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JOHNSON & JOHNSON Director's Dealing 2007

May 14, 2007

29750_dirs_2007-05-14_169ea049-4a8c-4618-b602-f10d42289540.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2007-05-11

Reporting Person: COSGROVE STEPHEN J (Corporate Controller)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2007-05-11 Common M 1700 $32.38 Acquired 68294 Direct
2007-04-30 Common J 10 Acquired 1673 Indirect

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2007-05-11 Common Stock $32.38 M 1700 Disposed 2007-12-03 Common Stock (1700) 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 (04/30/2007).

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.