diff --git a/.changeset/clear-badgers-type.md b/.changeset/clear-badgers-type.md
new file mode 100644
index 0000000000..3668aa7644
--- /dev/null
+++ b/.changeset/clear-badgers-type.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: transform expressions inside labeled statements during server compilation
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/visitors/LabeledStatement.js b/packages/svelte/src/compiler/phases/3-transform/server/visitors/LabeledStatement.js
index 83c828b839..e71e7473cd 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/visitors/LabeledStatement.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/LabeledStatement.js
@@ -8,6 +8,7 @@ import * as b from '#compiler/builders';
  */
 export function LabeledStatement(node, context) {
 	if (context.state.analysis.runes || context.path.length > 1 || node.label.name !== '$') {
+		context.next();
 		return;
 	}
 
diff --git a/packages/svelte/tests/runtime-runes/samples/labeled-statement-derived/_config.js b/packages/svelte/tests/runtime-runes/samples/labeled-statement-derived/_config.js
new file mode 100644
index 0000000000..3507fb4707
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/labeled-statement-derived/_config.js
@@ -0,0 +1,5 @@
+import { test } from '../../test';
+
+export default test({
+	html: '<p>correct</p>'
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/labeled-statement-derived/main.svelte b/packages/svelte/tests/runtime-runes/samples/labeled-statement-derived/main.svelte
new file mode 100644
index 0000000000..87cf8483f1
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/labeled-statement-derived/main.svelte
@@ -0,0 +1,8 @@
+<script>
+	let value = $derived(false);
+	let result = 'correct';
+
+	label: if (value) result = 'wrong';
+</script>
+
+<p>{result}</p>