SafeSafe HarborHarbor StatementStatement ThisThis presspress releaserelease containscontains "forward"forward-looking-looking statements"statements" asas defineddefined inin thethe PrivatePrivate SecuritiesSecurities LitigationLitigation ReformReform ActAct ofof 1995.1995. TheseThese statementsstatements areare basedbased onon currentcurrent expectationsexpectations ofof futurefuture events.events. IfIf underlyingunderlying assumptionsassumptions proveprove inaccurateinaccurate oror unknownunknown risksrisks oror uncertaintiesuncertainties materialize,materialize, actualactual resultsresults couldcould varyvary materiallymaterially fromfrom JohnsonJohnson && Johnson'sJohnson's expectationsexpectations andand projections.projections.

RisksRisks andand uncertaintiesuncertainties includeinclude generalgeneral industryindustry conditionsconditions andand competition;competition; economiceconomic conditions,conditions, suchsuch asas interestinterest raterate andand currencycurrency exchangeexchange raterate fluctuations;fluctuations; technologicaltechnological advancesadvances andand patentspatents attainedattained byby competitors;competitors; challengeschallenges inherentinherent inin newnew productproduct dedevelopment,velopment, includingincluding obtainingobtaining regulatoryregulatory approvals;approvals; domesticdomestic andand foreignforeign healthhealth carecare reformsreforms andand governmentalgovernmental lawslaws andand regulations;regulations; andand trendstrends towardtoward healthhealth carecare costcost containment.containment.

AA furtherfurther listlist andand descriptiondescription ofof thesethese risks,risks, uncertaintiesuncertainties andand otherother factorsfactors cancan bebe foundfound inin ExhibitExhibit 9999 ofof thethe Company'sCompany's AnnualAnnual ReportReport onon FormForm 10-K10-K forfor thethe fiscalfiscal yearyear endedended DecemberDecember 30,30, 2007.2007. CopiesCopies ofof thisthis FormForm 10-K,10-K, asas wellwell asas subsequentsubsequent filings,filings, areare availableavailable ononlineline atat www.sec.gov,www.sec.gov, www.jnj.comwww.jnj.com oror onon requestrequest fromfrom JohnsonJohnson && Johnson.Johnson. JohnsonJohnson && JohnsonJohnson doesdoes notnot undertakeundertake toto updateupdate anyany forward-lookingforward-looking statementsstatements asas aa resultresult ofof newnew informationinformation oror futurefuture eventsevents oror developments.developments. ContentContent OverviewOverview •• Operating Operating ModelModel •• Historical Historical PerformancePerformance •• Segment Segment OverviewOverview •• Second Second QuarterQuarter 20082008 ResultsResults ••Summar Summaryy STRATEGICSTRATEGIC PRINCIPLESPRINCIPLES OperatingOperating ModelModel

•• BroadlyBroadly BasedBased inin HumanHuman HealthHealth CareCare •• ManagedManaged forfor thethe LongLong TermTerm •• DecentralizedDecentralized ManagementManagement ApproachApproach •• PeoplePeople andand ValuesValues BroadlyBroadly BasedBased-- World’sWorld’s MostMost ComprehensiveComprehensive HealthHealth CareCare CompanyCompany

•• 2007 2007 SalesSales ofof $61.1$61.1 BillionBillion •• Over Over 250250 operatingoperating companiescompanies worldwideworldwide •• Leadership Leadership positionspositions inin ethicalethical andand OTCOTC pharmaceuticals,pharmaceuticals, medical/surgicalmedical/surgical products,products, diagnosticsdiagnostics andand aa varietyvariety ofof consumerconsumer productsproducts BroadlyBroadly BasedBased –– AA StrategicStrategic AdvantageAdvantage 20072007 SegmentSegment OperatingOperating Profit*Profit*

$15.9B $14.6B $6.0 % to Sales $5.7 2006 25.7%

2007 26.0% $7.6 $6.9

$2.0 $2.3

2006 2007 Consumer Pharm MD&D

*Proforma including net impact of PCH; Refer to 3.2.07 8K filing for 2006 PCH impact to operating profit; Excludes IPR&D and other special items BroadlyBroadly BasedBased –– AA StrategicStrategic AdvantageAdvantage

•• Rapidly Rapidly capitalizecapitalize onon attractiveattractive opportunitiesopportunities •• Knowledge Knowledge andand capabilitycapability transfertransfer •• Development Development ofof convergingconverging technologiestechnologies •• Accelerating Accelerating growthgrowth throughthrough geographicgeographic breadthbreadth •• Leveraging Leveraging scalescale OperatingOperating ModelModel

•• BroadlyBroadly BasedBased inin HumanHuman HealthHealth CareCare •• ManagedManaged forfor thethe LongLong TermTerm •• DecentralizedDecentralized ManagementManagement ApproachApproach •• PeoplePeople andand ValuesValues LeadershipLeadership inin MajorMajor MarketsMarkets JohnsonJohnson && JohnsonJohnson #1#1 oror #2*#2*

Anti-AnemiaAnti-Anemia Lo-CalLo-Cal SweetenersSweeteners AntipsychoticsAntipsychotics BloodBlood GlucoseGlucose MonitoringMonitoring Anti-TNFAnti-TNF BloodBlood ScreeningScreening && TypingTyping HormonalHormonal ContraceptivesContraceptives ElectrophysiologyElectrophysiology diagnosticsdiagnostics andand QuinoloneQuinolone Anti-InfectiveAnti-Infective catheterscatheters CoronaryCoronary StentsStents DisposableDisposable ContactContact LensesLenses MinimallyMinimally InvasiveInvasive SurgerySurgery OTCOTC PharmaceuticalsPharmaceuticals OrthopaedicsOrthopaedics SanitarySanitary ProtectionProtection SuturesSutures WoundWound CareCare BabyBaby && KidsKids CareCare

*As of Dec 2007 GrowthGrowth StrategiesStrategies

•• Organic Organic growthgrowth –– StrongStrong internalinternal R&DR&D capabilitycapability –– NurtureNurture newnew businesses;businesses; PrunePrune wherewhere appropriateappropriate •• Strategic Strategic partneringpartnering andand licensinglicensing •• Selective Selective acquisitionsacquisitions –– EnhanceEnhance existingexisting businessbusiness –– NewNew platformplatform forfor growthgrowth 19971997––20072007 TotalTotal ResearchResearch ExpenseExpense $U.S.$U.S. BillionsBillions

$7.7

$2.4

1997 2007 10.6% Percent to Sales 12.6%

The company has adopted SFAS No. 123(R) Shared Based Payment, applying the modified retrospective transition method. 1997-2005 reported financial statements have been restated accordingly. PartnerPartner ofof ChoiceChoice •• Over Over 100100 newnew thirdthird partyparty relationshipsrelationships annuallyannually •• In In househouse ventureventure capitalcapital (JJDC)(JJDC) –– OverOver $475$475 millionmillion investedinvested asas ofof 20072007 inin aa broadbroad arrayarray ofof companiescompanies •• Focus Focus onon earlyearly stagestage productproduct developmentdevelopment MergersMergers && AcquisitionsAcquisitions –– RecentRecent ExamplesExamples StrategicStrategic movesmoves toto enhanceenhance ourour growthgrowth raterate andand createcreate long-termlong-term valuevalue forfor ourour shareholdersshareholders

TypicallyTypically modestmodest inin size:size: overover 6060 inin thethe lastlast decadedecade •• ÅÅmicmic (6/08)(6/08) -- aa privatelyprivately heldheld SwedishSwedish developerdeveloper ofof inin vitrovitro diagnosticdiagnostic (IVD)(IVD) technologiestechnologies forfor useuse inin Point-of-CarePoint-of-Care (POC)(POC) andand near-patientnear-patient settingssettings •• Disc-O-TechDisc-O-Tech MedicalMedical Technologies,Technologies, Ltd.Ltd. (12/07)(12/07) -- AcquisitionAcquisition ofof certaincertain assets,assets, includingincluding intellectualintellectual propertyproperty rights,rights, relatedrelated toto thethe treatmenttreatment ofof vertebralvertebral compressioncompression fracturesfractures fromfrom Disco-o-TechDisco-o-Tech MedicalMedical Technologies,Technologies, aa privatelyprivately heldheld company,company, andand itsits subsidiarysubsidiary •• EnsureEnsure Medical,Medical, Inc.Inc. (7/06)(7/06) -- Acquisition Acquisition ofof EnsureEnsure Medical,Medical, aa privatelyprivately heldheld companycompany willwill provideprovide CordisCordis withwith aa developmentdevelopment stagestage femoralfemoral arteryartery closureclosure devicedevice (ACD)(ACD) andand relatedrelated IPIP andand know-howknow-how •• ColBarColBar LifeScienceLifeScience Ltd.Ltd. (7/06)(7/06) -- Acquisition Acquisition ofof ColBarColBar LifeScience,LifeScience, anan IsraeliIsraeli ventured-backed,ventured-backed, privatelyprivately heldheld medicalmedical devicedevice companycompany withwith expertiseexpertise inin collagen-basedcollagen-based productsproducts MergersMergers && AcquisitionsAcquisitions –– RecentRecent ExamplesExamples

•• VascularVascular ControlControl SystemsSystems (5/06)(5/06) -- AcquiredAcquired aa ventureventure fundedfunded privatelyprivately heldheld companycompany thatthat developeddeveloped technologytechnology thatthat willwill bebe usedused forfor thethe treatmenttreatment ofof fibroidsfibroids andand dysfunctionaldysfunctional uterineuterine bleedingbleeding •• GroupeGroupe VendomeVendome SASA (5/06)(5/06) -- JohnsonJohnson && JohnsonJohnson ConsumerConsumer FranceFrance SASSAS acquiredacquired GroupeGroupe Vendome,Vendome, aa privatelprivatelyy heldheld FrenchFrench marketermarketer ofof adultadult andand babybaby skinskin carecare productsproducts •• FutureFuture MedicalMedical SystemsSystems GroupGroup NVNV (FMS)(FMS) (3/06)(3/06) -- TheThe acquisitionacquisition ofof FMS,FMS, willwill allowallow DePuyDePuy MitekMitek toto enteenterr thethe fluidfluid managementmanagement andand shavershaver marketsmarkets andand increaseincrease DePuyDePuy Mitek’sMitek’s proproductduct offeringsofferings inin thethe arthroscopicarthroscopic surgicalsurgical marketmarket •• AnimasAnimas CorporationCorporation (2/06)(2/06) -- AcquisitionAcquisition ofof AnimasAnimas Corporation,Corporation, anan insulininsulin deliverydelivery company,company, affordsaffords LifeScan,LifeScan, Inc.Inc. immediateimmediate entryentry intointo thethe fast-growingfast-growing insulininsulin deliverydelivery pumppump marketmarket •• HandHand Innovations,Innovations, LLCLLC (1/06)(1/06) -- DePuyDePuy acquiredacquired HandHand InnovationsInnovations LLC,LLC, aa developerdeveloper andand marketermarketer ofof uppeupperr extremityextremity traumatrauma products.products. TheThe acquisitionacquisition willwill allowallow DePuyDePuy toto establestablishish aa presencepresence inin thethe treatmenttreatment ofof handhand andand wristwrist facturesfactures MergersMergers && AcquisitionsAcquisitions OccasionallyOccasionally SubstantialSubstantial

•• ConorConor Medsystems,Medsystems, Inc.Inc. (2/07-(2/07- $1.4B)$1.4B) -- CardiovascularCardiovascular devicedevice companycompany withwith uniqueunique controlledcontrolled drugdrug deliverydelivery technologytechnology •• PfizerPfizer ConsumerConsumer HealthcareHealthcare (12/06(12/06 -- $16.6B)$16.6B) -- GlobalGlobal businessbusiness ofof personalpersonal carecare andand over-the-counterover-the-counter (OTC)(OTC) productsproducts •• SciosScios Inc.Inc. (4/03(4/03 -- $2.4B)$2.4B) –– AA biopharmaceuticalbiopharmaceutical companycompany withwith aa marketedmarketed productproduct (NATRECOR®)(NATRECOR®) forfor cardiovascularcardiovascular diseasedisease andand researchresearch projectsprojects focusedfocused onon auto-immuneauto-immune diseasesdiseases •• ALZAALZA CorporationCorporation (6/01-(6/01- $12.3B)$12.3B) -- Research-basedResearch-based pharmaceuticalpharmaceutical companycompany withwith leadingleading drugdrug deliverydelivery technologiestechnologies •• Centocor,Centocor, Inc.Inc. (10/99(10/99 -- $4.9B)$4.9B) -- LeaderLeader inin monoclonalmonoclonal antibodyantibody technology,technology, acuteacute vascularvascular carecare andand immunologyimmunology productsproducts •• DePuy,DePuy, Inc.Inc. (11/98(11/98 -- $3.7B)$3.7B) -- CombinedCombined withwith existingexisting orthopaedicsorthopaedics businessbusiness establishedestablished JohnsonJohnson && JohnsonJohnson asas thethe leaderleader inin thirdthird largestlargest medicalmedical devicedevice categorycategory OperatingOperating ModelModel •• BroadlyBroadly BasedBased inin HumanHuman HealthHealth CareCare •• ManagedManaged forfor thethe LongLong TermTerm •• DecentralizedDecentralized ManagementManagement ApproachApproach •• PeoplePeople andand ValuesValues DecentralizedDecentralized ManagementManagement ApproachApproach

•• MostMost effectiveeffective managementmanagement structurestructure forfor ourour broadlybroadly basedbased businessbusiness •• FostersFosters engagementengagement –– SenseSense ofof ownershipownership –– EntrepreneurshipEntrepreneurship –– CollaborationCollaboration •• EnablesEnables customercustomer andand patient-focusedpatient-focused decisiondecision makingmaking OperatingOperating ModelModel

•• BroadlyBroadly BasedBased inin HumanHuman HealthHealth CareCare •• ManagedManaged forfor thethe LongLong TermTerm •• DecentralizedDecentralized ManagementManagement ApproachApproach •• PeoplePeople andand ValuesValues OurOur CredoCredo

TheThe FourFour TenetsTenets •• Customers Customers ••Employee Employeess •• Community Community •• Stockholders Stockholders HISTORICALHISTORICAL PERFORMANCEPERFORMANCE WorldwideWorldwide NetNet TradeTrade SalesSales 20072007 SalesSales ByBy GeographicGeographic AreaArea

Asia-Pacific,Asia-Pacific, AfricaAfrica W.W. HemisphereHemisphere $8.3B$8.3B $4.7B$4.7B U.S.U.S. 14% $32.4B$32.4B EuropeEurope 8% $15.7B$15.7B 25%

53% 20072007 SalesSales byby SegmentSegment

Total Sales - $61.1B

MD&DMD&D ConsumerConsumer(2)(2) ÇÇ3.9%3.9%(1)(1) 35% 24% ÇÇ44.2%44.2% (1)(1) $21.7B $14.5B

41% $24.9B

PharmaceuticalPharmaceutical ÇÇ4.3%4.3%(1)(1) (1) Operational Growth (2) Proforma growth including the net impact of PCH is 4.6% 20072007 -- CashCash FlowFlow

Operating Cash Flow $15.2B Free Cash Flow* $12.3B Net Cash/(Debt) Position ($.2)B

OneOne ofof OnlyOnly 44 U.S.U.S. IndustrialIndustrial CompaniesCompanies WithWith TripleTriple AA CreditCredit RatingRating

*Non-GAAP financial measure: defined as operating cash flow less capital spending 75 Consecutive years of Sales increases 24 Consecutive years of Earnings increases(1) 46 Consecutive years of Dividend increases(2)

ReportedReported OperationalOperational AdjustedAdjusted NetNet YearYear SalesSales GrowthGrowth SalesSales GrowthGrowth EarningsEarnings GrowthGrowth(1)(1) 100100 +10.4 +10.4 +10.8%+10.8% +10.1% +10.1% 5050 +11.1 +11.1 +11.6+11.6 +14.0+14.0 2020 +10.7 +10.7 +10.8+10.8 +14.3+14.3 1010 +10.5 +10.5 +10.3+10.3 +13.7+13.7 55 +11.0 +11.0 +8.6+8.6 +13.3+13.3 11 +14.6 +14.6 +11.5+11.5 +8.6+8.6

ThroughThrough 12/31/0712/31/07 (1) Non GAAP. Excludes In-process R&D, and other special items. The company has adopted SFAS No. 123(R) Shared Based Payment, applying the modified retrospective transition method. 1995-2005 reported financial statements have been restated accordingly. (2) Includes April 2008 dividend increase TotalTotal ShareholderShareholder Returns*Returns* Through 12/31/07

Years 1 3 5 10 3.5% 4.0% 6.6% 9.1%

S&P 500 5.5% 8.5% 12.8% 5.9%

S&P Pharmaceutical 4.6% 5.4% 3.4% 3.7%

S&P H/C Equipment 5.1% 3.1% 10.2% 10.0%

* Assumes that all dividends are reinvested 19971997--20072007 GrossGross ProfitProfit MarginMargin %% ToTo SalesSales

73% 72% 70.9% 71% 70% 69% 68% 67.3% 67% 66% 65% 64% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

The company has adopted SFAS No. 123(R) Shared Based Payment, applying the modified retrospective transition method. 1997-2005 reported financial statements have been restated accordingly. 19971997--20072007 Selling,Selling, GeneralGeneral && AdministrativeAdministrative %% ToTo SalesSales

40.0%

36.5%

35.0% 33.5%

30.0% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

The company has adopted SFAS No. 123(R) Shared Based Payment, applying the modified retrospective transition method. 1997-2005 reported financial statements have been restated accordingly. SEGMENTSEGMENT OVERVIEWOVERVIEW ConsumerConsumer SegmentSegment OverviewOverview •• Worldwide Worldwide annualannual salessales inin 20072007 ofof $14.5$14.5 billionbillion •• Principal Principal productsproducts in:in: –– Over-the-Counter Over-the-Counter PharmaceuticalsPharmaceuticals andand NutritionalsNutritionals ––Skin Skin CareCare –– Baby Baby && KidsKids CareCare –– Wound Wound CareCare ––Oral Oral CareCare –– Women’s Women’s HealthHealth •• Launched Launched moremore thanthan 600600 newnew productsproducts andand lineline extensionsextensions •• Integration Integration ofof PfizerPfizer ConsumerConsumer HealthcareHealthcare (PCH)(PCH) remainsremains onon tracktrack ConsumerConsumer SegmentSegment SalesSales –– MajorMajor FranchiseFranchise && OperationalOperational GrowthGrowth RatesRates

2007 Sales: $14.5 Billion 2007 Ops Growth Rate: 44.2%

$ U.S. Billions McNeil OTC & Nutritionals

$5.1 Skin & +85% Skin & Hair Care $3.1 +12% $1.5 Oral Care >100% $2.0 $1.0 $1.8 +8% +71% +3%

All Other Baby & Kids Women's Health ConsumerConsumer MajorMajor FranchiseFranchise SalesSales && ProformaProforma OperationalOperational GrowthGrowth RatesRates

2007 Sales: $14.5 Billion 2007 Ops Growth Rate: 4.6%*

$ U.S. Billions McNeil OTC & Nutritionals

$5.1 Skin & +4% Skin & Hair Care $3.1 +6% $1.5 Oral Care +5% $2.0 $1.0 $1.8 +6% +13% (2%)

All Other Baby & Kids Women's Health

* Proforma operational growth including the net impact of PCH MedicalMedical DevicesDevices && DiagnosticsDiagnostics SegmentSegment OverviewOverview

•• WorldwideWorldwide annualannual salessales inin 20072007 ofof $21.7$21.7 billionbillion •• LargestLargest medicalmedical devicedevice companycompany inin thethe worldworld •• GlobalGlobal presencepresence inin medical,medical, surgicalsurgical andand diagnosticdiagnostic categoriescategories •• 77 largelarge franchisesfranchises •• 80%80% ofof salessales comingcoming fromfrom #1#1 oror #2#2 marketmarket positionposition MD&DMD&D MajorMajor FranchiseFranchise SalesSales && OperationalOperational GrowthGrowth RatesRates

2007 Sales: $21.7 Billion 2007 Ops Growth Rate: 3.9% $$ U.S.U.S. BillionsBillions VisionVision CareCare LifeScanLifeScan OCDOCD $2.2 $1.7 $2.4 +16% +7% +11% $3.4 CordisCordis (18%) EESEES $3.8 +10% $4.6 $3.6 +8% +7%

EthiconEthicon DePuyDePuy MD&DMD&D –– MajorMajor ApprovalsApprovals && LaunchesLaunches

•• REALIZEREALIZE AdjustableAdjustable GastricGastric BandBand •• ANIMASANIMAS 20202020 •• GENESEARCHGENESEARCH PharmaceuticalPharmaceutical SegmentSegment OverviewOverview

•• WorldwideWorldwide annualannual salessales inin 20072007 ofof $24.9$24.9 billionbillion •• OverOver 100100 drugsdrugs marketedmarketed inin approximatelyapproximately 125125 countriescountries •• NineNine productsproducts withwith revenuesrevenues overover $1$1 billionbillion •• SixSix moremore productsproducts withwith revenuesrevenues overover $200$200 millionmillion •• RobustRobust R&DR&D pipelinepipeline •• KeyKey licensinglicensing && strategicstrategic partnershipspartnerships PharmaceuticalsPharmaceuticals SegmentSegment ƒƒ LeadingLeading inin ResearchResearch capabilitiescapabilities ƒƒ BiologicsBiologics ƒƒ SmallSmall moleculesmolecules ƒƒ DrugDrug delivery,delivery, formform && formulationsformulations ƒƒ World-classWorld-class globalglobal operationsoperations

ƒƒ OutcomesOutcomes basedbased developmentdevelopment

ƒƒ InnovativeInnovative technologiestechnologies PharmaceuticalPharmaceutical SegmentSegment SalesSales –– MajorMajor ProductsProducts && OperationalOperational GrowthGrowth RatesRates

2007 Sales: $24.9 Billion 2007 Ops Growth Rate: 4.3% $$ U.S.U.S. BillionsBillions ACIPHEX/ACIPHEX/ Hormonal Hormonal PARIETPARIET DURAGESICDURAGESIC Anti-Infectives ContraceptivesContraceptives Anti-Infectives $1.2 CONCERTACONCERTA $0.9 $1.4 $1.6 TOPAMAX $1.0 (14%) TOPAMAX (11%) + 5% + 8% +9% $2.5 + 19% $5.4 OtherOther +7% $3.3 REMICADEREMICADE + 10% $4.7 $2.9 + 9% (12%)

EPREX / PROCRIT Anti-PsychoticsAnti-Psychotics EPREX / PROCRIT RecentRecent PharmaceuticalPharmaceutical ApprovalsApprovals

•• CONCERTA™CONCERTA™ - - treatmenttreatment ofof AttentionAttention DeficitDeficit HyperactivityHyperactivity DisorderDisorder inin adultsadults agesages 1818 toto 65.65. •• INTELENCE™INTELENCE™ -- treatment treatment ofof humanhuman immunodeficiencyimmunodeficiency virusvirus typetype 1(HIV-1)1(HIV-1) infectioninfection inin antiretroviralantiretroviral treatment-experiencedtreatment-experienced adultadult patientspatients (1/08(1/08 US)US) •• DORIBAX™DORIBAX™ (doripenem)(doripenem) -- treatmenttreatment forfor complicatedcomplicated intra-abdominalintra-abdominal andand complicatedcomplicated urinaryurinary tracttract infectionsinfections (US(US 10/07)10/07) •• REMICADEREMICADE ®-®- treatmenttreatment ofof PsoriaticPsoriatic Arthritis-structuralArthritis-structural damagedamage (US(US 8/06)8/06) (EU(EU 11/07);11/07); UlcerativeUlcerative colitiscolitis –– colectomycolectomy avoidanceavoidance (4/08)(4/08) •• DOXILDOXIL®® inin combinationcombination withwith VELCADEVELCADE®® forfor InjectionInjection -- MultipleMultiple MyelomaMyeloma (US(US 5/07)5/07) (EU(EU 12/07)12/07) •• RISPERDALRISPERDAL ®® –– PediatricPediatric ExclusivityExclusivity (US(US 2/07),2/07), PediatricPediatric indicationindication (US(US 8/07)8/07) •• LEVAQUINLEVAQUIN ®® TabsTabs andand IV–IV– PediatricPediatric ExclusivityExclusivity (US(US 3/07),3/07), AcuteAcute PyelonephritisPyelonephritis (US(US 9/07)9/07) •• INVEGA™INVEGA™ ()(paliperidone) Extended-ReleaseExtended-Release TabletsTablets –– aa once-dailyonce-daily oraloral medicationmedication forfor thethe treatmenttreatment ofof schizophreniaschizophrenia (12/06(12/06 US)US) (6/07(6/07 EU)EU) 2Q2Q 20082008 ResultsResults 2Q2Q 20082008 HighlightsHighlights

GrowthGrowth %% TotalTotal OperationsOperations CurrencyCurrency •• SalesSales –– WorldwideWorldwide 8.7% 8.7% 3.1%3.1% 5.6%5.6% –– U.S.U.S. 2.1%2.1% –– InternationalInternational 16.2% 16.2% 4.3% 4.3% 11.9% 11.9% •• NetNet EarningsEarnings 8.0%8.0% •• EPSEPS 11.4%11.4% •• AdjustedAdjusted NetNet EarningsEarnings(1)(1) 9.3%9.3%

•• AdjustedAdjusted EPSEPS(1)(1) 12.4%12.4%

(1) Non GAAP. Excludes special items related to IPR&D charges. Please see Appendix A for reconciliation. 2Q2Q 20082008 SalesSales GrowthGrowth byby SegmentSegment

TotalTotal OperationsOperations CurrencyCurrency ConsumerConsumer 13.2% 13.2% 6.8% 6.8% 6.4% 6.4%

MedMed DeviceDevice && DiagnosticsDiagnostics 12.1%12.1% 5.7% 5.7% 6.4% 6.4%

PharmaceuticalPharmaceutical 3.1% 3.1% (1.3)%(1.3)% 4.4%4.4%

TotalTotal CompanyCompany 8.7%8.7% 3.1%3.1% 5.6%5.6% 2Q2Q 20082008 ConsumerConsumer SalesSales (+6.8%)(+6.8%) GrowthGrowth Drivers:Drivers: •• OTC/NutritionalsOTC/Nutritionals (+11%)(+11%) –– LaunchLaunch ofof ZyrtecZyrtec OTCOTC inin thethe US;US; adultadult analgesicsanalgesics andand SPLENDASPLENDA sugarsugar substitutesubstitute •• OralOral CareCare (+10%)(+10%) –– LISTERINELISTERINE productproduct lineline •• BabyBaby CareCare (+9%)(+9%) –– Wipes,Wipes, Haircare,Haircare, PowderPowder andand OilOil andand Babycenter.comBabycenter.com •• SkinSkin CareCare (+5%)(+5%) –– NEUTROGENANEUTROGENA ,, ,AVEENO, ANDAND CLEANCLEAN && CLEAR,CLEAR, productproduct lineslines

All growth %’s noted are operational growth 2Q2Q 20082008 MedicalMedical DevicesDevices && DiagnosticsDiagnostics SalesSales (+5.7%)(+5.7%) GrowthGrowth DriversDrivers •• EthiconEthicon EndoEndo SurgerySurgery (+10%)(+10%) –– Endocutters,Endocutters, HARMONICHARMONIC SCALPELSCALPEL®®,, AdvancedAdvanced SterilizationSterilization ProductsProducts •• DePuyDePuy (+9%)(+9%) –– HipHip reconstructionreconstruction productsproducts andand Mitek’sMitek’s sportssports medicinemedicine productsproducts •• VisionVision CareCare (+8%)(+8%) –– ACUVUEACUVUE ®® OASYS™OASYS™ withwith HYDRACLEAR™HYDRACLEAR™ PLUS;PLUS; 1-DAY1-DAY ACUVUEACUVUE ®® MoistMoist ™™ ;; andand ®ACUVUE® ADVANCE™ADVANCE™ forfor ASTIGMATISMASTIGMATISM

All growth %’s noted are operational growth 2Q2Q 20082008 MedicalMedical DevicesDevices && DiagnosticsDiagnostics SalesSales (5.7%)(5.7%) GrowthGrowth DriversDrivers

•• DiabetesDiabetes CareCare (+7%)(+7%) –– ONETOUCHONETOUCH®® UltraUltra productproduct lineline andand AnimasAnimas insulininsulin pumppump productsproducts •• OrthoOrtho ClinicalClinical DiagnosticsDiagnostics (+7%)(+7%) –– ImmunodiagnosticsImmunodiagnostics productsproducts •• EthiconEthicon (+6%)(+6%) –– Sutures,Sutures, hemostasishemostasis andand meshmesh productsproducts

All growth %’s noted are operational growth 2Q2Q 20082008 PharmaceuticalPharmaceutical SalesSales ((--1.3%)1.3%)

KeyKey ProductsProducts %% ChangeChange •• VELCADEVELCADE +47%+47% •• TOPAMAXTOPAMAX®® +15%+15% •• RISPERDALRISPERDAL®® CONSTACONSTA®® +14%+14% •• CONCERTACONCERTA®® +6%+6% •• REMICADEREMICADE®® +2%+2% •• LEVAQUINLEVAQUIN®/®/FLOXINFLOXIN®® -4%-4% •• ACIPHEXACIPHEX®®/PARIET/PARIET®® -9%-9% •• DURAGESICDURAGESIC®® -14%-14% •• EPREXEPREX®®/PROCRIT/PROCRIT®® -19%-19% •• RISPERDALRISPERDAL®® -19%-19%

AllAll growthgrowth %’s%’s notednoted areare operationaloperational growthgrowth SUMMARYSUMMARY JohnsonJohnson && Johnson:Johnson: TheThe MostMost BroadlyBroadly BasedBased HealthHealth CareCare CompanyCompany •• Exceptional Exceptional tracktrack recordrecord ofof superiorsuperior growthgrowth overover thethe longlong termterm •• Excellent Excellent financialfinancial strengthstrength •• Innovative Innovative productsproducts •• Robust Robust pharmaceuticalpharmaceutical R&DR&D pipelinepipeline •• Largest Largest andand mostmost globallyglobally diversediverse medicalmedical devicesdevices andand diagnosticsdiagnostics companycompany •• Premier Premier consumerconsumer healthhealth carecare companycompany AppendixAppendix AA –– ReconciliationReconciliation ofof NonNon--GAAPGAAP Measures:Measures: Q2’08Q2’08 vs.vs. Q2’07Q2’07

Johnson & Johnson and Subsidiaries Reconciliation of Non-GAAP Measures

Second Quarter % Incr. / June YTD % Incr. / (Dollars in Millions Except Per Share Data) 2008 2007 (Decr.) 2008 2007 (Decr.)

Net Earnings - as reported $ 3,327 3,081 8.0%$ 6,925 5,654 22.5%

In-process research & development (IPR&D) 40 - 40 807

Net Earnings - as adjusted $ 3,367 3,081 9.3% 6,965 6,461 7.8%

Diluted Net earnings per share - as reported $ 1.17 1.05 11.4%$ 2.43 1.93 25.9%

In-process research & development (IPR&D) 0.01 - 0.01 0.28

Diluted Net earnings per share - as adjusted $ 1.18 1.05 12.4% 2.44 2.21 10.4%

The Company believes investors gain additional perspective of underlying business trends and results by providing a measure of net earnings and diluted net earnings per share that excludes IPR&D in order to evaluate ongoing business operations.