JOHNSON & JOHNSON — Director's Dealing 2003

Aug 21, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2003-08-19

Reporting Person: WILSON ROBERT N (Retired Director/Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-19	Common	M	36000	$11.07	Acquired	925154	Direct
2003-08-19	Common	S	36000	$50.00	Disposed	889154	Direct
2003-07-31	Common	J	10	—	Acquired	2091	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-19	Employee Stock Option (Right to Buy)	$11.07	M	36000	Disposed	2003-12-02	Common (36000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	19600	Indirect
Common	800	Indirect
Common	19600	Indirect
Common	800	Indirect
Common	60000	Indirect
Common	110232	Indirect

Footnotes

F1: Adjusted to reflect two-for-one stock splits in 1996 and 2001.

F2: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans as of Plan's most recent reporting date (7/31/2003).

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.

F4: Awarded under Issuer's Stock Option Plan and exercisable in increments of 20% per year starting two years from date of grant.