CUSIP No. 09058V 10 3                                        Page 1 of 5 Pages



                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                -----------------

                                  SCHEDULE 13G
                                 (Rule 13d-102)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b),(c) AND (d) AND AMENDMENTS THERETO FILED
                            PURSUANT TO RULE 13d-2(b)

                               (Amendment No. 1)1


                         BIOCRYST PHARMACEUTICALS, INC.
 ------------------------------------------------------------------------------
                                (Name of Issuer)



                                  COMMON STOCK
 ------------------------------------------------------------------------------
                         (Title of Class of Securities)



                                   09058V 10 3
 ------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2003
  -----------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

         [  ] Rule 13d-1(b)

         [x ] Rule 13d-1(c)

         [  ] Rule 13d-1(d)


- ---------------------------
         1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page. The information required on
the remainder of this cover page shall not be deemed to be "filed" for the
purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act.


CUSIP No. 09058V 10 3 Page 2 of 5 Pages - ------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Johnson & Johnson 22-1024240 - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - ------------------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION New Jersey - ------------------------------------------------------------------------------- NUMBER OF 5. SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY --------------------------------------- EACH 6. SHARED VOTING POWER REPORTING PERSON 833,836 shares of Common Stock WITH --------------------------------------- 7. SOLE DISPOSITIVE POWER 0 --------------------------------------- 8. SHARED DISPOSITIVE POWER 833,836 shares of Common Stock - ------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 833,836 shares of Common Stock - ------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.70% - ------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON CO - -------------------------------------------------------------------------------

CUSIP No. 09058V 10 3 Page 3 of 5 Pages - ------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Johnson & Johnson Development Corporation 22-2007137 - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - ------------------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION New Jersey - ------------------------------------------------------------------------------- NUMBER OF 5. SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY --------------------------------------- EACH 6. SHARED VOTING POWER REPORTING PERSON 833,836 shares of Common Stock WITH --------------------------------------- 7. SOLE DISPOSITIVE POWER 0 --------------------------------------- 8. SHARED DISPOSITIVE POWER 833,836 shares of Common Stock - ------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 833,836 shares of Common Stock - ------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.70% - ------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON CO - -------------------------------------------------------------------------------

CUSIP No. 09058V 10 3 Page 4 of 5 Pages Amendment No. 1 to Schedule 13G (Final Amendment) ------------------------------------------------- Reference is hereby made to the statement on Schedule 13G filed with the Securities and Exchange Commission on October 28, 1998 (the "Schedule 13G"). Terms defined in the Schedule 13G are used herein as so defined. The following items of the Schedule 13G are hereby amended and restated as follows: ITEM 4. OWNERSHIP. (a) Amount Beneficially Owned: J&J: 833,836 shares of Common Stock JJDC: 833,836 shares of Common Stock (b) Percent of Class: J&J: 4.70% JJDC: 4.70% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: J&J: 0 JJDC: 0 (i) shared power to vote or to direct the vote: J&J: 833,836 shares of Common Stock JJDC: 833,836 shares of Common Stock (ii) sole power to dispose or to direct the disposition of: J&J: 0 JJDC: 0 (iv) shared power to dispose or to direct the disposition of: J&J: 833,836 shares of Common Stock JJDC: 833,836 shares of Common Stock ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. If this statement is being filed to report the fact that as of the date hereof the reporting persons have ceased to be the beneficial owners of more than five percent of the Common Stock, check the following [x].

CUSIP No. 09058V 10 3 Page 5 of 5 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. JOHNSON & JOHNSON By /s/ Michael H. Ullman -------------------------------------- Name: Michael H. Ullman Title: Secretary Dated: February 11, 2004 JOHNSON & JOHNSON DEVELOPMENT CORPORATION By /s/ Eric B. Jung -------------------------------------- Name: Eric B. Jung Title: Secretary Dated: February 11, 2004