JOHNSON & JOHNSON — Director's Dealing 2008

Feb 1, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2007-04-26

Reporting Person: DEYO RUSSELL C (VP, General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-25	Common	G	720	—	Disposed	88044	Direct
2008-01-31	Common	J	32	—	Acquired	7410	Indirect
2007-04-26	Common	S	157	$64.70	Disposed	2185	Indirect
2007-06-14	Common	S	200	$62.30	Disposed	1985	Indirect
2007-08-09	Common	S	75	$62.49	Disposed	2559	Indirect
2008-01-30	Common	S	130	$62.58	Disposed	2429	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	8386	Indirect
Common	11860	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units	$		Common Stock (0)	18329	Direct

Footnotes

F1: Gift

F2: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans as of Plans' most recent reporting date (01/31/2008).

F3: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F4: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Some shares are held by Wife as custodian for child under Uniform Transfers to Minors Act.

F5: Includes 185 shares held under Issuer's Dividend Reinvestment Plan.

F6: The Phantom Stock Units held under the Issuer's Executive Income Deferral Plan are to be settled in cash upon the Reporting Person's Retirement.

F7: The Phantom Stock converts into common stock on a one-for-one basis.