JOHNSON & JOHNSON — Director's Dealing 2008

Oct 31, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2008-10-30

Reporting Person: PEREZ WILLIAM D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-10-30	Common Stock	P	1000	$59.75	Acquired	6619	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units	$		Common (0)	2098	Direct

Footnotes

F1: The Phantom Stock Units held under the Issuer's Non-Employee Director Deferred Fee Plan are to be settled in cash upon the Reporting Person's Retirement.

F2: 1 for 1