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So far, existing vaccines have proven effective against prior coronavirus variants, including the delta variant.
Although a second booster for older adults will be offered, federal health officials will not go so far as to recommend it.
Pfizer cited data from Israel showing that the vaccine is declining in effectiveness as the highly contagious Delta variant circulates.
Full approval could help boost vaccination efforts in the United States.
Reasons why doses may be marked as wasted include a cracked vial, an error diluting the vaccine or a freezer malfunction.
Cases are rising in the United States and globally due to pockets of unvaccinated people.
Updated booster doses also could prevent more than 936,000 hospitalizations and save $56 billion in six months.
In early data, the new Pfizer COVID-19 boosters marshal antibodies against newer omicron variants.
With its application, the company included early results of a study that involved 10,000 people.
The Moderna booster is half the dose of the initial vaccination series: 50 mcg versus 100 mcg.