JOHNSON & JOHNSON — Director's Dealing 2004

Mar 10, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: MULLIN LEO F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-09	Phantom Stock Units	$	J	383	Acquired		Common (383)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	5208	Direct
Common	1200	Indirect

Footnotes

F1: The Phantom Stock Units acquired under the Issuer's Non-Employee Director Deferred Fee Plan on March 9, 2004 at $53.38 per share are to be settled in cash upon the Reporting Person's Retirement.

F2: 1 for 1