JOHNSON & JOHNSON — Director's Dealing 2005

Feb 16, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2005-02-14

Reporting Person: GOGGINS COLLEEN A (Member, Executive Committee)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-14	Phantom Stock Units	$0	J	1689	Acquired		Common (1689)	Direct
2005-02-14	Employee Stock Option (Right to Buy)	$66.18	A	130000	Acquired	2015-02-13	Common (130000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	77361	Direct
Common	1030	Indirect

Footnotes

F1: Shares held under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plans' most recent reporting date (01/31/2005).

F2: The Phantom Stock Units acquired under the Issuer's Executive Income Deferral Plan on February 14, 2005 at $66.18 per share are to be settled in cash upon the Reporting Person's Retirement.

F3: The Phantom Stock converts into common stock on a one-for-one basis.

F4: Awarded under Issuer's Stock Option Plan.