Second question is, just if I can be more clear on the gross margin. I know there was an impact this quarter from FX. Can you again clarify the impact to COGS in 2010 from foreign exchange? And my third question is where is Prevnar 13, what are the outstanding issues and what is a reasonable timeline for FDA approval? Thanks.
Jeffrey B. Kindler
Frank will obviously take the first two questions and Ian will take the third. Go ahead, Frank.
Frank A. D’Amelio
So on foreign exchange on COGS, obviously for 2010 we assumed current exchange rates, as we put in the release. The big impact on COGS was in 2009 in Q4 and I went through that in detail on the release. It really has to do with where inventory is made, where it is held, where it is shipped and the timeframe that takes place over, which for this quarter was very negative in 2009.
In terms of the EPS targets for 2012 of $2.25 to $2.35, what really drove the change in the targets, to your point, was the change in revenues, with a big piece of that being the change that was due to the three items I mentioned on my answer to Catherine''s question.
In terms of characterizing them as conservative, to use your word, my answer is they are targets. They are three years out. Our job is to do what we say we are going to do, meet those targets and to the extent that we can do better than that, we will. But our job now is to meet those targets.
In terms of Prevnar 13.
Jeffrey B. Kindler
You want to let Ian handle this?
Frank A. D’Amelio
Yeah.
Ian C. Read
With Prevnar 13, we are confident in our submission to the FDA and working with them towards approval.
Jeffrey B. Kindler
Thank you. Next question, please.
Operator
Thank you. Our next question, Eric Lo, Banc of America.
Eric Lo - Bank of America/Merrill Lynch
Good morning, guys. I just want to push you guys a little bit in terms of your 2012 guidance. You guys are investing more in SG&A over the next few years. That should drive better growth relative to your previous guidance. So where have your expectations changed in terms of the different products or the different franchises in 2012?
Then in terms of a second question, what is your current view in terms of Emerging Markets opportunities? Do you believe you could continue to achieve sustainable double-digit operational growth in this area?
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