JOHNSON & JOHNSON — Director's Dealing 2007

Jan 9, 2007

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2007-01-02

Reporting Person: Caruso Dominic J (Chief Financial Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8987	Direct
Common Stock	236	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$28.12	2008-12-04	Common Stock (9619)		Direct
Stock Option (Right to Buy)	$47.39	2009-10-06	Common Stock (47900)		Direct
Stock Option (Right to Buy)	$47.39	2009-10-06	Common Stock (2100)		Direct
Stock Option (Right to Buy)	$50.69	2010-11-29	Common Stock (19800)		Direct
Stock Option (Right to Buy)	$57.30	2012-02-10	Common Stock (1700)		Direct
Stock Option (Right to Buy)	$57.30	2012-02-10	Common Stock (28300)		Direct
Stock Option (Right to Buy)	$52.20	2013-02-08	Common Stock (18485)		Direct
Stock Option (Right to Buy)	$52.20	2013-02-08	Common Stock (1915)		Direct
Stock Option (Right to Buy)	$53.93	2014-02-07	Common Stock (1850)		Direct
Stock Option (Right to Buy)	$53.93	2014-02-07	Common Stock (28150)		Direct
Stock Option (Right to Buy)	$66.18	2015-02-13	Common Stock (1510)		Direct
Stock Option (Right to Buy)	$66.18	2015-02-13	Common Stock (28490)		Direct
Stock Option (Right to Buy)	$58.34	2016-02-12	Common Stock (20569)		Direct
Restricted Share Units	$		Common Stock (5142)		Direct

Footnotes

F1: Shares held under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plans' most recent reporting date (01/05/2007).

F2: Awarded under Issuer's Stock Option Plan.

F3: Awarded under Issuer's 2005 Long-Term Incentive Plan.

F4: Each Restricted Share Unit represents a contingent right to receive one share of Company Common Stock.

F5: Not applicable.