JOHNSON & JOHNSON - Director's Dealing 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2004-05-26

Reporting Person: PETERSON PER A (Executive Committee Member)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-26	Common	M	40000	$21.57	Acquired	94176	Direct
2004-05-26	Common	S	40000	$55.56	Disposed	54176	Direct
2004-04-30	Common	J	46	—	Acquired	746	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-26	Employee Stock Option (Right to Buy)	$21.57	M	40000	Disposed	2005-11-30	Common (40000)	Direct

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 at Plans' most recent reporting date (04/30/2004).

F3: Awarded under Issuer's Stock Option Plan and exercisable in increments of 20% per year starting two years from date of grant.