Novartis (NYSE:NVS) is one of the planet's biggest drugmakers, but it's facing significant challenges now that Ranbaxy has won FDA approval for its Diovan generic alternative.

To blunt the impact of lost sales, Novartis' is orchestrating a restructuring that includes an oncology deal with GlaxoSmithKline (NYSE:GSK) and selling its animal health business to Eli Lilly.

Source: Novartis

In the following slideshow, I outline five important questions investors will want answers to during Novartis' second quarter earnings conference call on July 17th.