JOHNSON & JOHNSON — Director's Dealing 2004

Jan 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2004-01-22

Reporting Person: PETERSON PER A (Executive Committee Member)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-22	Common	M	16000	$9.27	Acquired	55094	Direct
2004-01-22	Common	F	2821	$52.56	Disposed	52273	Direct
2003-12-31	Common	J	4	—	Acquired	684	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-22	Employee Stock Option (Right to Buy)	$9.27	M	16000	Disposed	2004-04-03	Common (16000)	Direct

Footnotes

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 Plan's most recent reporting date (12/31/2003).

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