JOHNSON & JOHNSON — Director's Dealing 2006

Mar 15, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2006-03-14

Reporting Person: SATCHER DAVID (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-03-14	Phantom Stock Units	$	J	239	Acquired		Common (239)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	4125	Direct

Footnotes

F1: The Phantom Stock Units acquired under the Issuer's Non-Employee Director Deferred Fee Plan on March 14, 2006 at $59.19 per share are to be settled in cash upon the Reporting Person's Retirement.

F2: 1 for 1