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: 2007-11-19

Reporting Person: GOGGINS COLLEEN A (Member, Executive Committee)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-19	Common	M	28700	$32.38	Acquired	119967	Direct
2007-11-19	Common	S	28600	$67.66	Disposed	91367	Direct
2007-11-19	Common	S	100	$67.67	Disposed	91267	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-11-19	Employee Stock Option (Right to Buy)	$32.38	M	28700	Disposed	2007-12-03	Common Stock (28700)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	1094	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units	$		Common Stock (0)	10749	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 Phantom Stock Units held under the Issuer's Executive Income Deferral Plan are to be settled in cash upon the Reporting Person's Retirement.

F4: The Phantom Stock converts into common stock on a one-for-one basis.

F5: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.