JOHNSON & JOHNSON — Director's Dealing 2003

Sep 11, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: CULLEN JAMES (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-09	Phantom Stock Units	$0	J	481	Acquired		Common (481)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	35641	Direct
Common	30000	Indirect

Footnotes

F1: Includes 41 shares acquired under Issuer's Dividend Reinvestment Plan.

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 any other purpose.

F3: The Phantom Stock Units were acquired under the Issuer's Non-Employee Director Deferred Fee Plan on September 9, 2003 at $51.20 per share and are to be settled in cash upon the Reporting Person's Retirement.

F4: 1 for 1