Buffett says J&J has 'obviously messed up in a lot of ways in the last few years'

Billionaire and investing icon Warren Buffett said Monday that health-care giant Johnson & Johnson has "obviously messed up in a lot of ways in the last few years."

Buffett is chairman of Berkshire Hathaway Inc., the investment company that owns or holds sizable positions in companies in numerous industries. J&J, Wells Fargo, Burlington Northern, and Coca-Cola are among the prominent companies in its portfolio.

Buffett said Berkshire has not sold its stake but "we might."

"If I needed money, that would be on my sell list," vs. Wells Fargo and others in the portfolio, Buffett said.

"They have some wonderful products and a wonderful balance sheet, but too many mistakes have been made at Johnson & Johnson," Buffett said in the interview with CNBC's Becky Quick on the show Squawk Box. "Clearly, they have not lived up to their standards."

A J&J spokesman declined to comment on Buffett's observations.

J&J's world headquarters is in New Brunswick, N.J., and it has several operations in the Philadelphia suburbs.

The company makes pharmaceuticals, medical devices, and consumer products. The brands include Band-Aid and Tylenol. But the company has had to recall dozens of products and shut down its Fort Washington facility because of manufacturing problems.

Buffett had a mixed view of J&J's stock, which has lagged competitors in recent years. Company shares closed down one cent Monday, at $64.45. They have traded in a 52-week range of $57.50 to $68.05.

Buffett's comments came on the heels of last week's change in leadership at J&J. The company said Alex Gorsky will replace Bill Weldon as chief executive officer in April.

Nonetheless, Weldon will get a bonus of $3.1 million, up from $2 million in 2011.