Existence and stability of periodic solutions are studied for a system of delaydifferential equations with two delays, with periodic coefficients. It models theevolution of hematopoietic stem cells and mature neutrophil cells in chronic myelogenousleukemia under a periodic treatment that acts only on mature cells. Existence of a guidingfunction leads to the proof of the existence of a strictly positive periodic solution by atheorem of Krasnoselskii. The stability of this solution is analysed.