JOHNSON & JOHNSON - Director's Dealing 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2004-09-03

Reporting Person: PERKINS BRIAN D (Former Member Exec Committee)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-03	Common	M	28000	$40.16	Acquired	89899	Direct
2004-09-03	Common	M	24500	$32.38	Acquired	114399	Direct
2004-09-03	Common	S	8000	$57.90	Disposed	106399	Direct
2004-09-03	Common	S	3600	$57.91	Disposed	102799	Direct
2004-09-03	Common	S	25400	$57.95	Disposed	77399	Direct
2004-09-03	Common	S	9100	$57.96	Disposed	68299	Direct
2004-09-03	Common	S	5300	$58.00	Disposed	62999	Direct
2004-09-03	Common	S	1100	$58.01	Disposed	61899	Direct
2004-08-31	Common	J	71	—	Acquired	1734	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-03	Employee Stock Option (Right to Buy)	$32.38	M	24500	Disposed	2007-12-03	Common (24500)	Direct
2004-09-03	Employee Stock Option (Right to Buy)	$40.16	M	28000	Disposed	2008-12-02	Common (28000)	Direct

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

F2: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plans' most recent reporting date (08/31/2004).

F3: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.