When using .Formula
property you should always use comma ,
as separator (even if your local settings required semicolon as separator). Change ;
to ,
:
formulavalue = "=VLOOKUP(" & lookupvalue & ",'Test'!A1:B122,2,FALSE)"
Cells(2, 11).Formula = formulavalue
Alternatively, you could use .FormulaLocal
(with your local separator, i.e. semicolon ;
):
formulavalue = "=VLOOKUP(" & lookupvalue & ";'Test'!A1:B122;2;FALSE)"
Cells(2, 11).FormulaLocal = formulavalue
another issue - you've missed comma (semicolon) before 'Test'!A1:B122
.