Try

#!/usr/bin/perl
use strict;
use warnings;
use Win32::OLE;

my $MSWord = Win32::OLE->new('Word.Application') or die $!;
$MSWord->{'Visible'} = 1;
my $doc = $MSWord->Documents->Open("c:/temp/Word.doc");
my $sel = $MSWord->Selection;

for my $n (1..2){
  $sel->Find->{Text} = "##HYPERLINK$n##";
  next unless $sel->Find->Execute;
  $sel->Delete;

  $sel->Hyperlinks->Add({
        TextToDisplay => "Sharepoint Link $n",
        Anchor  => $sel->Range,
        Address => "http://www.perlmonks.org/"
      });
  $sel->MoveDown({Count=>1})
}
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