  The electromagnetic form factors of the proton in the time-like region and
two-photon annihilations into proton-antiproton are investigated. To calculate
these processes at moderately large $s$ we use a variant of the Brodsky-Lepage
hard-scattering formalism where diquarks are considered as quasi-elementary
constituents of baryons. The proton wave function and the parameters
controlling the diquark contributions are determined from fits to space-like
data. We also comment on the decay $\eta_c \to p\bar{p}$.
