diff --git a/dtool/PandaVersion.pp b/dtool/PandaVersion.pp
index c202544301..d0939d08a0 100644
--- a/dtool/PandaVersion.pp
+++ b/dtool/PandaVersion.pp
@@ -3,7 +3,7 @@
 // ppremake scripts for Panda.
 
 // Use spaces to separate the major, minor, and sequence numbers here.
-#define PANDA_VERSION 1 2 0
+#define PANDA_VERSION 1 2 1
 
 // This variable will be defined to false in the CVS repository, but
 // scripts that generate source tarballs and/or binary releases for