JOHNSON & JOHNSON — Director's Dealing 2003

May 27, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2003-05-23

Reporting Person: LENEHAN JAMES T (Director, Vice Chairman)

Footnotes

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

F2: As previously reported, 1,075 shares of Common Stock are held in custody for Reporting Person's son. 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: Shares held under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plan's most recent reporting date (4/30/2003).

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