JOHNSON & JOHNSON — Director's Dealing 2010

Nov 8, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2010-11-04

Reporting Person: MULLIN LEO F (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-04	Common	M	5400	$51.57	Acquired	21594	Direct
2010-11-04	Common	F	4338	$64.19	Disposed	17256	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-04	Non-Employee Director Stock Options (Right to Buy)	$51.57	M	5400	Disposed	2010-12-31	Common (5400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	1200	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units	$		Common (0)	9808	Direct

Footnotes

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

F2: Includes 697 shares held under Issuer's Dividend Reinvestment Program.

F3: 1 for 1

F4: 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 (with each Phantom Stock Unit representing the fair market value of one share of Common Stock on the settlement date). Alternatively, the cash value represented by the Phantom Stock Units may be transferred by the Reporting Person into an alternative investment account under the Plan at any time.

F5: Awarded under the Stock Option Plan for Non-Employee Directors and exercisable in full one year from date of grant.