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: DORMER MICHAEL J (Member, Executive Committee)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-24	Common	M	120000	$41.45	Acquired	138499	Direct
2006-10-24	Common	M	40000	$40.16	Acquired	178499	Direct
2006-10-24	Common	S	8400	$68.55	Disposed	170099	Direct
2006-10-24	Common	S	36700	$68.56	Disposed	133399	Direct
2006-10-24	Common	S	25400	$68.57	Disposed	107999	Direct
2006-10-24	Common	S	17200	$68.58	Disposed	90799	Direct
2006-10-24	Common	S	7500	$68.59	Disposed	83299	Direct
2006-10-24	Common	S	200	$68.60	Disposed	83099	Direct
2006-10-24	Common	S	44300	$68.61	Disposed	38799	Direct
2006-10-24	Common	S	20300	$68.62	Disposed	18499	Direct
2006-09-29	Common	J	15	—	Acquired	878	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-24	Employee Stock Option (Right to Buy)	$41.45	M	2400	Disposed	2008-11-24	Common Stock (2400)	Direct
2006-10-24	Employee Stock Option (Right to Buy)	$41.45	M	117600	Disposed	2008-11-24	Common Stock (117600)	Direct
2006-10-24	Employee Stock Option (Right to Buy)	$40.16	M	40000	Disposed	2008-12-02	Common Stock (40000)	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 as of 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.