Fundamental questions concerning the strong interaction are addressed by the PANDA experiment at the future FAIR facility at GSI-Darmstadt. PANDA will be a general purpose detector of modular design optimized to measure the interaction of an antiproton beam with proton and heavy nuclear targets. The physics program at PANDA covers a wide range of topics including gluonic excitations, spectroscopy of strange and charm mesons, Drell-Yan and CP violating processes. This contribution focuses on the part of the physics program dealing with antiproton - proton annihilation.