<SEC-DOCUMENT>0001214659-19-002193.txt : 20190319
<SEC-HEADER>0001214659-19-002193.hdr.sgml : 20190319
<ACCEPTANCE-DATETIME>20190319122402
ACCESSION NUMBER:		0001214659-19-002193
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190319
DATE AS OF CHANGE:		20190319
EFFECTIVENESS DATE:		20190319

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHNSON & JOHNSON
		CENTRAL INDEX KEY:			0000200406
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				221024240
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1230

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03215
		FILM NUMBER:		19690812

	BUSINESS ADDRESS:	
		STREET 1:		ONE JOHNSON & JOHNSON PLZ
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08933
		BUSINESS PHONE:		732-524-2455

	MAIL ADDRESS:	
		STREET 1:		ONE JOHNSON & JOHNSON PLZ
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08933

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oxfam America, Inc.
		CENTRAL INDEX KEY:			0001764188
		IRS NUMBER:				237069110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0319

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		8007769326

	MAIL ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>j318191px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="oxfam_logo.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: </B>Johnson &amp; Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Oxfam America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>226 Causeway
Street, Boston, MA 02114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1)
promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule,
but is made voluntarily in the interest of public disclosure and consideration of these important issues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oxfam America, Inc. and co-filer Boston Common Asset Management
urge you to vote <B>FOR Item 5</B> at the Annual Meeting of Johnson and Johnson, Inc. (JNJ) on April 25, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B><U>I.
Summary of Resolution</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

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    <TD STYLE="width: 100%; border: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>RESOLVED,</I></B> that shareholders of Johnson &amp; Johnson (&ldquo;JNJ&rdquo;) urge the Compensation and Benefits Committee (the &ldquo;Committee&rdquo;) to report annually to shareholders on the extent to which risks related to public concern over drug pricing strategies are integrated into JNJ&rsquo;s incentive compensation policies, plans and programs (together, &ldquo;arrangements&rdquo;) for senior executives. The report should include, but need not be limited to, discussion of whether (i) incentive compensation arrangements reward, or not penalize, senior executives for adopting pricing strategies, or making and honoring commitments about pricing, that incorporate public concern regarding the level or rate of increase in prescription drug prices; and (ii) external pricing pressures are taken into account when setting targets for financial metrics.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Supporting Statement</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Senior executive incentive compensation
should reward creation of long-term, sustainable value, as opposed to short-term spikes in drug prices that generate long-term
risk.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Rising public outrage over high drug prices
can inflict harm on pharmaceutical companies&rsquo; reputations, and has compelled recent bipartisan action to regulate lower drug
prices.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">JNJ has recently been called to testify before House and Senate over the spike in pricing for two
of its blockbuster drugs, Imbruvica and Remicade.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><FONT STYLE="text-transform: uppercase">OXFAM
AMERICA</FONT><BR>
<FONT STYLE="text-transform: uppercase">1101 17th Street, NW Suite 1300 | Washington, DC 20036 USA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><FONT STYLE="text-transform: uppercase">TEL
+1 (202) 496 1180 | Fax +1 (202) 496 1190 | </FONT>www.oxfamamerica.org</P></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">JNJ ranks in the bottom third on &ldquo;overall
resistance to emerging pressures,&rdquo; including the White House Blueprint to Lower Drug Prices, according to a 2018 Credit Suisse
report.<SUP>1</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In our view, improved disclosure will
promote dialogue about compensation arrangements that are more likely to encourage senior execs to responsibly manage risks relating
to drug pricing and contribute to long-term value</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B><U>II. Arguments in
Favor of a &ldquo;Yes&rdquo; Vote </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>A. Summary of Argument</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that senior executive incentive
compensation arrangements should not just encourage executives to achieve short-term financial objectives, but also reward the
creation of sustainable long-term value and responsible risk management. A key risk facing JNJ is public backlash against high
drug prices. Public outrage over high prices and their impact on patient access may force price rollbacks and harm corporate reputation.
In addition, legislative or regulatory investigations regarding pricing of prescription medicines may also bring <FONT STYLE="background-color: white">about
broader changes. Excessive dependence on drug price increases therefore is a risky and unsustainable business strategy, especially
when price hikes drive large senior executive payouts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">We
applaud JNJ for improving transparency on drug pricing and supporting alternative pricing approaches. We are concerned, however,
that the incentive compensation arrangements applicable to JNJ&rsquo;s senior executives may be discouraging them from taking
actions to address drug pricing concerns that are in JNJ&rsquo;s best long-term financial interest, because doing so might impair
short-term financial performance. Because long-term success </FONT>long-term success likely depends on pricing moderation,<SUP>2
</SUP><FONT STYLE="background-color: white">disclosure we request would allow shareholders to better assess the extent to which
compensation arrangements encourage senior executives to responsibly manage risks relating to drug pricing and contribute to long-term
value creation in line with the company&rsquo;s stated credo</FONT> to &ldquo;maintain reasonable prices&rdquo; and &ldquo;put
the needs and well-being of the people we serve first.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>1</SUP></FONT> Credit
Suisse, Global Pharmaceuticals: Scoring Sensitivity to Trump Reform (May 2018).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <U>See</U> Juan F. Rivera &amp; Caitlyn Macdonald,
&ldquo;Pricing Turning Point: The Case for Innovating Pharma&rsquo;s Model,&rdquo; <U>Pharmaceutical Executive</U>, Mar. 6, 2018
(<FONT STYLE="color: #252525; background-color: white">In no other industry has the bifurcation of public perception of price and
value been more acute than in the biopharmaceutical industry over the last decade. The perceived imbalance between price and value
for drugs has led to negative publicity for the industry in the US, market access delays in Europe and other industrialized countries,
and suboptimal penetration in many markets.&rdquo;). Seventy percent of Americans now support single-payer healthcare (</FONT><FONT STYLE="background-color: white">https://www.cnbc.com/2018/08/28/most-americans-now-support-medicare-for-all-and-free-college-tuition.html)<FONT STYLE="color: #252525">,
and over 80% of respondents to a recent national poll favored allowing Medicare to negotiate with pharmaceutical firms on price.
(http://www.norc.org/Research/Projects/Pages/what-should-be-done-about-the-high-cost-of-prescription-drugs.aspx)</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By focusing on disclosure rather than
crafting a specific reform, the Proposal is not prescriptive, and does not impose a specific timeframe or method by which shareholders
must receive this essential information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>B. Argument </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Risks related to drug pricing are real and enduring.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A central aspect of JNJ&rsquo;s risk profile
relates to public backlash against high drug prices. Company decisions to boost drug prices &ndash; even on a small slice of its
pharmaceutical products &ndash; create real and material risk in two ways.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First, increasing drug prices generates
reputational risk. Largely as a result of price spikes, the pharmaceutical industry&rsquo;s favorability rating has dropped to
just 30 percent, lower than all the 23 other industries included in a Gallup poll.<SUP>3</SUP> Poor reputation can make it more
difficult to recruit and retain talented employees.<SUP>4</SUP> JNJ &ndash; with its diverse portfolio of household, medical and
pharmaceutical products &ndash; may be particularly affected by these reputational risks associated with drug prices if they erode
the value of JNJ&rsquo;s other non-pharma products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> See news.gallup.com/poll/12748/business-industry-sector-ratings.aspx.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> See http://www.mandrake.ca/bill/images/corporate_responsibility_white_paper.pdf
(summarizing evidence that perceptions regarding corporate social responsibility drive higher levels of employee engagement and
retention); see also https://business.missouri.edu/sites/default/files/publication/turban_greening_1997_amj.pdf&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Second, skyrocketing drug prices are leading
to an unprecedented degree of regulatory risk for the company. Bipartisan efforts on pricing-related issues are underway both at
the state<SUP>5</SUP> and federal level which could fundamentally change the pharmaceutical market in ways that pose material risks
to JNJ. In May 2018, the White House released a &lsquo;Blueprint to Lower Drug Prices&rsquo; that included promoting generics and
biosimilars, as well as a different system for buying Medicare Part B drugs, such as JNJ&rsquo;s Remicade.<SUP>6</SUP> In addition,
the 116th Congress<SUP>7</SUP> has initiated hearings and investigations into pharmaceutical pricing. JNJ itself has already testified
before the Senate Finance Committee on drug pricing, and the House Oversight Committee has requested that JNJ provide information
to inform the committee&rsquo;s investigation into its blockbuster drug Imbruvica.<SUP>8</SUP> In addition, numerous pieces of
relevant legislation have already been introduced in the 116th Congress which could affect JNJ.<SUP>9</SUP> This momentum for regulatory
change is not only apparent in the US. Two dozen countries &ndash; including big markets like Japan, South Korea, Malaysia and
Canada &ndash; all recently filed for compulsory licensing and other ways to bring down drug prices<SUP>10</SUP> which could affect
JNJ&rsquo;s bottom-line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">What&rsquo;s more, this unprecedented degree
of public scrutiny of the pharmaceutical industry, and in particular of the pricing decisions surrounding some of JNJ&rsquo;s highest-selling
drugs, does not look to be going away any time soon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">JNJ,
in its 2019 10-K filings, admits that the company is exposed to these concerns, by listing them at the very top of the company&rsquo;s
risk factors: </FONT>&ldquo;Global sales in the Company&rsquo;s pharmaceutical and medical devices segments may be negatively
impacted by healthcare reforms and increasing pricing pressures.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>5</SUP></FONT> See
e.g. California SB-17 Health care: prescription drug costs passed into law October, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>6</SUP></FONT> See
https://www.whitehouse.gov/briefings-statements/president-donald-j-trumps-blueprint-lower-drug-prices/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>7</SUP></FONT> Congressional
committees involved include the Senate Finance Committee, the Senate Committee on Aging, the House Ways and Means Committee, the
House Committee on Energy &amp; Commerce and the House Oversight Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><SUP>8</SUP></FONT>
S<FONT STYLE="font-family: Times New Roman, Times, Serif">ee https://oversight.house.gov/news/press-releases/oversight-committee-launches-sweeping-drug-price-investigation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>9</SUP></FONT> These
include: (1) the Medicare Negotiation and Competitive Licensing Act (H.R. 1046), which would lower prices for prescription drugs
for Medicare Part D beneficiaries and taxpayers by requiring the U.S. government to negotiate directly with pharmaceutical manufacturers.
Through competitive licensing, the Act safeguards patients&rsquo; access to medicines, even when negotiations fail to reach a reasonable
price. (2) The Stop Price Gouging Act (S. 378), would put an end to steep, unfair prescription drug price spikes by imposing penalties
on corporations that price gouge proportionate to the severity of the abuse. Researchers estimated that this bill would have saved
$26 billion in taxpayer dollars through Medicare Part D alone in 2015. (3) The Prescription Drug Price Relief Act (H.R. 465) help
put an end to patients rationing treatment and suffering financial hardship because of exorbitant drug prices. It would ensure
that U.S. drug prices are not higher than those paid in other large, wealthy economies and enable the government to license competition
when pharmaceutical corporations set excessive prices on the medicines that people need. (4) The CREATES Act (S. 430) would help
put an end of brand-name pharmaceutical companies engaging in anticompetitive tactics to deny manufacturers of generics and biosimilars
access to product samples they need to obtain FDA approval and market entry. This practice delays the introduction of price-lowering
generic and biosimilar competition, and the brand-name manufacturers inappropriately extend their monopolies; and (5) The Preserve
Access to Affordable Generics and Biosimilars Act (S.64) and the Competitive DRUGS Act (H.R. 1344) would help end pay-for-delay
deals, wherein brand-name companies pay generic firms not to bring low-price generic or biosimilar versions of their brand-name
prescription drug product on the market for a certain period of time, by making such deals presumptively anticompetitive, helping
to bring price-lowering competition to market sooner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>10</SUP></FONT>
See https://www.statnews.com/pharmalot/2019/02/08/patents-canada-japan-korea-malaysia/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Importantly,
a recent Credit Suisse analyst report identified JNJ as at significant risk from certain proposals in the White House Blueprint,
and ranked it in the bottom third on &ldquo;overall resistance to emerging pressures.&rdquo; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>JNJ&rsquo;s senior executive compensation arrangements appear ill-prepared for these risks compared with some competitors.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe excessive dependence on drug
price increases is a risky and unsustainable strategy, especially when price hikes lead to large senior executive payouts. JNJ
uses sales growth and earnings per share (EPS) as metrics for the annual bonus and EPS as a metric for performance share awards.<SUP>11</SUP>
Both sales growth and earnings depend on increasing revenues, either by increasing volumes or raising prices (or some combination).
In this sense, JNJ&rsquo;s senior executive compensation arrangements may inadvertently create strong incentives to boost drug
prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We applaud JNJ for both improving transparency
on drug pricing (including its U.S. Transparency Report) and supporting alternative pricing approaches. However, JNJ&rsquo;s existing
policies and practices do not yet disclose what investors expect, putting it behind many of its peers. Many of JNJ&rsquo;s competitors
have begun addressing investor concerns about an overreliance on drug pricing to determine senior executive compensation and incentives.
BMS, Amgen, Biogen, AbbVie, and Eli Lilly are all in active dialogue with investors to produce a workable disclosure procedure
for shareholders to understand the connection between senior executive compensation and drug pricing risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Despite the Board&rsquo;s claims, this disclosure is necessary, meaningful and in the best interests of JNJ&rsquo;s shareholders.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In its statement in opposition to the Proposal,
JNJ&rsquo;s Board of Directors advances three main arguments: that disclosure of this type is not necessary, not meaningful, and
not in the best interests of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> See JNJ, 2019 Proxy Statement, pps. 43, 59 and
70.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 8pt"><P STYLE="margin: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First, JNJ argues that the risk management
we propose is unnecessary because it is already in place: the &ldquo;Compensation and Benefits Committee Charter directs the Committee
to assess the company&rsquo;s financial and non-financial goals and actual performance against the principles outlined in Our Credo
[which includes an obligation to maintains reasonable prices]. Thus, assessments of drug pricing strategies are already incorporated
into the Committee evaluation process.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We fully support the company upholding
its obligation to maintain reasonable prices when considering compensation arrangements. But without disclosure, shareholders have
no window into that process. By grouping all &ldquo;financial and non-financial goals and actual performance together,&rdquo; JNJ
fails to explain how drug pricing decisions factor into the evaluation process. As well, JNJ&rsquo;s description addresses the
end of the process&mdash;performance evaluation&mdash;but not the beginning, when targets are set.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Second, JNJ argues that the Proposal is
not meaningful because it does not assess the company&rsquo;s full risk profile, and instead focuses only on the pharmaceutical
sector. Given the legislative and regulatory changes under way, as well as the centrality of pharmaceutical products to JNJ&rsquo;s
revenue, we believe special attention needs to be paid by shareholders to the real and enduring risks around drug pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Third, JNJ claims that the Proposal is
not in the best interest of shareholders, and that it already maintains a responsible approach to pricing its medicines. While
we appreciate its efforts around transparency, these measures still do not provide the information investors need on how senior
executive incentives are affected by risks related to drug pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B><U>III.
Conclusion</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We remain concerned that the incentive
compensation arrangements applicable to JNJ&rsquo;s senior executives do not encourage long-term shareholder value, as they fail
to adequately account for the very real risk posed by an over-emphasis on driving profits from increases in drug prices &ndash;
a strategy that is increasingly under scrutiny from the general public and government regulators alike. We believe that senior
executive incentive compensation arrangements should reward the creation of sustainable long-term value and responsible risk management.
While we are encouraged by JNJ&rsquo;s initial steps to improve transparency on drug pricing, current disclosure does not enable
shareholders to fully appraise the level of risk that JNJ&rsquo;s compensation scheme poses to the bottom line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We therefore urge shareholders to vote FOR Item 5. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information, please contact Niko Lusiani at nicholas.lusiani@oxfam.org
or Diana Kearney at diana.kearney@oxfam.org.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
