Valeant Pharmaceuticals (VRX) will report results on November 8th before the market opens. Investors will watch for the following: Firm deal(s) on asset sales, including Salix and eye-surgery equipment divisionProgress of turnaround in key business areas, including B+LProgress of debt reduction scheduleB+L and its 'Naturelle' cosmetics: Valeant must show its revenue growth is flat to positive. Any decline will trouble investors. The company has little room to raise drug prices. Before the Philidor exposure, VRX could increase drug prices in the double and triple digits. Now, it must make up for higher interest on debt expenses by raising drug prices by no more than the high single digits. Look for management indicating it achieved higher unit sales through its multi-year deal with Walgreens (WBA).Asset sales of secondary importanceDespite the market rallying on the prospects of Valeant selling assets, investors should prefer the company not selling Salix at this time. Valeant stands to lose $4.5 billion or more if it sells the unit at $10 billion or less. The asset sale will happen at a discount to book and add to Valeant’s goodwill. This is actually not bad news. The company faces deep financial distress and must cut its debt load. Unless its plans for raising EBITDA growth in Salix is assured, Valeant is better off doubling down on its efforts for its other units, namely B+L (Bausch + Lomb).TakeawayThe GI and dermatology units are hot growing areas. Turning around both is not assured. Management’s efforts to turnaround one of those units stand a better chance.Related generic drug suppliersMylan (MYL) is underperforming because the government is scrutinizing the Epipen pricing hikes. Endo International (ENDP) reports this week. Chances are good the company will exceed consensus like it did last quarter. Allergan (AGN) is down 40 percent as generic drug suppliers continue selling off.