Exhibit 99.2
JOHNSON & JOHNSON
INVESTMENT ANALYST FORMAL REMARKS NOVEMBER 17, 2006

Stan Panasewicz  - Johnson & Johnson - Director IR

Good morning and welcome.  I'm Stan Panasewicz,
Director of Investor Relations for Johnson & Johnson.
It is my pleasure to review with you the definitive
agreement announced last evening whereby Johnson &
Johnson will acquire Conor Medsystems.  With me on the
call this morning are Nick Valeriani, Worldwide
Chairman, Cardiovascular Devices and Diagnostics, Dr.
Frank Litvack, Chairman and Chief Executive Officer,
Conor Medsystems, and Bob Darretta, Vice Chairman and
Chief Financial Officer, Johnson & Johnson.

Rick Anderson, Johnson & Johnson company group chairman
for the Cordis franchise, will also join us during the
question and answer period.

Let me first outline the agenda for this morning's
call. I'll begin with a brief overview of the
transaction.  Following my remarks, Nick will share
with you the comments on the strategic rationale for
this powerful combination and the benefits it will
bring to both patients and the Cordis franchise.  Next,
Frank Litvack will provide some additional commentary
around the impact of this exciting opportunity for the
stockholders of Conor Medsystems.  Bob Darretta will
wrap up the formal remarks with additional comments on
the financial aspects of the agreement.

After formal remarks are concluded, we will open the
call to your questions.  We expect the call, including
Q&A, to last 30 to 45 minutes but will certainly be
sensitive to accommodating your questions before we
conclude the call.

Last item before we proceed: let me remind you that
some of the statements made during this call may be
considered "forward looking statements."

Johnson & Johnson's 10-K for the fiscal year 2005
identifies certain factors that could cause the
Company's actual results to differ materially from
those projected in any forward-looking statements made
during this call.  The 10-K and subsequent filings are
available through the Company or on-line.

To the subject at hand.

The definitive agreement announced last evening is an
all cash transaction valued at $1.4 billion dollars
whereby Johnson & Johnson will acquire Conor
Medsystems. The boards of directors of Johnson &
Johnson and Conor Medsystems have approved the
transaction, which is subject to clearance under the
Hart-Scott-Rodino Anti-Trust Improvements Act, Conor
Medsystems stockholder approval and other customary
closing conditions. The transaction is expected to
close by the end of the first quarter 2007.

It's now my pleasure to introduce Nick Valeriani.

Nick..

Nick  Valeriani   -  Johnson &  Johnson  -  Worldwide
Chairman, Cardiovascular Devices & Diagnostics

Thanks, Stan, and thank you all for joining us today to
discuss what is clearly an important event for Cordis
and a demonstration of Johnson & Johnson's commitment
to cardiovascular and vascular technology. Our
agreement last night to acquire Conor Medsystems
strengthens our technological capabilities and brings
outstanding talent to our effort to address the
clinical challenges of cardiovascular disease.

Conor Medsystems builds on our strong position in
cardiovascular care, one of the most important and
fastest-growing areas of health care, both immediately,
with its innovative CoStar drug-eluting stent, and over
the long-term, with its unique drug-delivery
technology.

Through the acquisition of Conor Medsystems, Cordis
will gain a unique controlled drug delivery technology.
It is currently employed on the CoStar Stent System, a
paclitaxel-eluting cobalt chromium stent with a
bioabsorbable polymer.  The CoStar Stent is currently
sold outside the United States, and it is in clinical
trials here in the US. We look forward to bringing the
benefits of this technology to the United States in the
near future.

The CoStar Stent, with a fully bioabsorbable polymer
and proprietary design, is unique in its drug delivery
mechanism. The design enhances control and direction of
drug delivery, enabling a wider range of drug therapies
and potentially increasing the range of clinical
applications. The technology holds the potential for
delivery of multiple therapeutic agents that may be
useful in the treatment of cardiovascular, peripheral
vascular and neurovascular disease.

The CoStar Stent will broaden our drug-eluting stent
portfolio, making it the most comprehensive in the
market in terms of stent design, delivery platform,
polymer science, drug and drug delivery mechanism. We
look forward to accelerating the adoption of the CoStar
Stent through the strong sales and marketing
capabilities of the global Cordis organization.

While this stent is a significant addition to our
existing portfolio, we are also excited about the
application of this innovative technology to other
areas of our business. We expect to study the
application of this drug delivery mechanism not only in
the areas within the cardiovascular and vascular
categories, but also in a broad range of other clinical
indications.

I look forward to the day when we officially welcome
the employees of Conor Medsystems to the Johnson &
Johnson family of companies. As we have worked with the
Conor Medsystems organization over the past few months,
we have been consistently impressed by the people we
met. We found not just capable and talented employees,
but people who share our underlying values and our
commitment to advancing patient care in this important
medical space. I'm confident that Conor Medsystem's
employees and leaders will be a credit to Johnson &
Johnson well into the future.

Let me also take a moment to recognize all the
employees at Cordis. It is their passion and dedication
to bringing breakthrough technologies to patients that
has built a foundation for the growth of our
cardiovascular device business.

Before I turn it over to Frank, let me emphasize my
optimism for this union. At Cordis, we have a legacy of
important contributions to the care of patients with
cardiovascular disease and the physicians who treat
them. We transformed the care of these patients with
the introduction of the first stent in the 1990s, and
we reinvented that category in 2002 with the launch of
the CYPHER Sirolimus-Eluting Stent. With Conor
Medsystems, we are now positioned to lead the
development of next generation technologies aimed at
advancing the standard of care in the treatment of
coronary artery disease. We can do more for patients
with cardiovascular disease together than either of
these companies could have done alone, and  I have
great confidence in the people of both organizations to
take us to that next level of care.

Now, let me turn it over to Dr. Frank Litvack, Chairman
and Chief Executive Officer of Conor Medsystems, who
will provide his perspective on the union with Cordis.
Frank.

Frank  Litvack, M.D., Conor Medsystems, Inc. - Chairman
& CEO

Thank you, Nick. First I would like to say that the
Conor Medsystems management team, as well as the Board
of Directors, feels very good about this agreement. We
are pleased to be joining the capabilities of these
companies. We believe this transaction creates a
combined organization that will deliver sustained
innovation and product development for the benefit of
patients around the world.

As for Conor Medsystem stockholders, we believe they
are well served by this transaction because it provides
them an opportunity to realize significant and
immediate value.

Let me talk for a moment about what I think Conor
Medsystems brings to Johnson & Johnson - we have a
transformational drug delivery technology that speaks
to our proven capabilities in design and product
development, but more importantly, we bring a culture
of innovation, and an entrepreneurial spirit.

While we have confidence in our technology, we also
recognize that leadership in market development,
propelled by excellent clinical science, public policy
advocacy, and patient awareness, has been and will be
important. Johnson & Johnson is uniquely qualified in
these areas.

Like Nick, I want to take a moment to acknowledge the
most important asset we have - our people. It was Conor
Medsystems' employees who built our company and made
this union possible. Conor Medsystems' more than 300
employees are dedicated to physicians and the patients
they treat, and you will not find a more committed
workforce. I know that Johnson & Johnson recognized
their talent as an important asset. Each of our
employees has a great opportunity going forward for
personal and professional growth as part of the Johnson
& Johnson organization. Their futures hold the promise
of both rewarding careers and continued meaningful
contributions to health care. They will find Johnson &
Johnson to be a company grounded on a foundation of
values to customers, employees and community.

Before I close, I would like to acknowledge, as well,
one more important stakeholder - the physicians who use
our products. As a physician myself, I am attuned to
the importance of the relationship between manufacturer
and practitioner. I know you will find that Conor
Medsystems, in combining with Johnson & Johnson, has
entrusted our technology and its future development to
a company that wants the very best for you and your
patients. Thank you for your support -- we are excited
about the possibilities the future holds.

With that, I will turn it over to Bob Darretta.

Bob Darretta, Johnson & Johnson - Executive VP, CFO

Thanks, Frank. I would now like to briefly touch on the
financial terms and impact of the transaction. As you
have heard from Stan, this is an all-cash transaction
of $1.4 billion on a gross basis, or $1.3 billion net
of the cash projected to be on hand at the time of
closing. The transaction is subject to achieving
regulatory approval in the United States, approval by
Conor Medsystems shareholders and other customary
closing conditions. We anticipate closing the
transaction during the first quarter of 2007.

As you have heard from Nick, the financial returns from
this investment will flow from the accelerated growth
of products already in the market and, even more
importantly, from the application of this unique
controlled drug delivery technology to the stents that
will be commercialized in the future.

The transaction will be dilutive to 2007 earnings and
will essentially be break-even in 2008. 2007 dilution
is estimated at $0.24 per share of which $0.21 per
share is associated with an estimated charge of $600
million for in-process research and development, and
$0.01 per share associated with the amortization of the
estimated value of intangible assets. These estimates
have not yet been reviewed by a third party valuation
specialist and will be refined as that work is
conducted next year.

That concludes my formal comments, and at this point, I
would like to turn the call back to Stan.


Stan Panasewicz  - Johnson & Johnson - Director IR

Thank you, Bob. Elizabeth, if you could provide the
instructions for the Q&A session, we will begin. Thank
you.


Nick Valeriani - Johnson & Johnson, Worldwide Chairman,
Cardiovascular Devices & Diagnostics

Well, in summary, let me first thank everyone who was
on the call this morning to join us for this exciting
announcement. We are obviously very excited about the
addition of Conor Medsystems to the Johnson & Johnson
family of companies. Again, I think it reaffirms our
commitment to making a difference for patients with
cardiovascular disease and the physicians who treat
them, and we very much look forward to the employees of
Conor joining J&J. But probably most importantly, we
are excited and hopeful for what this union will mean
for the more effective and better treatment for
patients around the world. Again, thanks for your time
this morning and have a great day.


(This transcript contains "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 Johnson & Johnson's and
Conor Medsystem's expectations and projections. Risks
and uncertainties include satisfaction of closing
conditions including receipt of regulatory approvals
for the transaction, and the possibility that the
transaction will not be completed; 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 of Johnson &
Johnson's Annual Report on Form 10-K for the fiscal
year ended January 1, 2006 and Conor Medsystem's
Quarterly Report on Form 10-Q for the quarter ended
September 30, 2006. These filings, as well as
subsequent filings, are available online at www.sec.gov
or on request from the applicable company. Neither
company undertakes to update any forward-looking
statements as a result of new information or future
events or developments.)