JOHNSON & JOHNSON — Director's Dealing 2004

Nov 8, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2004-11-05

Reporting Person: FOLKMAN M JUDAH (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-05	Common	M	1000	$41.47	Acquired	2300	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-05	Stock Option Plan (Right to Buy)	$41.47	M	1000	Disposed	2009-01-02	Common (1000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units	$		Common (0)	11097	Direct

Footnotes

F1: Adjusted to reflect two-for-one stock split in 2001.

F2: Includes 650 shares held under Issuer's Dividend Reinvestment Plan.

F3: The Phantom Stock Units held under the Issuer's Non-Employee Director Deferred Fee Plan as of September 7, 2004 are to be settled in cash upon the Reporting Person's Retirement.

F4: 1 for 1

F5: Awarded under Issuer's Stock Option Plan. Options granted to non-employee Directors become exercisable on the first anniversary of the date of the grant