The drugmaker has decided against pursuing European approval for its depression pill after consulting with the Committee for Medicinal Products for Human Use, which raised concerns about the med. Earlier this year, you may recall, Wyeth withdrew its application in Europe to have Pristiq approved to treat menopausal hot flashes.

Wyeth is counting on Pristiq to help offset impending generic competition to its Effexor blockbuster (Pristiq is actually a version of this drug, by the way). Although already available in the US for treating depression, Wall Street has been skeptical about Wyeth’s ability to distinguish Pristiq from other antidepressants. And the FDA has yet to approve Pristiq to treat hot flashes caused by menopause.

Despite the setback, Wyeth execs are not, well, gloomy. “We are considering a number of options to support depressed patients and their families,” Gary Stiles, Wyeth’s executive vp and chief medical officer, in a statement. “There are millions of patients with depression, and clearly more treatments are necessary.”