If you look at the cumulative incidence curves available online for both the Pfizer and Moderna vaccines, the curve flattens almost completely 12-14 days after the first dose is given and barely changes at all after the second dose. People are throwing around the “50% immunity” number after the first dose of the Pfizer vaccine, but this seems to come from including the people who got covid within the first two weeks after the first dose, when the vaccine isn’t supposed to be effective at all. Starting at the 12 day mark, the efficacy rate seems to be in the 90-95% range, close to the overall efficacy rate.