JOHNSON & JOHNSON — Director's Dealing 2007

Nov 20, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2007-11-16

Reporting Person: DEYO RUSSELL C (VP, General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-16	Common	M	44000	$32.38	Acquired	154784	Direct
2007-11-16	Common	S	3000	$67.20	Disposed	151784	Direct
2007-11-16	Common	S	100	$67.16	Disposed	151684	Direct
2007-11-16	Common	S	9400	$67.15	Disposed	142284	Direct
2007-11-16	Common	S	4100	$67.13	Disposed	138184	Direct
2007-11-16	Common	S	6600	$67.12	Disposed	131584	Direct
2007-11-16	Common	S	21300	$67.11	Disposed	110284	Direct
2007-11-16	Common	S	11763	$67.10	Disposed	98521	Direct
2007-11-16	Common	S	8600	$67.09	Disposed	89921	Direct
2007-11-16	Common	S	2000	$67.08	Disposed	87921	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-11-16	Employee Stock Option (Right to Buy)	$32.38	M	44000	Disposed	2007-12-03	Common Stock (44000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	7334	Indirect
Common	7646	Indirect
Common	2272	Indirect
Common	1987	Indirect
Common	14153	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units	$		Common Stock (0)	18217	Direct

Footnotes

F1: Adjusted to reflect two-for-one stock split in 2001.

F2: Shares held under Johnson & Johnson's 401(k) and ESOP Savings Plans as of Plans' most recent reporting date (10/31/2007).

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.

F4: 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. Some shares are held by Wife as custodian for child under Uniform Transfers to Minors Act.

F5: Includes 178 shares held under Issuer's Dividend Reinvestment Plan.

F6: The Phantom Stock Units held under the Issuer's Executive Income Deferral Plan are to be settled in cash upon the Reporting Person's Retirement.

F7: The Phantom Stock converts into common stock on a one-for-one basis.

F8: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.