NZ 607608 Disclosed is a method of producing pancreatic hormone-producing cells, comprising subjecting stem cells to the following steps: (1) Cultivating stem cells in a medium containing a Rho kinase inhibitor, (2) Cultivating the cells obtained in the aforementioned step (1) in a medium containing a GSK3 inhibitor, (3) Cultivating the cells obtained in the aforementioned step (2) in a medium containing GSK3 inhibitor and an activator of activin receptor-like kinase-4,7, (4) forming a cell mass from the cells obtained in the aforementioned step (3), and cultivating the cell mass in a suspension state in a medium, (5) a step of cultivating the cells obtained in the aforementioned step (4) in a medium containing a retinoic acid receptor agonist, an inhibitor of AMP-activated protein kinase and/or activin receptor-like kinase-2,3,6, an inhibitor of activin receptor-like kinase-4,5,7 and a cell growth factor, (6) cultivating the cells obtained in the aforementioned step (5).