JOHNSON & JOHNSON - Director's Dealing 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2007-12-04

Reporting Person: Caruso Dominic J (Chief Financial Officer)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-12-04	Common Stock	M	9619	$28.12	Acquired	19293	Direct
2007-12-04	Common Stock	M	9580	$47.39	Acquired	28873	Direct
2007-12-04	Common Stock	S	12199	$67.95	Disposed	16674	Direct
2007-12-04	Common Stock	S	1900	$67.94	Disposed	14774	Direct
2007-12-04	Common Stock	S	1000	$67.93	Disposed	13774	Direct
2007-12-04	Common Stock	S	600	$67.91	Disposed	13174	Direct
2007-12-04	Common Stock	S	3500	$67.90	Disposed	9674	Direct
2007-11-30	Common Stock	J	4	—	Acquired	240	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-12-04	Employee Stock Option (Right to Buy)	$28.12	M	9619	Disposed	2008-12-04	Common Stock (9619)	Direct
2007-12-04	Employee Stock Option (Right to Buy)	$47.39	M	9580	Disposed	2009-10-06	Common Stock (9580)	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 (11/30/2007).

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