8-K

                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                      WASHINGTON, DC 20549


                            FORM 8-K


                         CURRENT REPORT
             Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934

   Date of report (Date of earliest event reported):
                        July 31, 2007

                        JOHNSON & JOHNSON
     (Exact name of registrant as specified in its charter)

     New Jersey             1-3215          22-1024240
(State or Other Juris-    (Commission	(IRS Employer
diction of Incorporation) File  Number)  Identification No.)


  One Johnson & Johnson Plaza, New Brunswick, New Jersey 08933
       (Address of Principal Executive Offices) (Zip Code)

  Registrant's telephone number, including area code:
                       732-524-0400

      Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation
of the registrant under any of the following provisions:

     [  ]  Written communications pursuant to Rule 425 under
     the Securities Act 17 CFR 230.425)

     [  ]  Soliciting material pursuant to Rule 14a-12 under
     the Exchange Act 17 CFR 240.14a-12)

     [   ]  Pre-commencement communications pursuant to Rule
     14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     [   ]  Pre-commencement communications pursuant to Rule
     13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 8.01.  Other Events.

On  July  31,  2007,  the  Company issued  a  press  release
attached to this Report as Exhibit 99.1.

Item 9.01.  Financial Statements and Exhibits.

     (c)  Exhibits.

     99.1  Press release dated July 31, 2007.



                           SIGNATURES

     Pursuant to the requirements of the Securities Exchange
Act  of 1934, the registrant has duly caused this report  to
be  signed  on  its behalf by the undersigned hereunto  duly
authorized.

                              JOHNSON & JOHNSON
                              (Registrant)


Date:  July 31, 2007          By: /s/ STEPHEN J. COSGROVE
                                Stephen J. Cosgrove
                                Controller
                                (Principal Accounting
                                Officer)



                          EXHIBIT INDEX

Exhibit No.    Description

99.1           Press release dated July 31, 2007.

EX-99

                                           Exhibit 99.1



Press Contacts:

Jeffrey J. Leebaw        Bill Price
(732) 524-3350          (732) 524-6623
(732) 821-6007 (H)      (732) 668-3735 (M)

Investor Contacts:

Louise Mehrotra     Stan Panasewicz     Lesley Fishman
(732) 524-6491      (732) 524-2524      (732) 524-3922


                      FOR IMMEDIATE RELEASE


    Johnson & Johnson Plans To Improve Overall Cost
Structure, While Continuing to Invest in Opportunities
            for Sustained Profitable Growth
                         * * *
 Identifies Initiatives to Achieve Projected, Pre-Tax,
   Annual Cost Savings of $1.3-$1.6 billion for 2008
                         * * *
   Expects to Take Associated Pre-Tax, Restructuring
Charges in Range of $550-$750 million in Second Half of 2007
                              * * *
Confirms Earnings Guidance for 2007, excluding one-time charges


     New Brunswick, NJ (July 31, 2007) - Johnson &
Johnson today announced initiatives that are expected
to generate pre-tax, annual cost savings of $1.3-$1.6
billion for 2008 in an effort to improve its overall
cost structure and ensure continued profitable growth
in the years to come.  The company will also continue
to invest in both its growing businesses as well as
promising technologies and product opportunities to
strengthen its position in the fastest growing segments
of the health care industry.

     "Throughout our history, we have always taken a
thoughtful, disciplined approach to address the
challenges we face," said William C. Weldon, Johnson &
Johnson Chairman and Chief Executive Officer.  "These
actions we are taking to improve our cost structure
will enable us to continue investing for future growth
and profitability."

     The company expects to take associated pre-tax,
restructuring charges in the range of $550-$750 million
in the second half of the year.  It confirmed previous
earnings guidance for full-year 2007, which excludes
such charges, of between $4.02 and $4.07 per share.
The company intends to maintain investments in its
research and development to strengthen its portfolio
and ensure leadership positions in high-growth areas of
health care.

     Cost savings will be achieved primarily in the
Pharmaceuticals segment, which faces significant patent
expirations over the next few years, and in the Cordis
franchise, which competes in the drug-eluting stent
market:

*  The company's Pharmaceuticals segment will reduce its cost
base by consolidating certain operations, while continuing to
invest in recently launched products and its late-stage pipeline
of new products.  The company plans to file applications for
seven to ten new compounds between 2008 and the end of 2010.

*  The Cordis franchise is moving to a more integrated business
model to address the market changes underway with drug-eluting
stents and to better serve the broad spectrum of its patients'
cardiovascular needs, while reducing its cost base.


     Position eliminations will form only one component
of the savings.  Weldon said, "These are difficult
issues, but ones that must be addressed to ensure the
long-term strength of our business."

     The company said initiatives would be implemented
at operating company levels to be certain the
businesses can meet the needs of the customers they
serve on a day-to-day basis and to ensure the fair and
respectful treatment of employees throughout the
process.  The company estimates that position
eliminations will be in a range of 3-4 percent of its
global workforce, subject to and handled in accordance
with local works councils and labor laws.  The company
plans to minimize the number of employees who are
affected by these actions through the use of attrition
and hiring freezes in certain areas of the business.

     As part of its attention to cost management, the
company plans to accelerate steps to standardize and
streamline certain aspects of its enterprise-wide
functions such as human resources, finance and
information technology to support growth across the
business, while also leveraging its scale more
effectively in areas such as procurement to benefit its
operating companies.

     The savings and charges discussed today do not
include any impact from the company's previously
disclosed integration plans associated with the
acquisition of Pfizer Consumer Healthcare, which
continue to be on target to achieve $500 - $600 million
in synergies by 2009.

     Johnson & Johnson is the world's most
comprehensive and broadly based manufacturer of health
care products, as well as a provider of related
services, for the consumer, pharmaceutical, and medical
devices and diagnostics markets. The more than 250
Johnson & Johnson operating companies employ
approximately 120,500 men and women in 57 countries and
sell products throughout the world.

                        NOTE TO INVESTORS

     Johnson & Johnson will conduct a conference call
with financial analysts to discuss this news release
today at 9:00 a.m., Eastern Daylight Time. A
simultaneous webcast of the call for interested
investors and others may be accessed by visiting the
Johnson & Johnson website at www.investor.jnj.com. A
replay and podcast will be available approximately two
hours after the live webcast by visiting
www.investor.jnj.com.

(This press release 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 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 of the Company's
Annual Report on Form 10-K for the fiscal year ended
December 31, 2006. 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.)

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