JOHNSON & JOHNSON — Director's Dealing 2003

Sep 10, 2003

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2003-09-08

Reporting Person: VALERIANI NICHOLAS J (Vice President Human Resources)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	28173	Direct
Common Stock	7077	Indirect
Common Stock	2185	Indirect
Common Stock	2462	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$13.41	2004-12-01	Common Stock (4400)		Direct
Stock Option (Right to Buy)	$21.57	2005-11-30	Common Stock (27200)		Direct
Stock Option (Right to Buy)	$21.57	2005-11-29	Common Stock (10000)		Direct
Stock Option (Right to Buy)	$26.00	2006-12-04	Common Stock (2000)		Direct
Stock Option (Right to Buy)	$32.38	2007-12-03	Common Stock (1400)		Direct
Stock Option (Right to Buy)	$32.38	2007-12-03	Common Stock (14600)		Direct
Stock Option (Right to Buy)	$40.16	2008-12-02	Common Stock (1100)		Direct
Stock Option (Right to Buy)	$40.16	2008-12-02	Common Stock (20600)		Direct
Stock Option (Right to Buy)	$50.08	2009-12-01	Common Stock (1700)		Direct
Stock Option (Right to Buy)	$50.08	2009-12-01	Common Stock (17600)		Direct
Stock Option (Right to Buy)	$50.69	2010-11-29	Common Stock (1900)		Direct
Stock Option (Right to Buy)	$50.69	2010-11-29	Common Stock (42100)		Direct
Stock Option (Right to Buy)	$57.30	2012-02-10	Common Stock (1700)		Direct
Stock Option (Right to Buy)	$57.30	2012-02-10	Common Stock (53300)		Direct
Stock Option (Right to Buy)	$52.20	2013-02-08	Common Stock (51085)		Direct
Stock Option (Right to Buy)	$52.20	2013-02-08	Common Stock (1915)		Direct

Footnotes

F1: Awarded under Issuer's Stock Option Plan and exercisable in increments of 20% per year starting two years from date of grant.

F2: Adjusted to reflect two-for-one stock splits in 1996 and 2001.

F3: Adjusted to reflect two-for-one stock split in 2001.

F4: Awarded under Issuer's Stock Option Plan.