EXHIBIT 12
JOHNSON & JOHNSON AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
(DOLLARS IN MILLIONS)
<Table>
<Caption>
FISCAL YEAR ENDED
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JANUARY 2, DECEMBER 28, DECEMBER 29, DECEMBER 30, DECEMBER 31,
2005 2003 2002 2001 2000
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Determination of Earnings:
Earnings Before Provision for
Taxes on Income............. $12,838 $10,308 9,291 7,898 6,868
Fixed Charges.................. 272 300 259 245 292
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Total Earnings as
Defined.............. $13,110 $10,608 9,550 8,143 7,160
======= ======= ===== ===== =====
Fixed Charges and Other:
Rents.......................... 85 93 99 92 88
Interest Expense Before
Capitalization of
Interest.................... 323 315 258 248 301
------- ------- ----- ----- -----
Total Fixed Charges.... $ 408 $ 408 357 340 389
======= ======= ===== ===== =====
Ratio of Earnings to Fixed
Charges........................ 32.13 26.00 26.75 23.95 18.41
======= ======= ===== ===== =====
</Table>
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(1) The ratio of earnings to fixed charges is computed by dividing the sum of
earnings before provision for taxes on income and fixed charges by fixed
charges. Fixed charges represent interest expense (before interest is
capitalized), amortization of debt discount and an appropriate interest
factor on operating leases.