Depends on how high you hit him. If you barely clipped the lungs, he may have gone a good distance, but is probably dead. If it missed the lungs, and possibly hit above the spine, merely a flesh wound...would be alive.
Deer are amazing animals. They can cover great distances even when you would think they would die extremely quickly. I was out with a good friend last year and he hit a 9 point that was quartering away fairly drastically with a great hit. Went through opposite shoulder, only hitting one lung, but shredded it almost in half. We had to trail him for close to 500 yards putting out decent blood the whole time. When we found him, and examined the entry and exit wounds, I would have never guessed he could travel a fifth of that distance...but he did. I say all that to make this point...if you got the lungs at all, it is a wound that almost never will be recovered from. He may go a long way, but will die. Unless, of course, he doesn't!