Louise MehrotraVice President, Investor Relations

Safe Harbor Statement• This presentation may contain “forward-looking statements” as defined in the Private Securities

Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections.

• Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment.

• A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2008. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com, or on request from the Company. The Company does not undertake to update any forward-looking statements as a result of new information or future events or developments.

Dominic CarusoVice President, FinanceChief Financial Officer

Alex GorskyWorldwide Chairman

Medical Devices & Diagnostics

WW Medical Devices & Diagnostics Market – $335B2008-12CAGR

MD&D Market Segments*Blue = Where J&J MD&D Competes

$157B47%$178B

53%

Overall MD&D Market CAGR (2008-12) 6.5%

Total 2008 WW MD&D Market

OUS

Segment Value(US $ in Billions)

Source: HRI, Internal Estimates

US

Surgical Instrument / Other 47 7.4%Imaging 42 2.9%Cardiovascular 32 6.9%In‐Vitros Diagnostics 30 7.4%Orthopaedics 27 8.1%Vision 20 6.3%Dental 18 3.5%Urology & Renal 15 5.6%Wound Care 12 6.9%Endoscopy 11 7.0%Drug Delivery 10  6.8%Energy‐Based/Radiotherapy 10 6.9%Diabetes SMBG & Int. Sol 9 7.0%Critical Care 7 3.7%Opthalmic Surgery 6 6.3%Sports Medicine 4 9.5%Blood Donation & Proc.  3 5.3%Neuromodulation 3 16.0%Infection Control 3 6.0%Aesthetics 2 21.6%Neurosurgery/ICU/Instruments 2 3.1%

Insulin Delivery – Pumps 1 15.2%*Market Segments listed above do not include certain minor categories such as Patients Aids & Home, Non Electrical Diagnostics and other minor markets

Largest MD&D Business in the World

• Strong track record of financial performance• Leadership positions (#1 or #2) in key segments• Compete in attractive categories• Global capabilities and advantages of scale• Unique understanding of chronic disease states• Depth and breadth of Johnson & Johnson

Seven Extraordinary Franchises

Diabetes Care

Diabetes Care

Ethicon Endo

MD&D Segment – Major Franchise

Cordis

YTD’09 Sales: $17.3 Billion YTD’09 Ops Growth Rate: 3.3%

OCD

DePuy

Ethicon

Vision Care

$3.0+9%

$3.2+8%

$2.0 (11%)

$1.5+9%

$3.9+7%

$1.8(4%)

$1.9 +1%

$ U.S. Billions

Sales & Operational Growth Rates – Nine Months 2009

Key Growth Strategies

• Grow core businesses• Launch breakthrough new products/technologies• Accelerate growth in emerging markets• Drive operational effectiveness and efficiency

Key Growth Strategies:

SuturesJoint

Reconstruction SMBGContact Lenses

Clinical Labs

WW Market $3.1B $13.2B $8.5B $5.7B $13.3BJ&J WW Market Position #1 #2 #2 #1 #5J&J WW $ Market Share

75% 20% 27% 45% 7%

Source: Combination of external and internal estimates. WW Market data reflect 2009 estimates; WW Market Position and Market Share data reflect YE’08 actuals.

Grow Core Businesses

Sutures:

• Faster, event-free closure• First and only suture

of its kind• Protects against

bacterial colonization• Tiered strategy for developed

vs. emerging markets

Coated VICRYL™ Plus Antibacterial Suture

Joint Reconstruction:

• First ceramic-on-metal hip bearing considered by FDA• Combines durability/stability of metal-on-metal bearings with

enhanced wear characteristics of ceramic-on-ceramic bearings • Laboratory testing showed:

– >90% wear reduction compared to metal-on-metal under normal gait conditions

– 80% reduction in wear under adverse conditions• FDA Advisory Committee unanimously recommended

approval in August 2009

Pinnacle® CoMplete Acetabular Cup System

Self-monitoring of Blood Glucose (SMBG):

• Automatically double-checks each result for accuracy• OneTouch® Ultra® Test Strips are glucose-specific and eliminate

the risk of falsely elevated results from other sugars– Nearly 7 years of proven accuracy reinforces patient

and HCP confidence• Leverages competitive advantage of one strip platform

for multiple meters• Does not contain the GDH-PQQ enzyme• U.S. launch in September 2009

New Blue OneTouch® Ultra® Test Strips with DoubleSure™ Technology

Contact Lenses:

• World’s first daily disposable silicone hydrogel

• Sets the standard in healthy contact lens wear for today’s non-stop eye

• Only contact lens to deliver on the four dimensions of eye health:

– HEALTH YOU CAN SEE™

– HEALTH YOU CAN FEEL™

– PROTECTIVE HEALTH– EVERYDAY HEALTH

• OUS Launches in 2008/09

• Planned U.S. Launch 2Q/3Q’10

1•DAY ACUVUE® TruEye™

Clinical Labs:

• Market penetration: New systems double the markets served

• Menu expansion: Competitive menu of clinical chemistry and immunoassay tests

• New medical content: Emerging assays

• FDA approved: 4Q08

VITROS® 5600 and 3600 Systems

Key Growth Strategies:

DES Electrophysiology Energy Biosurgicals SedationWW Market 2009

$4.8B $1.8B $1.5B $0.7B New Market

2009-2014 CAGR*

2% 15% 15% 10% New Market

*Operational growthSource: Combination of external and internal estimates

Launch Breakthrough New Products/Technologies

Drug-Eluting Stents (DES):

• First and only drug-eluting stent utilizing RES Technology • 75% bare metal upon insertion; fully bare metal in ~3 months • Contains the drug Sirolimus – unmatched safety and

efficacy data• Excellent deliverability• Robust clinical strategy • CE Mark Filing: 1Q 2010• PMA Filing: 2012

NEVO™ Sirolimus-Eluting Coronary Stent

Electrophysiology:

• Advancing the use of ablation for treatment of arrhythmias

• Focused on atrial fibrillation– Most common sustained cardiac rhythm disturbance– Prevalence of 22MM…only 88K treated with ablation– Ablation fast-growing as second-line therapy– Biosense Webster has first and only FDA approval to

treat Afib– CARTO® 3 system launching OUS

Atrial Fibrillation Ablation

Energy:

• Acquired SurgRX in 2008• Expand leadership in “energy-based” surgical

instruments• ENSEAL® and HARMONIC® are complementary

technologies• ENSEAL® – Advanced bipolar device for large

vessel sealing• HARMONIC® – Ultrasonic device for procedures

requiring multi-functionality

ENSEAL® + HARMONIC®

Biosurgicals:

• Acquired Omrix Biopharmaceuticals in 2008

• Advanced hemostat to address bleeding in surgical settings

• Combines functions of mechanical sealing and biological hemostasis

• BLA Submission: 2009

Fibrin Pad

Sedation:

• First Computer-Assisted Personalized Sedation System

• Integrates precise drug delivery and patient monitoring

• For use by physician/nurse teams to deliver minimal-to-moderate propofol sedation

• Targeting colonoscopy and EGD procedures –16 million U.S. screening procedures per year*

• Favorable FDA advisory panel recommendation in May 2009

*Internal Estimate

The SEDASYS® System

Accelerate Growth in Emerging Markets

*Data source: Internal Estimates and based on markets J&J competes in and is not reflective of the entire MD&D market; Constant Dollars

Market Size 2009-2014 CAGRMD&D BRIC Market $6.0 Billion 15%Brazil $1.7 Billion 11%Russia $0.9 Billion 14%India $0.8 Billion 18%China $2.6 Billion 18%

Key Growth Strategies:

Key Growth Strategies:

• Improve access, affordability, education– Market-appropriate products – Partnerships with government

• Gain meaningful local market insights– R&D Centers in China/India– Manufacturing in Brazil/China/India– Surgical Training Centers in all BRIC countries– Johnson & Johnson Diabetes Institute in China

Accelerate Growth in Emerging Markets

Key Growth Strategies:Drive Operational Effectiveness and Efficiency

* Excludes IPR&D and other special items

0

2000

4000

6000

8000

2003 2004 2005 2006 2007 2008Ope

ratin

g P

rofit

($ in

Bn)

15%

20%

25%

30%

35%

% to

Sal

es

Operating Profit $'s % to Sales

MD&D Operating Profit*, 2003 - 2008

35%

30%

25%

20%

15%

$8.0

$6.0

$4.0

$2.0

$0

Medical Devices & Diagnostics:

• Strong history of delivering clinically-relevant solutions• Favorable demographics and significant unmet needs globally• Market-leading franchises with established growth platforms

and robust pipeline• Broad technology, scientific, and regulatory expertise• Global infrastructure, capabilities and networks• Exceptional financial profile enables continued investment

in new markets, companies, and technologies

Well Positioned for Growth