V114 is MRK’s replacement for the very old (1980s) Pneumovax and is intended to compete with PFE’s Prevnar 13 and PFE’s Prevnar 20, which is in late-stage development (#msg-154439687).
Currently, CDC guidelines call for healthy adults age 50+ to receive both Prevnar 13 and Pneumovax (with a waiting period between administrations). In due course, the CDC guidance will presumably be changed to either V114 or Prevnar 20 (or possibly both).
p.s. People who developed viral pneumonia from COVID-19 and were previously vaccinated with Prevnar 13 and/or Pneumovax may have saved their lives by averting a case of secondary bacterial pneumonia.