JOHNSON & JOHNSON — Director's Dealing 2011

Oct 31, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2011-10-27

Reporting Person: COSGROVE STEPHEN J (Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-27	Common Stock	M	1700	$57.30	Acquired	76636	Direct
2011-10-27	Common Stock	F	1487	$65.50	Disposed	75149	Direct
2011-10-28	Common Stock	M	28300	$57.30	Acquired	103449	Direct
2011-10-28	Common Stock	S	26300	$65.45	Disposed	77149	Direct
2011-09-30	Common Stock	J	50	—	Acquired	333	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-27	Employee Stock Options (Right to Buy)	$57.30	M	1700	Disposed	2012-02-10	Common Stock (1700)	Direct
2011-10-28	Employee Stock Option (Right to Buy)	$57.30	M	28300	Disposed	2012-02-10	Common Stock (28300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1594	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $65.41 to $65.51. 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.

F2: Shares acquired in the Johnson & Johnson Stock Fund under the Johnson & Johnson 401(k) Savings Plan as of Plan's most recent reporting date (09/30/2011).

F3: Shares held by ESOP under the Johnson & Johnson 401(k) Savings Plan as of Plan's most recent reporting date (09/30/2011).

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