JOHNSON & JOHNSON — Director's Dealing 2007

Oct 18, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2007-10-17

Reporting Person: COSGROVE STEPHEN J (Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-17	Common	M	9300	$32.38	Acquired	77594	Direct
2007-10-17	Common	S	1100	$65.14	Disposed	76494	Direct
2007-10-17	Common	S	2000	$65.13	Disposed	74494	Direct
2007-10-17	Common	S	4000	$65.125	Disposed	70494	Direct
2007-10-17	Common	S	400	$65.12	Disposed	70094	Direct
2007-09-30	Common	J	22	—	Acquired	1695	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-10-17	Employee Stock Option (Right to Buy)	$32.38	M	9300	Disposed	2007-12-03	Common Stock (9300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	1438	Indirect
Common	1438	Indirect
Common	1438	Indirect

Footnotes

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

F2: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plans' most recent reporting date (09/30/2007).

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. Held under UGMA.

F4: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.