We consider an HIV pathogenesis model incorporating antiretroviral therapy and HIV replication time. We investigate the existence and stability of equilibria, as well as Hopf bifurcations to sustained oscillations when drug efficacy is less than 100%. We derive sufficient conditions for the global asymptotic stability of the uninfected steady state. We show that time delay has no effect on the local asymptotic stability of the uninfected steady state, but can destabilize the infected steady state, leading to a Hopf bifurcation to periodic solutions in the realistic parameter ranges.