JOHNSON & JOHNSON — Director's Dealing 2008

Sep 9, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2008-09-09

Reporting Person: PEREZ WILLIAM D (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-09-09	Phantom Stock Units	$	J	395	Acquired		Common (395)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2619	Direct
Common Stock	3000	Indirect

Footnotes

F1: The Phantom Stock Units acquired under the Issuer's Non-Employee Director Deferred Fee Plan on September 9, 2008 at $71.65 per share are to be settled in cash upon the Reporting Person's Retirement.

F2: 1 for 1