diff --git a/lib/compress.js b/lib/compress.js
index 56a962c6..cbddce31 100644
--- a/lib/compress.js
+++ b/lib/compress.js
@@ -3854,9 +3854,9 @@ Compressor.prototype.compress = function(node) {
                 return j;
             }
 
-            function eliminate_returns(stat, in_block) {
+            function eliminate_returns(stat, keep_throws, in_block) {
                 if (stat instanceof AST_Exit) {
-                    var mode = match_return(stat, true);
+                    var mode = !(keep_throws && stat instanceof AST_Throw) && match_return(stat, true);
                     if (mode) {
                         changed = true;
                         var value = trim_return(stat.value, mode);
@@ -3864,18 +3864,18 @@ Compressor.prototype.compress = function(node) {
                         return in_block ? null : make_node(AST_EmptyStatement, stat);
                     }
                 } else if (stat instanceof AST_If) {
-                    stat.body = eliminate_returns(stat.body);
-                    if (stat.alternative) stat.alternative = eliminate_returns(stat.alternative);
+                    stat.body = eliminate_returns(stat.body, keep_throws);
+                    if (stat.alternative) stat.alternative = eliminate_returns(stat.alternative, keep_throws);
                 } else if (stat instanceof AST_LabeledStatement) {
-                    stat.body = eliminate_returns(stat.body);
+                    stat.body = eliminate_returns(stat.body, keep_throws);
                 } else if (stat instanceof AST_Try) {
                     if (!stat.bfinally || !jump.value || jump.value.is_constant()) {
-                        if (stat.bcatch) eliminate_returns(stat.bcatch);
-                        var trimmed = eliminate_returns(stat.body.pop(), true);
+                        if (stat.bcatch) eliminate_returns(stat.bcatch, keep_throws);
+                        var trimmed = eliminate_returns(stat.body.pop(), true, true);
                         if (trimmed) stat.body.push(trimmed);
                     }
                 } else if (stat instanceof AST_Block && !(stat instanceof AST_Scope || stat instanceof AST_Switch)) {
-                    var trimmed = eliminate_returns(stat.body.pop(), true);
+                    var trimmed = eliminate_returns(stat.body.pop(), keep_throws, true);
                     if (trimmed) stat.body.push(trimmed);
                 }
                 return stat;
diff --git a/test/compress/if_return.js b/test/compress/if_return.js
index c6f5bef2..ead1ddf3 100644
--- a/test/compress/if_return.js
+++ b/test/compress/if_return.js
@@ -2385,3 +2385,30 @@ issue_5619_2: {
     }
     expect_stdout: "PASS"
 }
+
+issue_5649: {
+    options = {
+        if_return: true,
+    }
+    input: {
+        console.log(function() {
+            try {
+                throw new Error("FAIL");
+            } catch (e) {
+                return "PASS";
+            }
+            throw new Error("FAIL");
+        }());
+    }
+    expect: {
+        console.log(function() {
+            try {
+                throw new Error("FAIL");
+            } catch (e) {
+                return "PASS";
+            }
+            throw new Error("FAIL");
+        }());
+    }
+    expect_stdout: "PASS"
+}