Alchemy's reputation as pure symbolism obscures the fact that alchemists spent most of their time in laboratories doing chemistry, and that a great deal of what they did worked.
The theory held that all substances share a single prime matter differentiated by form, so that any substance could in principle be reduced and rebuilt as any other. On top of that sat the four elements and, from the Islamic tradition, the sulphur-mercury theory of metals, to which Paracelsus later added salt. If lead and gold differ only in the proportion and purity of their constituents, transmutation is not absurd; it is a metallurgical problem. That is a coherent inference from a wrong premise, not a superstition.
The magnum opus, the great work, is described in stages named for colours: nigredo, the blackening or putrefaction; albedo, the whitening; sometimes citrinitas, the yellowing; and rubedo, the reddening, at which the Philosopher's Stone is obtained, the agent of transmutation and, in many accounts, the elixir prolonging life.
The laboratory record is substantial and is not in dispute. Alchemists developed or refined distillation, sublimation, calcination and crystallisation; produced the mineral acids, which transformed what chemistry could do; isolated phosphorus, discovered in 1669 by an alchemist boiling down urine in search of the stone; and built most of the glassware and furnace design that early chemistry inherited.
The obscurity of the texts was deliberate. Decknamen, cover names, disguised substances and procedures behind mythological and allegorical language, a green lion, a red king, a dragon devouring its tail, partly to protect commercial secrets, partly because the work was held to be dangerous in unprepared hands. Modern scholarship has decoded a good deal of it back into recoverable laboratory procedure.