JOHNSON & JOHNSON — Director's Dealing 2007

Mar 13, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2007-03-13

Reporting Person: MULLIN LEO F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-13	Phantom Stock Units	$	J	53	Acquired		Common (53)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	10048	Direct
Common	1200	Indirect

Footnotes

F1: Includes 92 shares held under Issuer's Dividend Reinvestment Program.

F2: The Phantom Stock Units acquired under the Issuer's Non-Employee Director Deferred Fee Plan on March 13, 2007 at $61.88 per share are to be settled in cash upon the Reporting Person's Retirement.

F3: 1 for 1