JOHNSON & JOHNSON — Director's Dealing 2010

Sep 9, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2010-09-07

Reporting Person: COSGROVE STEPHEN J (Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-09-07	Common	M	1900	$50.69	Acquired	74596	Direct
2010-09-07	Common	F	1634	$58.93	Disposed	72962	Direct
2010-09-09	Common	M	24100	$50.69	Acquired	97062	Direct
2010-09-09	Common	S	24100	$59.8747	Disposed	72962	Direct
2010-08-31	Common	J	48	—	Acquired	267	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-09-07	Employee Stock Options (Right to Buy)	$50.69	M	1900	Disposed	2010-11-29	Common Stock (1900)	Direct
2010-09-09	Employee Stock Options (Right to Buy)	$50.69	M	24100	Disposed	2010-11-29	Common Stock (24100)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	1594	Indirect

Footnotes

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

F2: This transaction was executed in multiple trades at prices ranging from $59.87 to $59.8909. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F3: Shares acquired in the Johnson & Johnson Stock Fund under the Johnson & Johnson 401(k) Savings Plan as of Plan's most recent reporting date (08/31/2010).

F4: Shares held by ESOP under the Johnson & Johnson 401(k) Savings Plan as of Plan's most recent reporting date (08/31/2010).

F5: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.