Note on Forward-looking Statements

These presentations 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 obtained 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.

Note on Forward-looking Statements

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 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.

Pharmaceuticals Business Review

Sheri McCoyWorldwide Chairman, Pharmaceuticals Group

Agenda

Pharmaceuticals Group Overview S. McCoy, Worldwide Chairman, Pharmaceuticals

Research & Development Overview P. Stoffels, M.D., Global Head, Pharmaceuticals R&D

Neuroscience H. Manji, M.D., Global Therapeutic Head

Break

Cardiovascular & Metabolism J. Waldstreicher, M.D., Chief Medical Officer

Infectious Diseases R. Pomerantz, M.D., F.A.C.P., Global Therapeutic Head

Q&A Panel

Morning

Agenda

Lunch

Biotechnology & Immunology J. Siegel, M.D., Chief Biotechnology Officer

Oncology B. Hait, M.D., Ph.D., Global Therapeutic Head

Q&A Panel

Closing Remarks D. Caruso, Vice President, Finance & Chief Financial Officer

Afternoon

Our Focus Today

• Johnson & Johnson overview

• Johnson & Johnson Pharmaceutical business

• Pharmaceutical market overview

• Johnson & Johnson growth strategies

• Johnson & Johnson R&D strategy and pipeline

Strength of Our Operating Model

Our Credo

Managedfor the

Long Term

Broadly Basedin Human

Health Care

DecentralizedManagement

Approach

Focused onPeople

and Values

World’s Most Comprehensive andBroadly Based Health Care Company• 2008 Sales of $63.7 Billion

• Over 250 operating companies worldwide

• Leadership positions:– Pharmaceuticals (ethical and OTC)– Medical Devices & Diagnostics– Broad array of Consumer brands

2008 Johnson & Johnson Sales by Segment

Pharmaceuticals3.1%*

Medical Devices& Diagnostics

3.5%*Consumer

8.3%*

39%$24.6B

36%$23.1B

$ U.S. BillionsTotal Sales: $63.7B

25%$16.0B

* Operational Growth. Excludes the impact of foreign currency translation. Total sales growth can be found on the Investor Relations section of www.jnj.com

Johnson & Johnson Pharmaceuticals: Competitively Positioned

#7 Worldwide 2008 Market Rank

#4 Global Biotech 2008 Market Rank

IMS Data

2008 Sales $24.6 Billion3.1% Operationally

REMICADE®

TOPAMAX®

PROCRIT®/EPREX®

RISPERDAL®

LEVAQUIN®

RISPERDAL® CONSTA®

CONCERTA®

ACIPHEX®/PARIET®

DURAGESIC®/DUROGESIC®

9 Products with sales $1 Billion+

Johnson & Johnson Pharmaceuticals

2008 Pharmaceutical Growth Drivers

* Operational Growth

13%* 117%* 13%* 163%* 41%* 11%*

REMICADE® INVEGA® RISPERDAL® CONSTA® PREZISTA® VELCADE® TOPAMAX®

60%

40%OUS

US

Johnson & Johnson 2008 Global Pharmaceutical Sales

PharmaceuticalsMarketOverview

The Global Pharmaceuticals Market

• $750 billion* global market

• Projected CAGR of 3-6% through 2013* – U.S. growth slowing– Significant opportunity in emerging markets– Large and growing therapeutic areas

* IMS Health

•

Global Market Projections Moving Forward

• Growth projections in developed markets flat/declining– 5-year U.S. CAGR projections flat

• Emerging markets growth promising– Growth projected at 13-16% through 2013

• 7 emerging markets will contribute 50%+ of growth in 2009• China will be 3rd largest Pharma market by 2011

IMS Data

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Source: IMS Health, MIDAS, Therapy Forecaster 2007

Major Therapeutic Areas Forecast 2007-2011

Global Major Therapeutic Areas

By 2025, 50% of new patients in high growth TAs, such as diabetes and oncology, will come from BRIC

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Global Major Therapeutic Areas

By 2025, 50% of new patients in high growth TAs, such as diabetes and oncology, will come from BRIC

Major Therapeutic Areas Forecast 2007-2011

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Industry Dynamics

• Significant unmet needs

• Aging demographics

• Rising cost of health care

• Evolving stakeholder influences

• Opportunity to reduce the burden of disease

Addressing unmet medical needs

Demonstrated, compelling economic and clinical value

Differentiated products

Reducing the Burden of Disease

Reducing the Burden of Disease: Neuroscience

As many as 50 million people globally with schizophrenia*

Cost of treating relapsed patients 4x that of stable patients

* www.schizophrenia.com

Husseini Manji, M.D. Global Therapeutic Head

Reducing the Burden of Disease: Immunology

More than 200 million people live with immunologic disorders

Rheumatoid arthritis patients have 10x work disability rate of general population

Jay P. Siegel, M.D.Chief Biotechnology Officer

Reducing the Burden of Disease: Cardiovascular Disease

Cardiovascular disease creates a major cost burden on societies

Patients’ care remains challenging

Rates of venous thromboembolism and atrial fibrillation continue to rise

Joanne Waldstreicher, M.D.Chief Medical Officer

Reducing the Burden of Disease: Diabetes

250 million people are living with diabetes and the number is growing

Heart disease and stroke deaths are 2 to 4 times higher in adults with diabetes

Reducing the Burden of Disease:Infectious Diseases

3% of the world’s population has chronic hepatitis C

The majority are undiagnosed

80% of those diagnosed remain untreated

Consequences can include chronic liver disease, cirrhosis, and liver cancer

Roger Pomerantz, M.D., F.A.C.P.Global Therapeutic Head

Reducing the Burden of Disease:Oncology

World’s leading cause of death by 2010

Cancer accounts for 13% of all deaths worldwide

Bill Hait, M.D., Ph.D.Global Therapeutic Head

• Changing level of risk tolerance

• Increasing demands for evidence

• Higher hurdles for differentiation

• Diverse stakeholders

• Consumer participation

Evolving Stakeholder Influences

Strategies for Growth

• Grow core business globally

• Successfully execute product launches

• Build robust pipeline

• Fuel emerging market growth

• Shape external environment

• Focus on our people

Grow Core Business Globally

• Market share growth

• Increase penetration

• Robust clinical strategies –life cycle management

• Geographic expansion

• Evolving commercial approaches

Grow Core Business Globally

REMICADE® STELARA™ Rivaroxaban

“Pipeline in a product” examples

Pediatric ulcerative colitis

Crohn’s disease

Psoriatic arthritis

Sarcoidosis

Moderate to severe plaque psoriasisCrohn’s disease

Rheumatoid arthritis

Ankylosing spondylitis

Psoriatic arthritis

Ulcerative colitis

Pediatric Crohn’s disease

Plaque psoriasis

Indications Indications Filings/Clinical Studies

Planned Filings/Clinical Studies

Planned Filings/Clinical Studies Planned Filings/Clinical Studies

VTE prevention post THR/TKR surgery

VTE treatment/long-term secondary prevention

Stroke prevention in patients w/a-fib

VTE prevention in hospitalized acute medically ill

Secondary prevention of CV events in patients w/ACS

• Expect to launch significant newproducts over 18 months

• Address unmet medical need

• Differentiation required

• Early and diverse stakeholder input– Patients– Physicians and providers– Regulators and payors

• Commercial execution

Successfully Execute Product Launches

Build Robust Pipeline

• Five therapeutic areas– End-to-end

• Scientific strategies

• NMEs and major LEs

• Biologic and small molecules

• Internally discovered and externally sourced

$5.1

2003 2008

$3.3

$ U.S. Billions

Build Robust PipelinePharmaceuticals R&D Investment

5-Year CAGR: 9.3%

% to NTS 16.7% 20.7%

Build Robust PipelineNME approvals and filings 2007-2010

Filings assumed to be in U.S. unless otherwise noted

2007 2008 2009-2010ApprovedDORIBAX™ (doripenem)

Infectious diseasesFiledZEFTERA™ (ceftobiprole)

Infectious diseasesINVEGA® SUSTENNA™

(paliperidone palmitate) Neuroscience

STELARA™ (ustekinumab) Immunology

ApprovedINTELENCE™ (etravirine)

Infectious diseasesNUCYNTA™ (tapentadol IR)

PainDORIBAX™ (doripenem) (EU)

Infectious diseasesFiledRivaroxaban

Cardiovascular diseaseCOMFYDE™ (carisbamate)

NeuroscienceYONDELIS®

OncologySIMPONI™ (golimumab) (EU)

Immunology

ApprovedSTELARA™ (ustekinumab) (EU)

ImmunologyPRILIGY® (dapoxetine) (EU)

Sexual healthSIMPONI™ (golimumab)

ImmunologyPlanned FilingsDACOGEN™ (EU)

OncologyTMC278

Infectious diseasesTelaprevir (EU)

Infectious diseases

Build Robust Pipeline

Planned Filings 2010-2013Anti-NGF

NeuroscienceMTP inhibitor

MetabolismCanagliflozin (SGLT-2)

MetabolismTelaprevir (EU)

Infectious diseasesCNTO 136

ImmunologyTMC207

Infectious diseasesCNTO 328

OncologyTMC278

Infectious diseasesDACOGEN™ (EU)

OncologyTMC435

Infectious diseasesHistamine H3 Antagonist

Neuroscience

Fuel Emerging Market Growth

• Continued growth from core products

• Localized approaches

• Focus on sharing best practices

• Tap into global resources and capabilities

Tianjin Medical University Cancer Hospital

Shape the External Environment: Reduce the Burden of Care • Reduce and redefine cost of care

• Offer broad access programs

• Realize the promise of personalized medicine

Optimistic About Our Future

• Integrated global R&D

• Global reach with regional commercial teams

• Growth focus

Strategies for Growth

• Grow core business globally

• Successfully execute product launches

• Build robust pipeline

• Fuel emerging markets’ growth

• Shape external environment

• Focus on our people