
I have a list of project records. One column (e.g., B) may have a reference to a pdf file. If I create a formula
=if(isblank(B2),"No Link",hyperlink(folderURL + B2),B2)
What I want is to place a hyperlink on only those rows where column B contains a pdf reference, and insert text "No Link". I get the proper text values, but in all rows have the hyperlnk default appearance and behavior -- Excel seems to be creating "phantom links" out of the "No Link" cells.

Clicking on the "No Link" value in Col C activates an attempt to open the file listed in Col B, which returns a No file found error.