Louise Mehrotra. Vice President Investor Relations

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Louise Mehrotra

Vice President Investor Relations

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“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

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Note on Non-GAAP Financial Measures

These presentations may refer to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered replacements for GAAP results. A reconciliation of these non-GAAP financial measures to the most directly

comparable GAAP financial measures can be found in the Investor Relations section of the Company‟s website at www.jnj.com.

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William C. Weldon

Chairman of the Board & Chief Executive Officer

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2009 Performance Results

• Met or exceeded expectations • Adjusted EPS* growth 1.8%

• Maintained long-term management focus • Important investments for growth

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Well Positioned for

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Agenda

• Introduction

• 2009 Business Highlights

• Strategic Outlook 2010 and Beyond • Business Segment Growth Priorities

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A Continuing Evolution of Growth

Building on our Foundation of Growth

January 2008

• Restructured

Pharmaceuticals and Cordis • Integrated PCH

• Built presence in emerging markets • Invested in pipelines • Identified white spaces

• Wellness & Prevention

• Licensed & acquired new capabilities

Executing Strategies for Leadership & Growth

in Health Care January 2009 • Advanced pipelines

• Launched six new drugs „08-‟09

• Restructured business to fund innovation and provide financial flexibility

• Invested in strategic acquisitions and

collaborations

Well Positioned for Leadership &Growth

in Health Care January 2010

• Expanding market leadership

• Core products • New launches

• Continuing to advance pipeline

• Internal development

• New platforms for growth

• Expanding global presence

• Emerging markets • Public policy

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Financial Highlights: 2009 vs. 2008

Total Company 2009 2008 Total Ops

Sales _$61.9B _$63.7B _(2.9%) _(0.3%)

Adjusted Earnings* _$12.9B _$12.9B

Adjusted EPS* _$4.63 _$4.55 _1.8%

Free Cash Flow ** _$14.2B _$11.9B

*_{Non-GAAP measure; excludes IPR&D charges and other special items}

**Non-GAAP financial measure: defined as operating cash flow less capital spending; estimated as of 1/25/10

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From Guidance to Results Total Company January 2009 Guidance 2009 Actual Operational Sales _{(1)% - 1%} _(0.3%) Reported Sales _(3)%-(5)% _(2.9%)

Operational Adjusted EPS* _{$4.60 - $4.70} _$4.79 Reported Adjusted EPS* _{$4.45 - $4.55} _$4.63

Average Euro Rate _1.35 _1.39

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Broad Base of Health Care Leadership 2009 Sales by Segment Pharmaceutical 36% Medical Devices & Diagnostics 38% Consumer_26% $22.5B $15.8B $23.6B

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SPLENDA® +6.3%* AVEENO +12.2%* NEUTROGENA +5.6%* LISTERINE +4.3%* 2009 Consumer Highlights 2009 Sales: $15.8 Billion

2009 Ops Growth Rate: 2.0%

World‟s Premier Consumer Health Care Business

• Operational sales increases in skin care, women‟s health, oral care and wound care

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* Operational Growth

+7%* +6%* +12%* +6%*

LISTERINE® Mouthwash _NEUTROGENA® AVEENO® _SPLENDA® 2009 Consumer Highlights

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2009 Consumer Highlights

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2009

Pharmaceutical Highlights

#7

Worldwide Market Rank

#4

Global Biotech Market Rank

IMS Data; MAT 3Q09

2009 Sales: $22.5 Billion

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Pharmaceutical Highlights

* Operational Growth

+15%* +9%* +14%*

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2009 Pharmaceutical Highlights PREZISTA® +83%* VELCADE® +26%* INVEGA® +23%* *Operational growth

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Largest Medical Technology Business in the World

2009 Sales: $23.6 Billion

2009 Ops Growth Rate: 4.2%

2009 Medical Devices & Diagnostics Highlights

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+11%*

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Adjustable Gastric Band

+8%*

*Operational growth

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+8%*

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+9%*

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$7.6 _$7.0 $7.0 _$7.5 $2.7 $2.9

2008 2009

Pharm MD&D Consumer

Positive Momentum Across all Segments Segment Operating Profit*

$17.3B $17.4B

2009 2008 2008 2009 Consumer 17.0% 18.0% MD&D 30.1% 32.0% Pharm 31.0% 31.1% Total 27.1% 28.1% Operating margin % to sales

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Consistent Performance

~70

%

of sales from #1 or #2 global market share position

26

47

Consecutive years of

adjusted earnings increases* Consecutive years of

dividend increases

of sales from new products introduced in the past 5 years

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1 Year 3 Year 5 Year 10 Year

11.3% 2.1% 2.9% 5.4%

S&P 500 26.5% -5.6% .4% -.9%

S&P Pharmaceutical 18.6% 0.5% 2.6% .6%

S&P H/C Equipment 28.8% -.7% .4% 6.3%

Dow Jones Index 22.7% -3.1% 1.9% 1.3%

Delivering Strong Total Shareholder Return

Note: Data source - Bloomberg

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Global Healthcare Spending Growth

SOURCE: Espicom World Medical Factbook *PPP - Purchasing Power Parity

Healthcare spending in $Trillion (PPP*), 2009–14

+5% per year 2014 2009 $6.8 $5.3

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18 58 18 48 19 32 16 49 14 18 0 10 20 30 40 50 60 70 2005-2009 2010-2014

Total prior year sales of all drugs expiring in a given year*

$ Billions

2005-2009 total = $85 Billion

*Year of patent expiry according to Evaluate Pharma reporting; does not account for challenges to IP or “at risk” launches by generics manufacturers NOTE: Includes drugs from top 20 pharmaceutical companies only

SOURCE: McKinsey & Company

2010-2014 total = $205 Billion

Headwinds from 2008-2009 Patent Pressures Have Largely Subsided for Johnson & Johnson Pharmaceutical Industry Global Patent Expirations

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Strong Global Momentum on Increasing Access

• Nations moving to increase access

• Sizeable opportunities remain

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Strong Global Momentum on Increasing Access

In the last 5 years, private medical insurance has increased by 60% -covering ~30% of the population Brazil Covered population expected to double to 220 million by 2015 India Covered population has doubled since 2001 to 45% Expected to grow to 85% by 2012 and universal coverage is planned by 2020 China

SOURCE: “Seizing China‟s Pharmaceutical Opportunity”, McKinsey Quarterly, February 2008; “Indian Pharma 2015: Unlocking the Potential of the Indian Pharmaceuticals Market”, “Healthcare Brazil”, UBS March 9, 2009; McKinsey & Company 2007; JP Morgan, November 2009;

Mexico

Russia

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Strong Global Momentum on Increasing Access

• Nations moving to increase access

• Sizeable opportunities remain

• Increased access means more patients, investment, innovation and growth

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Perspectives on U.S. Health Care Reform

• Health care reform remains a moving target

• Additional costs, but increased access and opportunities

• Continue to assess potential implications

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Mixed Business Indicators Heading into 2010

2010 Tailwinds 2010 Headwinds

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Restructuring for Sustainable Growth

• Streamlining our operations to increase efficiency and free up resources

• Allowing us to invest in our long-term

growth platforms and new product launches • Initiative underway

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Well Positioned for

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• Customers

• Employees

• Community

• Shareholders

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Managed for the Long Term Broadly Based in Human Health Care Decentralized Management Approach Focused on People and Values Operating Model Growth Priorities

Our Credo

Strategic Framework Innovative Products Robust Pipelines Global Presence Talented People

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Innovative Products

Well Positioned for Growth

Medical Devices and Diagnostics

CARTO® 3

Navigational Mapping System

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1-DAY ACUVUE ® TruEye®

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Pinnacle® CoMplete

Acetabular Cup System Robust Pipelines

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NEVO™

Sirolimus-Eluting Coronary Stent

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SEDASYS®

First

Computer-Assisted Personalized Sedation System

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Robust Pipelines

FIBRIN PAD

Soft tissue bleeding in surgery

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• R&D Centers in China/India

• Manufacturing in Brazil/China/India • Surgical Training Centers

in all BRIC countries

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Well Positioned for Growth Consumer

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Innovative Products

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Innovative Products

Technology

Stimulate skin‟s renewal

Imperceptible flow of energy

Anti-aging,

Skin care breakthrough

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1945 1999 2000 2001 2002 2003-05 2006/7 2008/9

AVEENO

®

BRAND HISTORY

AVEENO®_Collodial

Oatmeal Bath

Treatment developed in conjunction with The Mayo Clinic for soothing relief of itch

Johnson & Johnson acquires AVEENO®_brand

from SC Johnson

BABY CARE:

Introduction of line of soothing & therapeutic skin care products for babies

BODY WASH:

Launched under Skin Relief platform for extra dry, itchy skin

FACIAL CARE:Introduction of Total Soy Complex under Clear Complexion and Positively Radiant™platforms PLATFORM EXPANSION: • Body Care • Facial Care LIP CARE (2005):

Launch of lip care

SUN CARE: Launched multiple Active Photobarrier Complex products CATEGORY LAUNCH:

Launch into Hair Care with Nourish + collection

Platform Expansion (EAME/AP)

EAME launches Positively Ageless & Positively Radiant™ lines

NZ launches Positively Radiant™

AVEENO®_{launch into} Russia

Track Record of Innovation

Consumer

1999-2009 CAGR: 23%

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Global Presence

• On-going success of

Vania, Le Petit Marseillais and Dabao

• Shanghai R&D Center

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Well Positioned for Growth Pharmaceuticals

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Innovative Products

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• Continue to expand core

products with new indications • REMICADE

– 15 Indications

– Broad spectrum of

immune system disorders Well Positioned for Growth

Pharmaceuticals

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Rivaroxaban – A Robust Clinical Development Plan

• Prevention of VTE in major orthopaedic surgery • Prevention of stroke in patients with atrial

fibrillation

• VTE treatment and long-term secondary prevention

• VTE prevention in hospitalized acute medically ill patients

• Secondary prevention of cardiovascular events in patients with acute coronary syndrome (ACS)

Novel Oral Anticoagulant

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Planned Filings 2010 DACOGEN™ (E.U.) Oncology Telaprevir (E.U.) Infectious Disease TMC 278 Infectious Disease 2011 – 2013 Planned Filings H3 Antagonist Neuroscience

Anti-Nerve Growth Factor

Neuroscience Canagliflozin (SGLT-2) Metabolism MTP Inhibitor Metabolism TMC 207 Infectious Disease TMC 435 Infectious Disease CNTO 136 Immunology CNTO 328 Oncology Abiraterone Oncology Bapineuzumab Alzheimer’s Disease Robust Pipeline

DACOGEN®_{developed in collaboration with Eisai Corporation of North America; Telaprevir developed in collaboration with Vertex Pharmaceuticals Incorporated; Anti-NGF licensed from Amgen, Inc.; Canagliflozin developed in collaboration with}

Mitsubishi-Tanabe Pharmaceutical Corporation; TMC435 developed in collaboration with Medivir AB.; Bapineuzumab acquired from Elan Pharmaceuticals plc and being developed in collaboration with Pfizer.

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• Alzheimer‟s Disease – Elan/Pfizer • Vaccines – Crucell N.V.

• Combination HIV therapies – Gilead Sciences • Prostate cancer – Cougar Biotechnology

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Well Positioned for Growth:

Pharmaceuticals – Focus on Emerging Markets

• Strengthening capabilities in key markets globally

• Partnering on branded generics in India • Expanding sales reach in China

• Developing our R&D presence in emerging markets

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Managed for the Long Term Broadly Based in Human Health Care Decentralized Management Approach Focused on People and Values Operating Model Growth Priorities

Our Credo

Strategic Framework Innovative Products Robust Pipelines Global Presence Talented People

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#1

World‟s Most

Respected Companies

#1

Wall Street Journal / Harris Interactive Reputation Survey

#5

Global Most Admired

#1 Among

Top 50 Companies for Diversity Well Positioned for Growth

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A Continuing Evolution of Growth

Well Positioned for Leadership &Growth in Health Care January 2010 Building on our Foundation of Growth January 2008 • Restructured

Pharmaceuticals and Cordis • Integrated PCH

• Built presence in emerging markets • Invested in pipelines • Identified white spaces

• Wellness & Prevention

• Licensed & acquired new capabilities

Executing Strategies for Leadership & Growth

in Health Care January 2009 • Advanced pipelines

• Launched six new drugs „08-‟09

• Restructured business to fund innovation and provide financial flexibility

• Invested in strategic acquisitions and

collaborations

• Expanding market leadership

• Core products • New launches

• Continuing to advance pipeline

• Internal development

• New platforms for growth

• Emerging markets • Public policy

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Well Positioned for Growth January 2010

• Advancing strong pipelines • Moving innovative products

into market

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Dominic Caruso

Vice President, Finance Chief Financial Officer

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2010 Guidance

*_{Non-GAAP measure; excludes special items}

NOTE: The above guidance excludes any impact from Health Care Reform

2% - 3% $63 - $64 B

Sales

Adjusted EPS* _{$4.80 - $4.90}4% - 6%

2010 Mid-January Euro Average Rate = 1.42

4% - 5% $64 - $65 B

5% - 7% $4.85 - $4.95

Estimated Operational Estimated at Mid-January Exchange Rates

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