JOHNSON & JOHNSON — Director's Dealing 2007

Sep 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2007-09-11

Reporting Person: JOHNS MICHAEL M E (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-09-11	Phantom Stock Units	$	J	407	Acquired		Common (407)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	4912	Direct

Footnotes

F1: Includes shares held under the Issuer's Dividend Reinvestment Program.

F2: The Phantom Stock Units acquired under the Issuer's Non-Employee Director Deferred Fee Plan on September 11, 2007 at $61.78 per share are to be settled in cash upon the Reporting Person's Retirement.

F3: 1 for 1