JOHNSON & JOHNSON - Director's Dealing 2004

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2003-12-28

Reporting Person: PERKINS BRIAN D (Executive Committee Member)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-17	Common	S	3500	$51.54	Disposed	53927	Direct
2003-11-20	Common	M	12400	$26.00	Acquired	66327	Direct
2003-11-20	Common	M	800	$40.16	Acquired	67127	Direct
2003-11-20	Common	M	700	$45.38	Acquired	67827	Direct
2003-11-20	Common	F	6169	$52.26	Disposed	61658	Direct
2003-11-20	Common	F	614	$52.26	Disposed	61044	Direct
2003-11-20	Common	F	607	$52.26	Disposed	60688	Direct
2003-12-31	Common	J	8	—	Acquired	1651	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-20	Common	$26.00	M	12400	Disposed	2006-12-04	Common (12400)	Direct
2003-11-20	Common	$40.16	M	800	Disposed	2008-12-02	Common (800)	Direct
2003-11-20	Common	$45.38	M	700	Disposed	2009-09-22	Common (700)	Direct

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

F2: Includes 251 shares under Issuer's Dividend Reinvestment Plan previously unreported.

F3: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans as of 12/31/2003.

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

F5: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.