Consolidated Balance Sheets

At January 2, 2011 and January 3, 2010 (Dollars in Millions Except Share and Per Share Data) (Note 1)

Johnson & Johnson and Subsidiaries

2010

2009

Assets Current assets Cash and cash equivalents (Notes 1 and 2) Marketable securities (Notes 1 and 2) Accounts receivable trade, less allowances for doubtful accounts $340 (2009, $333) Inventories (Notes 1 and 3) Deferred taxes on income (Note 8) Prepaid expenses and other receivables Total current assets Property, plant and equipment, net (Notes 1 and 4) Intangible assets, net (Notes 1 and 5) Goodwill (Notes 1 and 5) Deferred taxes on income (Note 8) Other assets Total assets Liabilities and Shareholders Equity Current liabilities Loans and notes payable (Note 7) Accounts payable Accrued liabilities Accrued rebates, returns and promotions Accrued compensation and employee related obligations Accrued taxes on income Total current liabilities Long-term debt (Note 7) Deferred taxes on income (Note 8) Employee related obligations (Notes 9 and 10) Other liabilities Total liabilities Shareholders equity Preferred stock without par value (authorized and unissued 2,000,000 shares) Common stock par value $1.00 per share (Note 12) (authorized 4,320,000,000 shares; issued 3,119,843,000 shares) Accumulated other comprehensive income (Note 13) Retained earnings Less: common stock held in treasury, at cost (Note 12) (381,746,000 shares and 365,522,000 shares) Total shareholders equity Total liabilities and shareholders equity

$ 19,355 8,303 9,774 5,378 2,224 2,273 47,307 14,553 16,716 15,294 5,096 3,942 $102,908

15,810 3,615 9,646 5,180 2,793 2,497 39,541 14,759 16,323 14,862 5,507 3,690 94,682

7,617 5,623 4,100 2,512 2,642 578 23,072 9,156 1,447 6,087 6,567 46,329

6,318 5,541 4,625 2,028 2,777 442 21,731 8,223 1,424 6,769 5,947 44,094

3,120 (3,531) 77,773 77,362 20,783 56,579 $102,908

3,120 (3,058) 70,306 70,368 19,780 50,588 94,682

See Notes to Consolidated Financial Statements

CO N S O L I DAT E D F I N A N C I A L S TAT E M E N T S 41