Fenethylline (BAN, USAN) or fenetylline (INN) is a codrug of amphetamine and theophylline and so a mutual prodrug of both. It is also spelled phenethylline; other names for it are amphetaminoethyltheophylline and amfetyline. The drug was marketed for use as a psychostimulant under the brand names Captagon, Biocapton, and Fitton. The brand name "Captagon" (or in lowercase as "captagon") is often used generically to describe illicitly produced fenethylline.

Fenethylline is illegal in most countries. It is produced primarily for illicit use, which takes place mainly in Syria, with some evidence that it is used by Islamist militants and terrorists throughout the Middle East. The illicit global market for the drug was estimated in 2023 to be worth approximately US$57 billion.

Smuggling of fenethylline became Syria's principal export, exceeding the total of all other exports under the Assad regime during the Syrian civil war (2011-2024). It was the world's largest producer of the drug, accounting for about 80% of the global supply. A large quantity of Captagon tablets, ready for clandestine export, was captured by anti-Assad forces that took control of Damascus in December 2024.

Fenethylline was first synthesized by the German pharmaceutical firm Degussa AG in 1961 and used for around 25 years as a milder alternative to amphetamine and related compounds. Although there are no FDA-approved indications for fenethylline, it was used in the treatment of "hyperkinetic children", in what would now be called attention deficit hyperactivity disorder, and, less commonly, for narcolepsy and depression. One of the main advantages of fenethylline was that it does not increase blood pressure to the same extent as an equivalent dose of amphetamine and so could be used in patients with cardiovascular conditions.

Fenethylline was considered to have fewer side effects and less potential for abuse than amphetamine. However, because its chemical composition is similar to amphetamine's, fenethylline was listed in 1981 as a Schedule I controlled substance in the United States, and it became illegal in most countries in 1986 after being listed by the World Health Organization for international scheduling under the Convention on Psychotropic Substances.

The fenethylline molecule results when theophylline is covalently linked with amphetamine by an alkyl chain.

Fenethylline is metabolized by the body to form two drugs, amphetamine (24.5% of oral dose) and theophylline (13.7% of oral dose), both of which are active stimulants. The physiological effects of fenethylline therefore seem to result from a combination of these two compounds, although it is not entirely clear how, and seems to involve a synergistic effect between amphetamine and theophylline produced following metabolism. The pharmacological actions of fenethylline before cleavage also remain poorly established, though it appears to act directly at several serotonin receptors.

Abuse of fenethylline using the former brand name Captagon is common in the Middle East, and counterfeit versions of the drug continue to be available despite its illegality. Fenethylline is much less common outside of the Middle East, to the point that police may not recognize the drug. Fenethylline production and export were a significant industry sponsored by Bashar al-Assad's government, with revenue from its exports contributing more than 90% of its foreign currency. After the fall of al-Assad's government in Syria, Captagon trade fell by around 90%.^{[citation needed]} The Assad regime's annual fenethylline revenues were estimated to have been worth US$57 billion in 2022, about three times the total trade of the entire Mexican illicit drug market.