JOHNSON & JOHNSON - Director's Dealing 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2006-10-24

Reporting Person: Scodari Joseph C (Executive Committee Member)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-24	Common	M	58000	$50.69	Acquired	64928	Direct
2006-10-24	Common	S	9700	$68.56	Disposed	55228	Direct
2006-10-24	Common	S	13800	$68.55	Disposed	41428	Direct
2006-10-24	Common	S	9800	$68.54	Disposed	31628	Direct
2006-10-24	Common	S	7800	$68.53	Disposed	23828	Direct
2006-10-24	Common	S	6800	$68.52	Disposed	17028	Direct
2006-10-24	Common	S	700	$68.51	Disposed	16328	Direct
2006-10-24	Common	S	9400	$68.50	Disposed	6928	Direct
2006-09-30	Common	J	140	—	Acquired	2501	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-24	Employee Stock Option (Right to Buy)	$50.69	M	58000	Disposed	2010-11-29	Common Stock (58000)	Direct

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

F2: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plans' most recent reporting date (09/29/2006).

F3: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.