diff --git a/setup.py b/setup.py
index a64cb7b..75a61c3 100755
--- a/setup.py
+++ b/setup.py
@@ -22,6 +22,7 @@
 import os
 import re
 import sys
+import runpy
 import subprocess
 
 from setuptools import find_packages, setup
@@ -37,8 +38,11 @@ try:
         .replace('-', '+', 1).replace('-', '.'))
     with open(VERSIONFILE, "wt") as o:
         o.write("__version__ = {!r}\n".format(__version__))
-except subprocess.CalledProcessError:
-    __version__ = "unknown"
+except (subprocess.CalledProcessError, OSError):
+    if os.path.exists(VERSIONFILE):
+        __version__ = runpy.run_path(VERSIONFILE)['__version__']
+    else:
+        __version__ = "unknown"
 
 long_description = """Hy is a Python <--> Lisp layer. It helps
 make things work nicer, and lets Python and the Hy lisp variant play