JOHNSON & JOHNSON — Director's Dealing 2003

Oct 2, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2003-09-30

Reporting Person: DEYO RUSSELL C (Vice President, Administration)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-30	Common	J	29	—	Acquired	6279	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-30	Phantom Stock Units	$0	J	47	Acquired		Common (47)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	113290	Direct
Common	3220	Indirect
Common	892	Indirect
Common	892	Indirect

Footnotes

F1: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plan's most recent reporting date (09/30/2003).

F2: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F3: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Held by Wife as custodian for child under Uniform Transfers to Minors Act.

F4: The Phantom Stock converts into common stock on a one-for-one basis.

F5: The Phantom Stock Units were acquired under the Issuer's Executive Income Deferral Plan on September 30, 2003 at $49.55 per share and are to be settled in cash upon the Reporting Person's Retirement.