diff --git a/lisp/emacs-lisp/generator.el b/lisp/emacs-lisp/generator.el
index 2ab01404ba..a3462971f8 100644
--- a/lisp/emacs-lisp/generator.el
+++ b/lisp/emacs-lisp/generator.el
@@ -286,19 +286,25 @@ don't yield.")
     ;; Process `progn' and `inline': they are identical except for the
     ;; name, which has some significance to the byte compiler.
 
-    (`(inline) (cps--transform-1 nil next-state))
-    (`(inline ,form) (cps--transform-1 form next-state))
-    (`(inline ,form . ,rest)
-      (cps--transform-1 form
-                        (cps--transform-1 `(inline ,@rest)
-                                          next-state)))
-
-    (`(progn) (cps--transform-1 nil next-state))
-    (`(progn ,form) (cps--transform-1 form next-state))
-    (`(progn ,form . ,rest)
-      (cps--transform-1 form
-                        (cps--transform-1 `(progn ,@rest)
-                                          next-state)))
+    (`(,(or 'inline 'progn)) (cps--transform-1 nil next-state))
+    (`(,(or 'inline 'progn) ,form) (cps--transform-1 form next-state))
+    (`(,(and (or 'inline 'progn) progn-type) ,form . ,rest)
+      (let (atomic-head)
+        ;; When there are several atomic (i.e. without `iter-yield')
+        ;; forms at the beginning, don't create a separate state for
+        ;; each of them, but rather one for all.
+        (unless cps-inhibit-atomic-optimization
+          (when (cps--atomic-p form)
+            (setf atomic-head (list form))
+            (while (and rest (cps--atomic-p (car rest)))
+              (push (pop rest) atomic-head))))
+        (if atomic-head
+            (cps--make-atomic-state `(,progn-type ,@(nreverse atomic-head))
+                                    (cps--transform-1 `(,progn-type ,@rest)
+                                                      next-state))
+          (cps--transform-1 form
+                            (cps--transform-1 `(,progn-type ,@rest)
+                                              next-state)))))
 
     ;; Process `let' in a helper function that transforms it into a
     ;; let* with temporaries.