Pion transition form factor at the two-loop level vis-\`a-vis experimental data

We use light-cone QCD sum rules to calculate the pion-photon transition form factor, taking into account radiative corrections up to the next-to-next-to-leading order of perturbation theory. We compare the obtained predictions with all available experimental data from the CELLO, CLEO, and the BaBar Collaborations. We point out that the BaBar data are incompatible with the convolution scheme of QCD, on which our predictions are based, and can possibly be explained only with a violation of the factorization theorem. We pull together recent theoretical results and comment on their significance.