JOHNSON & JOHNSON — Director's Dealing 2011

Jan 12, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2011-01-10

Reporting Person: COSGROVE STEPHEN J (Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-10	Common	A	612	—	Acquired	73574	Direct
2010-12-31	Common	J	16	—	Acquired	283	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-10	Employee Stock Options (Right to Buy)	$62.20	A	31736	Acquired	2021-01-10	Common Stock (31736)	Direct
2011-01-10	Restricted Share Units	$	A	2645	Acquired		Common Stock (2645)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	1594	Indirect

Footnotes

F1: Awarded under Issuer's Executive Incentive Plan.

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 (12/31/2010).

F3: Shares held by ESOP under the Johnson & Johnson 401(k) Savings Plan as of Plan's most recent reporting date (12/31/2010).

F4: Awarded under Issuer's Long-Term Incentive Plan.

F5: Each Restricted Share Unit represents a contingent right to receive one share of Company Common Stock.

F6: The Restricted Share Units vest three years after date of grant.