JOHNSON & JOHNSON — Director's Dealing 2007

Dec 13, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2007-12-11

Reporting Person: PEREZ WILLIAM D (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-12-11	Phantom Stock Units	$	J	313	Acquired		Common (313)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Direct
Common Stock	3000	Indirect

Footnotes

F1: The Phantom Stock Units acquired under the Issuer's Non-Employee Director Deferred Fee Plan on December 11, 2007 at $67.73 per share are to be settled in cash upon the Reporting Person's Retirement.

F2: 1 for 1