JOHNSON & JOHNSON — Director's Dealing 2003

Nov 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2003-11-17

Reporting Person: PETERSON PER A (Executive Committee Member)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-17	Common	M	20000	$21.57	Acquired	59094	Direct
2003-11-17	Common	S	20000	$52.05	Disposed	39094	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-17	Employee Stock Option (Right to Buy)	$21.57	M	20000	Disposed	2005-11-30	Common (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	680	Indirect

Footnotes

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

F2: Shares held under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plan's most recent reporting date (10/31/2003).

F3: Awarded under Issuer's Stock Option Plan and exercisable in increments of 20% per year starting two years from date of grant.