I spent last night puzzling over what "efficacy" means vis a vis this video: https://www.technologynetworks.com/immunology/videos/covid-1...
The author explains that the efficacy number is derived from the the number of the number of people in the control/placebo group infected divided by the total number of infections in the study.
76% efficacy means that, for a given population of people who contracted a disease (ignoring all uninfected), 24% were vaccinated (vaccine failures), 76% were not vaccinated. It has nothing to do with reduction of symptoms.
I think this is unintuitive because the "real" solution that laypersons want is, what percentage of vaccinated people exposed to a disease get infected? We can't measure that directly because we can't just expose a bunch of folks to Covid and hope for the best. But if the sample of placebo and vaccinated people is truly random, this would appear to arrive at the same ratio. (re: when I said "ignoring all uninfected"? in a good sample, the ratio of unexposed vaccinated and control units should be about the same)