From Swiss Policy Research:
The latest data from Israel, which has used primarily the Pfizer mRNA vaccine, indicates that vaccine effectiveness against Delta coronavirus infection and symptomatic (“mild”) disease has dropped from about 95% to about 40%, whereas effectiveness against hospitalization and severe disease (i.e. low blood oxygen levels) remains at 80% to 90% (see chart above).
Importantly, in people who got vaccinated already in January 2021 (primarily the elderly), protection against infection and mild disease may already have dropped to near 0% (see chart above). Moreover, since the Delta covid outbreak is still accelerating in Israel, the effectiveness against hospitalization and severe disease may further decrease (due to lags in hospitalizations).
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