JOHNSON & JOHNSON - Director's Dealing 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2008-05-28

Reporting Person: Scodari Joseph C (Retired Exec Committee Member)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-28	Common	M	2100	$47.39	Acquired	18646	Direct
2008-05-28	Common	M	65085	$52.20	Acquired	83731	Direct
2008-05-28	Common	S	7749	$64.77	Disposed	75982	Direct
2008-05-28	Common	S	26926	$64.76	Disposed	49056	Direct
2008-05-28	Common	S	25885	$64.75	Disposed	23171	Direct
2008-05-28	Common	S	425	$64.74	Disposed	22746	Direct
2008-05-28	Common	S	4100	$64.73	Disposed	18646	Direct
2008-04-30	Common	J	98	—	Acquired	2845	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-28	Employee Stock Option (Right to Buy)	$47.39	M	2100	Disposed	2009-10-06	Common Stock (2100)	Direct
2008-05-28	Employee Stock Option (Right to Buy)	$52.20	M	65085	Disposed	2011-03-20	Common Stock (65085)	Direct

F1: Adjusted to reflect two-for-one stock split in 2001.

F2: Includes 170 shares held under Issuer's Dividend Reinvestment Plan.

F3: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans as of Plans' most recent reporting date (4/30/2008).

F4: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.