{
  "spec_version": "5",
  "endpoint": "history",
  "stock_code": "4524",
  "company_name": "森下仁丹",
  "content_lang": "ja",
  "meta_lang": "en",
  "canonical_url": "https://the-shashi.com/tse/4524/decisions/",
  "api_url": "/api/4524/history.json",
  "updated": "2026-10-22",
  "license": "© 2026 Yutaka Sugiura. All rights reserved.",
  "attribution": "The社史 (the-shashi.com) — https://the-shashi.com/tse/4524/decisions/",
  "source": {
    "chapters": {
      "html_url": "https://the-shashi.com/tse/4524/",
      "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"
    }
  },
  "title": "森下仁丹の歴史概略",
  "eras": [
    {
      "title": "森下博氏の森下南陽堂創業と懐中薬「仁丹」の発売",
      "start_year": 1893,
      "end_year": 1920,
      "phase": "founding"
    },
    {
      "title": "株式会社森下仁丹への改組と空襲による工場全焼",
      "start_year": 1921,
      "end_year": 1956
    },
    {
      "title": "仁丹ミントガムの発売と東証・大証への上場",
      "start_year": 1957,
      "end_year": 1987,
      "phase": "growth"
    },
    {
      "title": "仁丹ミラセル工場びわ湖の開設と旧本社工場の売却",
      "start_year": 1988,
      "end_year": 2026,
      "phase": "transformation"
    }
  ],
  "overview": [
    {
      "label": "決断",
      "text": "仕入れて卸す薬種商から、自ら作って売る売薬の製造元へ移った会社である。1893年に森下南陽堂として開業した森下博氏は、1905年2月に独自の処方の懐中薬である仁丹を発売した。薬局が少なく旅先で病を得る人が多かった時代に、持ち歩ける薬の需要を捉えた。並行して同じ年から用いた商標で商品を覚えさせ、のちの社長も森下博氏の宣伝を仁丹の知名度の源に挙げた。その結果、売れ行きが手作業の量を超え、1908年4月に第一製薬工場を開設して量産へ移った。"
    },
    {
      "label": "現況",
      "text": "現在の収益源は、仁丹の小売ではなく、他社向けのカプセルと原料の供給である。2025年3月期の連結売上高127億66百万円のうち、受託製造と原料供給を担うソリューション事業が79億71百万円と約6割を占め、営業利益は8億4百万円だった。品目別ではフレーバーカプセルの34億74百万円が最も大きい。この事業を支えるシームレスカプセルの製剤技術を、会社は仁丹から続く素材研究の延長に位置づけている。2001年の仁丹ミラセル工場びわ湖と2009年の大阪テクノセンターが、その生産を担う。"
    }
  ],
  "profile": [
    {
      "key": "founding_business",
      "label": "祖業",
      "value": "大阪の薬種商（森下南陽堂）"
    },
    {
      "key": "current_issue",
      "label": "現在の注力課題",
      "value": "シームレスカプセル受託製造の拡大",
      "tags": [
        "増産投資",
        "高付加価値化"
      ]
    }
  ],
  "lineage": {
    "path": "4524-lineage-top.v3.json"
  },
  "timelineLead": "1893年に森下博氏が創業した薬種商森下南陽堂が起源。\n1905年に懐中薬「仁丹」を発売し、1929年には「銀粒仁丹」を出して看板商品に育てた。仁丹を看板とする製薬会社で、1961年に東京証券取引所と大阪証券取引所に上場した。",
  "lineageLead": "森下博氏が1893年に大阪で開いた薬種商の森下南陽堂に始まる。\n1905年に懐中薬「仁丹」を発売して森下博薬房へ商号を変更し、1921年に赤線検温器を設立して体温計の販売を開始した。1936年に株式会社へ改組し、森下仁丹へ商号を変更した。看板商品の名を社名に掲げた製薬会社である。",
  "foundingStory": true,
  "chapters": [
    {
      "start_year": 1893,
      "end_year": 1920,
      "main_title": "森下博氏の森下南陽堂創業と懐中薬「仁丹」の発売",
      "subsections": [
        {
          "title": "大阪淡路町の薬種商・森下南陽堂と、売薬への転身の下地",
          "text": "森下博氏は1893年2月、薬種商の森下南陽堂を創業した。店を構えた地は大阪市東区淡路町である。淡路町での森下南陽堂の開業が、森下仁丹の発祥である。2000年当時の社長である岡崎康雄氏は、1893年の森下南陽堂の創業を起点に、自社を『大阪を発祥の地として100余年の歴史を持つ会社である』と述べた。薬種商は薬を仕入れて卸す商いであり、自ら薬を作る売薬業への転身はこの店を足場に進んだとみられる。\n\n森下南陽堂の屋号は、1893年の創業から1905年2月に森下博薬房へ改称するまで12年間用いられた。改称と同じ明治38年には、懐中薬の仁丹を発売。改称までの12年間に、自前の売薬を広告で売り込む手法を試し、仁丹の売り方の下地を整えたと推察される。",
          "references": [
            {
              "title": "企業の歴史 明治百年（1968）「森下仁丹」",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "証券アナリストジャーナル 38(8) 2000年7月 岡崎康雄",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "森下仁丹 有価証券報告書 2025年3月期「沿革」",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            }
          ],
          "start_year": 1893,
          "opinionPos": [
            [
              195
            ],
            [
              122
            ]
          ]
        },
        {
          "title": "懐中薬「仁丹」と60余年続いた商標、第一製薬工場での量産",
          "text": "1905年2月、森下博氏は懐中薬の仁丹（赤大粒）を発売し、店名を森下博薬房へ改称。仁丹は、森下博薬房が独自に考え出した懐中医薬であった。当時は交通の便が悪く、旅は日数を要し、道中で病を得る人が多い時代だった。薬局の数も少なく、携帯できる医薬品の効用は大きかった。発売当初の仁丹は赤い粒で、銀粒仁丹の発売は1929年11月まで下る。薬局の少ない土地を旅する客に常備薬を持たせる発想が、仁丹の需要の源泉だったのだろう。\n\n仁丹の商標は1905年に用いられ始め、1968年まで60余年にわたり使われた。1968年刊の企業史事典は、この図柄を『新時代への希望と憧れを象徴したもの』と記した。図柄は年を追って簡素になり、社章よりも商品の目印の性格が強かった。商標の起点は、有報の沿革が記す1905年2月の仁丹発売の時期と重なる。文字より先に図柄で商品を覚えさせ、薬の名を短い期間で広める狙いがあったと思われる。\n\n森下博薬房は1908年4月、第一製薬工場を開設した。1905年2月の仁丹発売から3年2か月後の開設である。仁丹は、森下博薬房の独創による懐中医薬であった。独自の処方で作る薬の売れ行きが手作業の量を超え、品質をそろえる必要も生じたので、自前の工場での量産に移ったと考えられる。",
          "references": [
            {
              "title": "企業の歴史 明治百年（1968）「森下仁丹」",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "証券アナリストジャーナル 38(8) 2000年7月 岡崎康雄",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "森下仁丹 有価証券報告書 2025年3月期「沿革」",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            }
          ],
          "start_year": 1905,
          "opinionPos": [
            [
              206
            ],
            [
              190
            ],
            [
              136
            ]
          ]
        },
        {
          "title": "仁丹1品目の時代の宣伝と、体温計・歯磨への多角化",
          "text": "森下博薬房は1905年の発売から1921年9月の赤線検温器株式会社の設立まで、仁丹を唯一の主力商品とした。仁丹に体温計と歯磨が加わったのは、1922年以降である。単品で売る懐中薬の市場では、同種の競合との競争の焦点が広告の量と露出に置かれたとうかがえる。\n\n仁丹の知名度は、創業者の森下博氏が進めた宣伝活動に負うところが大きかった。2000年当時の社長である岡崎康雄氏は、持ち歩ける薬への需要と並べて、『創業者(森下博)の展開した宣伝活動が極めて効果的であったことが銀粒仁丹を大変有名な商品に育て上げた』と述べた。1905年から60余年用いた図柄は、社章より商標の性格が強かった。元手の乏しい店が問屋に依存せず名を広める手段として、森下博氏は広告を位置づけていた可能性がある。\n\n1921年9月、森下博薬房は赤線検温器株式会社を設立し、ガラス体温計の販売に着手。1968年の企業史事典によれば、1922年に傍系会社で仁丹体温計を製造し、1923年には歯磨を発売した。仁丹・体温計・歯磨の3商品が、その後の事業の隆盛を支えた。森下博薬房は1936年11月に株式会社へ改組し、資本金250万円の森下仁丹株式会社となった。仁丹1品目の時代を終えて3商品をそろえた体制が、株式会社化の前提になったと推測される。",
          "references": [
            {
              "title": "企業の歴史 明治百年（1968）「森下仁丹」",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "証券アナリストジャーナル 38(8) 2000年7月 岡崎康雄",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            },
            {
              "title": "森下仁丹 有価証券報告書 2025年3月期「沿革」",
              "year": null,
              "month": null,
              "date": null,
              "url": null,
              "quotes": []
            }
          ],
          "start_year": 1909,
          "opinionPos": [
            [
              126
            ],
            [
              208
            ],
            [
              210
            ]
          ]
        }
      ]
    }
  ],
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    },
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    },
    {
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      "company_name": "森下仁丹",
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      "accounting_standard": "JGAAP",
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    },
    {
      "year": 2002,
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      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 124,
      "operating_profit_jp": null,
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      "ordinary_profit_jp": "経常利益又は経常損失(△)",
      "ordinary_profit": -18,
      "net_profit_jp": "当期純利益又は当期純損失(△)",
      "net_profit": -10,
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      "employees": null,
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      "month": 3,
      "company_name": "森下仁丹",
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      "accounting_standard": "JGAAP",
      "unit": "億円",
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      "ordinary_profit": -26,
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      "net_profit": -31,
      "net_margin": -39.241,
      "employees": null,
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    },
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      "year": 2004,
      "month": 3,
      "company_name": "森下仁丹",
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      "accounting_standard": "JGAAP",
      "unit": "億円",
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      "ordinary_profit": 0,
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      "employees": null,
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    },
    {
      "year": 2005,
      "month": 3,
      "company_name": "森下仁丹",
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      "accounting_standard": "JGAAP",
      "unit": "億円",
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      "net_profit": -1,
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      "year": 2006,
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      "company_name": "森下仁丹",
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      "accounting_standard": "JGAAP",
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      "net_profit_jp": "当期純利益",
      "net_profit": 26,
      "net_margin": 32.911,
      "employees": null,
      "reference": null
    },
    {
      "year": 2008,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 74,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益又は経常損失(△)",
      "ordinary_profit": 3,
      "net_profit_jp": "当期純利益",
      "net_profit": 4,
      "net_margin": 5.405,
      "employees": null,
      "reference": null
    },
    {
      "year": 2009,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 79,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益又は経常損失(△)",
      "ordinary_profit": 2,
      "net_profit_jp": "当期純利益",
      "net_profit": 4,
      "net_margin": 5.063,
      "employees": null,
      "reference": null
    },
    {
      "year": 2010,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 75,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益又は経常損失(△)",
      "ordinary_profit": 2,
      "net_profit_jp": "当期純利益",
      "net_profit": 2,
      "net_margin": 2.666,
      "employees": null,
      "reference": null
    },
    {
      "year": 2011,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 77,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益又は経常損失(△)",
      "ordinary_profit": 1,
      "net_profit_jp": "当期純利益",
      "net_profit": 1,
      "net_margin": 1.298,
      "employees": null,
      "reference": null
    },
    {
      "year": 2012,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 86,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 4,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 4,
      "net_margin": 4.651,
      "employees": 250,
      "reference": null
    },
    {
      "year": 2013,
      "month": 3,
      "company_name": "森下仁丹",
      "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",
      "ordinary_profit": 4,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 4,
      "net_margin": 4.123,
      "employees": 280,
      "reference": null
    },
    {
      "year": 2014,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 103,
      "operating_profit_jp": null,
      "operating_profit": null,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 4,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 4,
      "net_margin": 3.883,
      "employees": 298,
      "reference": null
    },
    {
      "year": 2015,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 98,
      "operating_profit_jp": "営業利益",
      "operating_profit": 1,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 1,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 1,
      "net_margin": 1.02,
      "employees": 298,
      "reference": null
    },
    {
      "year": 2016,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 104,
      "operating_profit_jp": "営業利益",
      "operating_profit": 4,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 4,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 4,
      "net_margin": 3.846,
      "employees": 283,
      "reference": null
    },
    {
      "year": 2017,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 110,
      "operating_profit_jp": "営業利益",
      "operating_profit": 4,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 4,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 2,
      "net_margin": 1.818,
      "employees": 278,
      "reference": null
    },
    {
      "year": 2018,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 108,
      "operating_profit_jp": "営業利益",
      "operating_profit": 5,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 6,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 4,
      "net_margin": 3.703,
      "employees": 293,
      "reference": null
    },
    {
      "year": 2019,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 101,
      "operating_profit_jp": "営業利益",
      "operating_profit": 4,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 4,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 4,
      "net_margin": 3.96,
      "employees": 297,
      "reference": null
    },
    {
      "year": 2020,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 98,
      "operating_profit_jp": "営業利益",
      "operating_profit": 5,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 5,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 3,
      "net_margin": 3.061,
      "employees": 306,
      "reference": null
    },
    {
      "year": 2021,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 94,
      "operating_profit_jp": "営業利益",
      "operating_profit": 2,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 3,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 2,
      "net_margin": 2.127,
      "employees": 331,
      "reference": null
    },
    {
      "year": 2022,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 96,
      "operating_profit_jp": "営業利益",
      "operating_profit": 3,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 3,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 3,
      "net_margin": 3.125,
      "employees": 348,
      "reference": null
    },
    {
      "year": 2023,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 114,
      "operating_profit_jp": "営業利益",
      "operating_profit": 6,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 6,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 5,
      "net_margin": 4.385,
      "employees": 328,
      "reference": null
    },
    {
      "year": 2024,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 124,
      "operating_profit_jp": "営業利益",
      "operating_profit": 7,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 8,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 7,
      "net_margin": 5.645,
      "employees": 354,
      "reference": null
    },
    {
      "year": 2025,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 128,
      "operating_profit_jp": "営業利益",
      "operating_profit": 8,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 9,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 5,
      "net_margin": 3.906,
      "employees": 356,
      "reference": null
    },
    {
      "year": 2026,
      "month": 3,
      "company_name": "森下仁丹",
      "consolidation": "連結",
      "accounting_standard": "JGAAP",
      "unit": "億円",
      "sales_jp": "売上高",
      "sales": 127,
      "operating_profit_jp": "営業利益",
      "operating_profit": 7,
      "ordinary_profit_jp": "経常利益",
      "ordinary_profit": 8,
      "net_profit_jp": "親会社株主に帰属する当期純利益",
      "net_profit": 6,
      "net_margin": 4.724,
      "employees": 359,
      "reference": null
    }
  ]
}
