JOHNSON & JOHNSON - Director's Dealing 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2003-11-19

Reporting Person: PERKINS BRIAN D (Executive Committee Member)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-19	Common	M	20000	$21.57	Acquired	77427	Direct
2003-11-19	Common	M	3600	$26.00	Acquired	81027	Direct
2003-11-19	Common	M	5500	$32.38	Acquired	86527	Direct
2003-11-19	Common	S	1700	$52.20	Disposed	84827	Direct
2003-11-19	Common	S	1000	$52.17	Disposed	83827	Direct
2003-11-19	Common	S	26400	$52.05	Disposed	57427	Direct
2003-10-31	Common	J	58	—	Acquired	1643	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-19	Employee Stock Option (Right to Buy)	$21.57	M	20000	Disposed	2005-11-30	Common (20000)	Direct
2003-11-19	Employee Stock Option (Right to Buy)	$26.00	M	3600	Disposed	2006-12-04	Common (3600)	Direct
2003-11-19	Employee Stock Option (Right to Buy)	$32.38	M	5500	Disposed	2007-12-03	Common (5500)	Direct

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

F2: Adjusted to reflect two-for-one stock split in 2001.

F3: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plan's most recent reporting date (10/31/2003).

F4: Awarded under Issuer's Stock Option Plan and exercisable in increments of 20% per year starting two years from date of grant.

F5: Awarded under Issuer's Stock Option Plan and exercisable in full three years from date of grant.