JOHNSON & JOHNSON — Director's Dealing 2003

Dec 5, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2003-12-04

Reporting Person: WELDON WILLIAM C (Director, Chairman/CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-04	Common	M	10400	$21.57	Acquired	175798	Direct
2003-11-28	Common	J	9	—	Acquired	2043	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-04	Employee Stock Option (Right to Buy)	$21.57	M	10400	Disposed	2005-11-29	Common (10400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	18317	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units	$0		Common ()	3397	Direct

Footnotes

F1: Adjusted to reflect two-for-one stock splits in 1996 and 2001.

F2: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plan's most recent reporting date (11/28/2003).

F3: The Phantom Stock converts into common stock on a one-for-one basis.

F4: The Phantom Stock Units are held under the Issuer's Executive Income Deferral Plan and are to be settled in cash upon the Reporting Person's Retirement.

F5: Awarded under Issuer's Stock Option Plan and exercisable in increments of 20% per year starting two years from date of grant.