JOHNSON & JOHNSON — Director's Dealing 2006

Sep 7, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2006-09-05

Reporting Person: COSGROVE STEPHEN J (Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-05	Common	M	5000	$26.00	Acquired	71114	Direct
2006-09-05	Common	S	5000	$64.34	Disposed	66114	Direct
2006-08-31	Common	J	10	—	Acquired	1654	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-05	Employee Stock Option (Right to Buy)	$26.00	M	5000	Disposed	2006-12-04	Common (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	1438	Indirect
Common	1438	Indirect
Common	1438	Indirect

Footnotes

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 (08/31/2006).

F3: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Held under UGMA.

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