{
  "spec_version": "5",
  "endpoint": "history",
  "stock_code": "4512",
  "company_name": "わかもと製薬",
  "content_lang": "ja",
  "meta_lang": "en",
  "canonical_url": "https://the-shashi.com/tse/4512/decisions/",
  "api_url": "/api/4512/history.json",
  "updated": "2026-10-14",
  "license": "© 2026 Yutaka Sugiura. All rights reserved.",
  "attribution": "The社史 (the-shashi.com) — https://the-shashi.com/tse/4512/decisions/",
  "source": {
    "chapters": {
      "html_url": "https://the-shashi.com/tse/4512/",
      "primary": [
        "社史",
        "有価証券報告書",
        "新聞・雑誌記事"
      ],
      "extraction": "一次資料を読み合わせて執筆"
    },
    "long_term": {
      "primary": [
        "有価証券報告書"
      ],
      "extraction": "EDINET の XBRL、旧有価証券報告書、会社年鑑・社史等からの転記",
      "row_field": "reference",
      "caveat": "創業期から現在までを 1 本に繋いだ長期系列のため、年代により出所・単位・連結範囲が変わる。行ごとの reference / unit / consolidation を必ず参照すること"
    },
    "decisions": {
      "html_url": "https://the-shashi.com/tse/4512/decisions/",
      "primary": [
        "企業の公表資料",
        "新聞・雑誌記事"
      ],
      "extraction": "本文は API に載せない。行ごとの html_url のページを参照すること"
    }
  },
  "title": "わかもと製薬の歴史概略",
  "eras": [
    {
      "title": "栄養剤「わかもと」の発売とわかもと製薬への改称",
      "start_year": 1929,
      "end_year": 1948,
      "phase": "founding"
    },
    {
      "title": "「強力わかもと」の発売と相模大井工場の新設",
      "start_year": 1949,
      "end_year": 1981,
      "phase": "growth"
    },
    {
      "title": "点眼剤ラインの新設とジクロード点眼液による眼科参入",
      "start_year": 1982,
      "end_year": 2007,
      "phase": "maturity"
    },
    {
      "title": "眼科手術補助剤マキュエイドと多焦点眼内レンズの発売",
      "start_year": 2008,
      "end_year": 2026,
      "phase": "maturity"
    }
  ],
  "lineage": {
    "path": "4512-lineage-top.v3.json"
  },
  "timelineLead": "1929年に創立された栄養と育児の会が栄養剤「わかもと」を発売したのが起源。\n1962年に「強力わかもと」を発売し、1989年の「ジクロード点眼液0.1%」から点眼剤を中心とする眼科領域へ展開した。整腸剤と眼科用医薬品を二本柱とする製薬会社で、2025年3月期の売上高は78億円。",
  "lineageLead": "栄養剤「わかもと」を発売し、1929年に創立した栄養と育児の会に始まる。\n1933年に株式会社へ改組し、1942年に綜合ビタミンを吸収合併した。1943年にわかもと製薬へ商号を変え、1944年には同仁製薬を合併している。大衆薬の「わかもと」から眼科用医薬品へ事業の軸を移した製薬会社である。",
  "foundingStory": true,
  "foundingChapters": 2,
  "chapters": [
    {
      "start_year": 1929,
      "end_year": 1948,
      "main_title": "栄養剤「わかもと」の発売とわかもと製薬への改称",
      "subsections": [
        {
          "title": "輸入酵母の加工品から自社培養の菌を核にした栄養剤へ",
          "text": "わかもとは1929年に発表された栄養剤で、発売当初はドイツから輸入したビール酵母を製剤に加工した製品だった。のちに自社の研究陣がアスペルギルス・オリゼーNK菌を見つけ、米麦の胚芽に培養して消化酵素の働きを持たせた。この培養物を酵母と組み合わせ、わかもとは栄養消化剤として完成した。1933年1月には東京市芝区芝公園に株式会社栄養と育児の会が設けられ、消化・整腸・栄養剤わかもとの製造販売を始めた。設立時の資本金は50万円で、同年6月には465万円へ増資している。輸入原料の加工から自社で培養する菌へ製品の核を移したことが、微生物培養を本業とする会社の起点になったとみられる。\n\n1935年12月、会社は社名をわかもと本舗栄養と育児の会に改めた。1940年11月には資本金を665万円とした。1942年7月には綜合ビタミンを合併し、同じ年にビタミンB2製剤の製造設備を完成させている。1943年7月に商号をわかもと製薬へ改め、翌1944年10月には同仁製薬を合併した。同仁製薬の合併を経た資本金は1,400万円である。栄養剤の単品を売る会社から、ビタミン製剤の設備と複数の製薬会社を抱える製薬会社へと、戦時下に骨格を組み替えたと推察される。",
          "references": [
            {
              "title": "経済知識 (205) 1968年",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "わかもと製薬 有価証券報告書 第111期（2006年3月期）【沿革】",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "株式会社年鑑 1960年版「わかもと製薬株式会社」",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            }
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              229
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    {
      "start_year": 1949,
      "end_year": 1981,
      "main_title": "「強力わかもと」の発売と相模大井工場の新設",
      "subsections": [
        {
          "title": "強力わかもとに頼る売上と、販促費が利益を削る収益構造",
          "text": "わかもと製薬は1961年6月に乳酸菌の製造設備を完成させた。翌1962年に発売した強力わかもとは、自社で見つけた活性乳酸菌をわかもとに加え、栄養・消化に整腸の働きを足した製品である。1963年3月期の半期売上は5億9,000万円で、前期の5億1,000万円から伸びた。内訳は強力わかもとを中心とする消化整腸剤が約6割を占め、歯磨のゼオラ関係が約35%、ビタミン剤などが5%だった。1960年3月期の半期売上は3億6,788万円であり、3年で約1.6倍になった計算である。30年来の栄養剤に乳酸菌を足した改良品が、売上の過半を担う主力に育ったとみられる。\n\n1963年3月期の売上原価率は42.3%で、三共の53.6%や武田薬品工業の58%を下回った。一方で一般管理費は売上の45%に及び、三共・武田薬品工業の20%台とは大きな開きがあった。そのうち広告宣伝費・景品費・拡売費の3項目が1億3,000万円強で、一般管理費の5割を超えた。売上利益率は4%にとどまり、特売に支えられた販売の構造がこの比率を下げにくくしていた。会社はのちに販売網を組み直し、1971年4月に全国の有力卸49社でWAP会を、1972年12月に薬局・薬店のワカモト会を結成した。原価の低さを販促費が相殺する構造が、卸と小売を組織する販売網づくりへ向かわせたと推察される。",
          "references": [
            {
              "title": "実業往来 (141) 1963年",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "経済知識 (205) 1968年",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "株式会社年鑑 1960年版「わかもと製薬株式会社」",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "わかもと製薬 有価証券報告書 第111期（2006年3月期）【沿革】",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            }
          ],
          "start_year": 1961,
          "opinionPos": [
            [
              275
            ],
            [
              292
            ]
          ]
        },
        {
          "title": "雑菌を避けて砧から大井町へ移した培養の工場",
          "text": "1960年当時、わかもと製薬の工場は東京都世田谷区宇奈根町にあった。この砧の工場の周辺では高速道路の建設に伴って土地の開発が進み、微生物培養の大敵である空気中の雑菌が増えた。会社は1962〜63年ごろに移転を決め、地価の上がった砧の用地に買い手を得てから移転先を探した。1964年に神奈川県大井町の用地を見つけ、整地を経て第1期工事を1967年11月に終えた。第2期工事は1968年6月に完成し、相模大井工場と研究設備がそろった。条件に挙げたのは雑菌の少ない清浄な空気と、微生物の繁殖に向く軟水を大量に得られることだった。固体培養という製法の制約が、地価や交通より先に立地を決めたのだろう。\n\n新工場の敷地は約2万1,000坪で砧の旧工場より約4割広く、建物の総建坪は約4,350坪に達した。従来の箱型装置による手作業の固体培養をステンレス製の2段式培養タンクに替え、胚芽の精選から培養・乾燥までを自動の流れ作業に切り替えた。第1期と第2期の投資は約10億円で、旧本社工場と隣接する埋立地の売却代金で賄い、日本橋に本社を建てる余力も残った。本社は1968年11月に東京都中央区日本橋室町へ移った。生産能力は全体でほぼ倍となり、わかもとの半期売上は4億円から8億円への伸びが見込まれた。都心の工場用地の含み益で、設備の自動化と本社の移転を同時に賄ったと思われる。",
          "references": [
            {
              "title": "実業往来 (141) 1963年",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "経済知識 (205) 1968年",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "株式会社年鑑 1960年版「わかもと製薬株式会社」",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "わかもと製薬 有価証券報告書 第111期（2006年3月期）【沿革】",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            }
          ],
          "start_year": 1964,
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              294
            ],
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              282
            ]
          ]
        }
      ]
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      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 102,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 9,
      "net_profit_jp": "当期純利益",
      "net_profit": 4,
      "net_margin": 3.921,
      "employees": null,
      "reference": null
    },
    {
      "year": 2009,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 101,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 6,
      "net_profit_jp": "当期純利益",
      "net_profit": 4,
      "net_margin": 3.96,
      "employees": null,
      "reference": null
    },
    {
      "year": 2010,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 98,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 2,
      "net_profit_jp": "当期純利益",
      "net_profit": 0,
      "net_margin": 0,
      "employees": null,
      "reference": null
    },
    {
      "year": 2011,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 97,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益又は経常損失(△)",
      "ordinary_profit": -6,
      "net_profit_jp": "当期純利益又は当期純損失(△)",
      "net_profit": -4,
      "net_margin": -4.124,
      "employees": null,
      "reference": null
    },
    {
      "year": 2012,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 96,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": -2,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": -2,
      "net_margin": -2.084,
      "employees": 403,
      "reference": null
    },
    {
      "year": 2013,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 100,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 2,
      "net_profit_jp": "当期純利益",
      "net_profit": 2,
      "net_margin": 2,
      "employees": 390,
      "reference": null
    },
    {
      "year": 2014,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 104,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 4,
      "net_profit_jp": "当期純利益",
      "net_profit": 8,
      "net_margin": 7.692,
      "employees": 366,
      "reference": null
    },
    {
      "year": 2015,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 107,
      "operating_profit_jp": "営業利益",
      "operating_profit": 2,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 2,
      "net_profit_jp": "当期純利益",
      "net_profit": 1,
      "net_margin": 0.934,
      "employees": 353,
      "reference": null
    },
    {
      "year": 2016,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 112,
      "operating_profit_jp": "営業利益",
      "operating_profit": 1,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 1,
      "net_profit_jp": "当期純利益",
      "net_profit": 0,
      "net_margin": 0,
      "employees": 362,
      "reference": null
    },
    {
      "year": 2017,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 108,
      "operating_profit_jp": "営業利益",
      "operating_profit": 1,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 1,
      "net_profit_jp": "当期純利益",
      "net_profit": 1,
      "net_margin": 0.925,
      "employees": 363,
      "reference": null
    },
    {
      "year": 2018,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 109,
      "operating_profit_jp": "営業利益",
      "operating_profit": -1,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": -1,
      "net_profit_jp": "当期純利益",
      "net_profit": 1,
      "net_margin": 0.917,
      "employees": 339,
      "reference": null
    },
    {
      "year": 2019,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 107,
      "operating_profit_jp": "営業利益",
      "operating_profit": -4,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": -4,
      "net_profit_jp": "当期純利益",
      "net_profit": -2,
      "net_margin": -1.87,
      "employees": 334,
      "reference": null
    },
    {
      "year": 2020,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 109,
      "operating_profit_jp": "営業利益",
      "operating_profit": -10,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": -9,
      "net_profit_jp": "当期純利益",
      "net_profit": -17,
      "net_margin": -15.597,
      "employees": 315,
      "reference": null
    },
    {
      "year": 2021,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 89,
      "operating_profit_jp": "営業利益",
      "operating_profit": -8,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": -6,
      "net_profit_jp": "当期純利益",
      "net_profit": -6,
      "net_margin": -6.742,
      "employees": 306,
      "reference": null
    },
    {
      "year": 2022,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 84,
      "operating_profit_jp": "営業利益",
      "operating_profit": 0,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 1,
      "net_profit_jp": "当期純利益",
      "net_profit": 2,
      "net_margin": 2.38,
      "employees": 300,
      "reference": null
    },
    {
      "year": 2023,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 87,
      "operating_profit_jp": "営業利益",
      "operating_profit": 1,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 2,
      "net_profit_jp": "当期純利益",
      "net_profit": 1,
      "net_margin": 1.149,
      "employees": 292,
      "reference": null
    },
    {
      "year": 2024,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 77,
      "operating_profit_jp": "営業利益",
      "operating_profit": -2,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": -2,
      "net_profit_jp": "当期純利益",
      "net_profit": 1,
      "net_margin": 1.298,
      "employees": 274,
      "reference": null
    },
    {
      "year": 2025,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 78,
      "operating_profit_jp": "営業利益",
      "operating_profit": -5,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": -4,
      "net_profit_jp": "当期純利益",
      "net_profit": 1,
      "net_margin": 1.282,
      "employees": 286,
      "reference": null
    },
    {
      "year": 2026,
      "month": 3,
      "company_name": "わかもと製薬",
      "consolidation": "単体",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 99,
      "operating_profit_jp": "営業利益",
      "operating_profit": 3,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 3,
      "net_profit_jp": "当期純利益",
      "net_profit": 2,
      "net_margin": 2.02,
      "employees": 303,
      "reference": null
    }
  ],
  "decisions": [
    {
      "main_title": "ナナホシの中期経営計画提案を否決",
      "sub_title": "ROIC等の開示を定款に求める提案と17.08％での否決",
      "year": 2026,
      "type": "shareholder_proposal",
      "html_url": "https://the-shashi.com/tse/4512/decisions/nanahoshi-midterm-plan-proposal-2026/"
    }
  ]
}
