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: WELDON WILLIAM C (Director, Chairman/CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-30	Common	J	10	—	Acquired	2034	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-30	Phantom Stock Units	$0	J	16	Acquired		Common (16)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	158598	Direct
Common	18317	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 Phantom Stock converts into common stock on a one-for-one basis.

F3: 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.