JOHNSON & JOHNSON - Director's Dealing 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2008-01-25

Reporting Person: Scodari Joseph C (Executive Committee Member)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-25	Common	M	1700	$57.30	Acquired	10345	Direct
2008-01-25	Common	M	1915	$52.20	Acquired	12260	Direct
2008-01-25	Common	M	1850	$53.93	Acquired	14110	Direct
2007-12-30	Common	J	162	—	Acquired	2705	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-25	Employee Stock Option (Right to Buy)	$57.30	M	1700	Disposed	2012-02-10	Common Stock (1700)	Direct
2008-01-25	Employee Stock Option (Right to Buy)	$52.20	M	1915	Disposed	2013-02-08	Common Stock (1915)	Direct
2008-01-25	Employee Stock Option (Right to Buy)	$53.93	M	1850	Disposed	2014-02-07	Common Stock (1850)	Direct

F1: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.

F2: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plans' most recent reporting date (12/30/2007).