JOHNSON & JOHNSON — Director's Dealing 2003

Oct 28, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2003-10-27

Reporting Person: JORDAN ANN DIBBLE (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-03-11	Common	J	26	—	Acquired	6770	Direct
2003-06-10	Common	J	31	—	Acquired	6801	Direct
2003-09-09	Common	J	32	—	Acquired	6833	Direct
2003-10-27	Common	S	900	$50.32	Disposed	5933	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units	$		Common ()	13957	Direct

Footnotes

F1: Shares acquired under Issuer's Dividend Reinvestment Plan.

F2: The Phantom Stock Units held under the Issuer's Non-Employee Director Deferred Fee Plan are to be settled in cash upon the Reporting Person's Retirement.

F3: 1 for 1